Winners (front row) and judges (back row) posed for a photo after the 59th Business Plan Competition at SUNY Potsdam. Clockwise, from top left: Dr. Christa Haifley, Diane Billings, James Savage, Harshan Johal, Dr. Allen Grant, Nick Zalucky, Hailey Mateo, Chris Becker, Jordan Fisher and Cliandrew LaRose (Not pictured: Alexa Abbatantuono).
SUNY Potsdam’s Department of Business Administration recently hosted its 59th Business Plan Competition, which challenges students to develop an entrepreneurial business plan fulfilling the need of a specific group of consumers.
Three teams in the capstone Strategic and Global Management class spent the fall semester developing a business plan and original product pitch, starting from scratch. The competition was introduced in 1993 by Professor Dr. Edwin J. Portugal to give business administration students the opportunity to work intensively and collaboratively in teams to create a real-life business plan. The teams present their final strategic business plans in front of external judges, who take the role of venture capitalists.
This semester’s winning team included:
- Alexa Abbatantuono of Corinth, N.Y.
- Chris Becker of Lake George, N.Y.
- Jordan Fisher of Loveland, Colo.
- Cliandrew LaRose of Port-au-Prince, Haiti
- Hailey Mateo of Bronx, N.Y.
- Nick Zalucky of Wynantskill, N.Y.
“This project was a great opportunity, not only for our team, but the entire class, to incorporate the various lessons that we have learned over the years,” said Jordan Fisher, who was the co-manager of the winning team. “From brainstorming product ideas to presenting our finished product, this strategic process will benefit everyone in our class in our future business endeavors. I am very proud of our team for the work and effort we had all put into this project.”
Students were randomly assigned to teams at the start of the semester, with members bringing different sets of skills to the table.
“The team project was a great way to strengthen skills that we will be applying after graduation. We worked on our teamwork skills, where everyone had to do their own part for the group to be successful,” said international student Cliandrew Larose. “This project went a long way in helping us to get ready for the real business world.”
In creating the business plans, students learn to set goals, come up with a realistic schedule, develop a team contract of expectations, own up to their responsibilities and be accountable to the team.
“I am so grateful to be a part of this intensive and extensive project. This project pushed me and the other business students in the course to step outside of our comfort zones. It tested skills of perseverance, critical thinking and strategy, along with many others that I will utilize in my future,” said Alexa V. Abbatantuono.
The groups have to be organized like real business teams with every member having a clear set of responsibilities and a team manager who guided them.
“I had a great time working on this project throughout the semester with a great team of individuals. It was an honor to be a team manager for this project and seeing everything I've learned over the years from Potsdam's business administration program put into use,” said Nick Zalucky, who served as the head manager of his team. “Our team worked so hard doing countless practices and a full dress rehearsal. We also held weekly meetings, and it was nice seeing our dedication pay off. This was an amazing experience filled with countless hardships and many mistakes, but I couldn't have done it without my team members who all pulled their weight.”
The business plans have to be realistic enough to make a profit. The customers have to be clearly identified and a product fabricated to meet specific customer needs.
“The business plan competition was a lot of work, but was very beneficial for me and other students. We learned how to work in teams and how to develop a business pitch for the product prototype we created,” said Chris Becker. “In my team, we even got to use my hometown Lake George as our geographic target segment. My familiarity of ice fishing in my town added to the creation of a realistic business scenario. This competition helped me gain real world experience and I’m excited to put it to use in the future.”
Several students have taken courses previously with Dr. Portugal, so they are familiar with his rigorous course requirements. They have to submit weekly reflection papers, write business case analyses, and be active learners in his Socratic style of teaching.
“Out of my four years studying business at SUNY Potsdam, I have found the true meaning of being fully engaged in learning using the team as a learning laboratory. Every class session during the semester pushed our group to want to be better, and we succeeded in that,” concluded Hailey Mateo.
The winners of the 59th Business Plan Competition at SUNY Potsdam included, from left: Jordan Fisher, Nick Zalucky, Chris Becker, Hailey Mateo and Cliandrew LaRose (Not pictured: Alexa Abbatantuono).
External judges were invited to review the business plan portfolios, product prototypes, PowerPoints and scripts, and evaluated to the team presentations. Those who served on the panel of judges were: Diane Billings, an administrative assistant who has served in various units of SUNY Potsdam; Harshan Johal, a St. Lawrence County Sheriff’s Deputy; James Savage, Potsdam Five Guys restaurant general manager; Dr. Christa Haifley, an associate professor of business administration at SUNY Potsdam, and Dr. Allen Grant, dean of The School of Education and Professional Studies.
The judges provided each team with a list of strengths and weaknesses, before announcing the “Sly Snorkeling Slugs” team as the winners, for their business plan for a multi-utility ice fishing glove.
SUNY Potsdam’s Department of Business Administration offers flexible bachelor’s and master’s degrees in competitive fields, and provides students with an understanding of how for-profit and non-profit organizations function efficiently and effectively in the global marketplace. The College offers its undergraduate business administration program both at the Potsdam campus and in Watertown, N.Y., at Jefferson Community College. Its Master of Science program in management is offered 100 percent online, to serve graduate students around the world. For more information, visit http://www.potsdam.edu/academics/SOEPS/BusinessAdmin.
About SUNY Potsdam:
Founded in 1816, The State University of New York at Potsdam is one of America’s first 50 colleges—and the oldest institution within SUNY. Now in its third century, SUNY Potsdam is distinguished by a legacy of pioneering programs and educational excellence. The College currently enrolls approximately 2,500 undergraduate and graduate students. Home to the world-renowned Crane School of Music, SUNY Potsdam is known for its challenging liberal arts and sciences core, distinction in teacher training and culture of creativity. To learn more, visit www.potsdam.edu.