Open to all current CSUF students, the CSUF Startup Competition is all about nudging students towards embracing the call of entrepreneurship that we are sure they have felt over the years. Entrepreneurship is a calling and the CSUF Startup Competition is a straightforward way to heed that calling.
Following your answers to the three previous questions in the CSUF Startup Competition application the reader will have a good idea what the answer to this question is and there might even be some overlap to your answer to the question of “How you will make money from this idea?” or “What kind of impact do you hope your nonprofit has?” with your answers to the previous questions, which were:
Overlap is perfectly acceptable but your answer should still convey and primarily have new information. We do not want to read answers to each question that are basically regurgitations of your previous answers.
What are we looking for here? New information that you should think about including would be: pricing, how much it will cost to acquire a new customer, how long you expect to have that customer, where you will be selling your product or service, etc.
Not having the answers to all those questions is perfectly fine, this competition is not about having perfect answers to every question or, more accurately, answers to every questions. This competition is about compelling ideas.
In essence, with your answer to this question we will be able to make a determination on how well you have thought your concept out. Obviously the more details you can give the better and if you don’t know what an answer is then you can identify that while you don’t know what the answer is you can make an educated guess, a projection, as to what you think it will be.
And the same goes for students who have a concept for a nonprofit. While you won’t be launching a nonprofit to make money your goal should be to have an impact so explain what that impact will be. How will you improve the lives of your “customers”?
In the parlance of the business world how you make money (or have an impact) is called your business model. Succinctly, we are looking for details that will illuminate the process by which you sell your product or service or how you will make an impact.
We will be following this post up over the next day with posts about the other questions asked in the application. Those questions are below and as those posts go live we will add links to those posts below. The deadline for submitting your application is end of day tomorrow, Friday, March 9; make sure to get your application in on time or it will not be considered.
CSUF Startup Competition Application Questions
How will you make money from this idea? (If you are a nonprofit then answer the question “What kind of impact do you hope to have?”)
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