YES for Arkansas 2.0

With a vision for promoting entrepreneurship statewide, the Arkansas Economic Acceleration Foundation (AEAF), an affiliate of Arkansas Capital Corporation, conceived the idea for a statewide business plan competition for grades 5-8.

Over the last six years, over 3,000 students have participated in this business plan education program winning over $30,000 in cash prizes both for the students and their teacher advisor.

With the success of the Young Entrepreneur Showcase (Y.E.S.) for Arkansas 5-8, AEAF sought to create a competition for high school youth grades 9-12.

The goal for this level of competition is to educate, promote and foster the development of innovation and entrepreneurial thinking prior to attending a post secondary institution.

 

Eligibility  

Who can participate?  The competition is open to all students aspiring to become entrepreneurs, grades 9 – 12.

What size should my team be?  Student teams should consist of at least 1 and no more than 6 members. Each member of the team should have a key role in the company’s management team.

Do I really need a teacher advisor?  The student must be sponsored by a 9-12 teacher. In the case of home-school students, a parent advisor is still required. Advisors may represent more than one business plan.

Who’s work is it really?  The business plan must represent the original work of each contestant, though advisors are encouraged to provide guidance. Each team is expected to conduct themselves in an ethical manner. For the education experience, it is very important that students do the required work. The benefit of this opportunity is lost if someone other than the students write the business plan.

What should my plan be about?  Each team must submit a business plan for a new product or service. The business plan must address all aspects of the business. The business must be for-profit; non-profit organizations are not eligible. Business Plan scoring/guidelines may be found under the rules tab.

 

Frequently Asked Questions

What is entrepreneurship?  Entrepreneurship is the process of organizing, managing, and assuming the risk of starting a new business or enterprise in response to identified opportunities.

Why should I enter the competition?   Entrepreneurship education does not just contribute to growing the next wave of entrepreneurs. Communities that embrace entrepreneurship education (through curriculum, experiential, and mentoring programs) find that students perform better in school, and that a school’s overall performance also improves.

The rules state that “non-profit organizations are not eligible” to enter the competition. What do you mean by this? Non-profit organizations generally exist to service some public need without the intent to make a profit. These organizations are usually funded by donations. Non-profits are also operated by members/participants to serve beneficiaries; for-profit organizations, on the other hand serve customers. Examples of non-profit organizations include charity drives and soup kitchens.

What are some examples of innovation?  The rules define innovation as “turning ideas into new products or services for a business.” Examples of this include: Clorox’s Toilet Wand, Apple’s iPod, and 3M’s Post-it Notes.

Where do we go if we need help on our business plan?  In addition to asking your faculty advisor, you should take advantage of the plethora of resources that is readily available through the people that you know, your school, your local Small Business Development Center, your library, and the many resources you can find on the web.

What if we have other questions?  The AEAF welcomes your questions, suggestions, and comments on how we can improve the program to meet the needs of participating students and their faculty advisors. If you have any questions, please contact Clay Mercer at (501) 374-9247.

 

About the Arkansas Economic Acceleration Foundation

The Arkansas Economic Acceleration Foundation (AEAF) was established in 1999 to serve as an education-based nonprofit organization focused on youth and adult entrepreneurship.

AEAF has found entrepreneurship education a vital means to give students an experiential learning experience in math and financial literacy skills, improved grammar and social skills, leadership and citizenship skills as well as marketing and basic business skills. Meanwhile students are empowered to be creative, innovative and take initiative through this program. These are critical skills as Arkansas looks to diversify its economic development portfolio with innovative entrepreneurs starting technology or knowledge-based companies. Having a strong history in creating manufacturing jobs, those jobs must convert to knowledge-based jobs for the future of the state in employing tomorrow’s new adults. Through the Y.E.S. entrepreneurship education program, students learn they have the ability to create their own jobs and shape their future.