SME business challenge final held at The Women's Organisation
Undergraduate students, from across the Management School’s programmes, took part in the final of the SME business challenge on Saturday 3rd March at The Women’s Organisation.
The challenge consisted of a brief, which was given at the start of February, and required participants to work in teams to put together a comprehensive business plan for a new restaurant in Liverpool that showed consideration of legal issues, funding requirements, financial aspects, branding and marketing. This aimed to develop students’ skills in areas outside of their degree which will help them in their future careers.
During the final, participants were required to present their ideas to a panel of local business experts which included Harry van Breeman and Nick van Breeman, Partners at Moose Coffee, Phil Birss, Managing Director and Owner of Elephant Digital, Dave Malone, Partner of O’Connors LLP, and Peter Charlery, Managing Director of PDC Online Accountants. Prior to giving their presentations, the teams were able to ask panellists any last minute questions to help with their pitches.
The judging was based upon the originality, financial viability, basis of the legal structure, creativity in the marketing plan as well as the quality of the presentation and delivery. Due to the high standards shown in the pitches, the judges decided to split the top prize into two categories to reflect how close the competition was. The winning team was Pierogarnia, a Polish restaurant based on Bold Street that focuses on providing an authentic Polish experience. Each team member received a £25 Amazon voucher to acknowledge their achievement. Pasta Famiglia, an Italian restaurant with a twist, was also recognised as ‘Highly Commendable’ and each team member was awarded a £10 Moose Coffee voucher.
Laura Monikowska, member of the winning team and BA International Business student, said “By taking part in this challenge I was given a chance to put into practice knowledge acquired in lectures and experience a real-life situation which I will probably face in my future career. Having the opportunity to work with students from different modules showed me a new perception of the business environment at the university. What is more, my team members became my close friends what I consider as the greatest prize I could have won.”
Peter Charlery, Managing Director of PDC Online Accountants commented, “I got involved because I believe in ‘Life Long’ learning and if I have some time to offer any wisdom to others I will always do my bit to help. All the groups performed very well despite the time pressure which made our job of judging quite difficult, hence us having to split the top prize. Students can take the experience of using the many practical business and life skills used to analyse a future business or life situation that they may encounter.”
Nick van Breeman, Partner at Moose Coffee, said about the event, "We loved the idea of the "challenge” and working with the University in such an innovative way. It was clear we could offer practical insight and first-hand experience to students undertaking the programme. The students’ commitment, enthusiasm and creativity blew me away. Their application was remarkable given the timeline and the volume of information they needed to absorb to create a solid business proposition. I am sure all of the students will have learnt a great deal from being involved and the business insight and knowledge will prove invaluable in their future career choices.”