The importance of entrepreneurship is simply undeniable. With the never-ending list of problems faced by our society today, entrepreneurs play a key role in finding solutions and laying a foundation for our future economy. To foster young Sri Lankan talents into a new generation of entrepreneurs to tackle the problems faced by the Pearl of the Indian Ocean, the Rotaract District 3220 Sri Lanka &
The event intends to familiarize aspiring entrepreneurs with the know-how of handling all financial aspects of their business and to help them acquire crucial skills including networking, interpersonal skills and leadership. To focus on all these aspects,
Phase one of
The event commenced with a welcome address. The participants and panellists were then briefed on the rules and objectives of the pace pitch round before moving on to the pitch presentations. The participants were required to submit their presentations according to the guidelines provided by the organizers upon registration. Each team comprised of a maximum of 5 members with a minimum of one Rotaractor. For the pitch presentation, each team was allowed 20 minutes with the panellists – 5 minutes to pitch and 15 minutes for Q&A. The business ideas presented varied from marketing to hospitality to baking.
During the 5-minute pitch, the participants highlighted their business idea, target audience, direct competition, challenges, strengths and weaknesses identified via SWOT analysis, unique selling proposition and company’s position in the marketplace, their vision for a sustainable business plan in 5 years with real financial breakdowns of all current and future cost aspects of their business idea, and how they will uphold a sustainable business. Over the remaining 15 minutes, the panellists equipped with years of experience in the industry posed critical questions and gave the teams their insights, stressing on areas for improvement and consideration. The panellists were flexible with the language to entertain those that weren’t fluent in English.
“The panelists were very critical and to the point; no sugar coating”- Cake-a-licious
“The panelists gave good feedback. We were able to learn where to focus on” –
At the end of phase one, the panelists gave the organizers their feedback on the event and some comments on how improvements can be made for next time.