Baird Wins Business Plan Competition
Michael Baird (Senior, Agribusiness Management and Horticulture Production and Marketing; Scottsburg, IN) competed in the Burton D. Morgan Business Plan Competition on Tuesday February 19. He presented his plan to a panel of judges and received second place in the undergraduate division at Purdue University. There were nearly 80 applicants in the graduate and undergraduate divisions and only 5 teams/division made it to the final round.
His business plan was for Cornucopia Farm and highlighted their existing agritourism operation which features a corn and soybean maze, pumpkins, mums and school tours. Michael also developed three new ideas to expand their operation. He helped identify target markets for these segments and produced projected financial statements for the business’ next ten years. The project was very personal for Michael because Cornucopia Farm is his family business.
The Burton D. Morgan Business Plan Competition process spans over two semesters to make it to the finals. First, contestants must submit an executive summary of their business plan idea for judging. If successful, they enter the semifinal rounds where they expand their idea by writing a formal business plan. Finally, the semifinalists are judged and the top five enjoy the opportunity to present in the finals.
Baird stated, "The business plan competition was a great learning opportunity for me. It gave me the opportunity to flesh out ideas that our family and I had been talking about for a long time. Fleshing out these ideas in the plan helped give them more of a purpose and a realistic value. It has also helped me determine if they were feasible ideas from a financial standpoint. After doing this plan I have a much deeper appreciation for what it takes to write a successful business plan and for what our family does as a whole in our business."