Local entrepreneurs tap MSU-B student expertise for building business plans

If he’d only taken their advice, Marvin Brown would have made a killing.

That’s what Brown, a broker with Rocky Mountain Ranch Realty, says today regarding the advice he got several years ago from a team of MSU-B students.

The students who drew up a business plan for Brown were all enrolled in Tom Hinthorne’s business strategy class, Management 488. And a requirement of that class – and for graduation – is working with a local business to come up with a business plan.

After evaluating Brown’s proposal to build a truck transfer terminal in Billings, the students advised against it. Instead, they suggested that Brown invest in property on the West End. He’d make more money just sitting on the land than building the terminal, they said.

Brown chose not to heed their advice. And it cost him.

"If we’d have done what they suggested, we’d have hit the biggest home run ever," he said, laughing.

As fall semester wound down this year, a new crop of teams put the finishing touches on their plans and PowerPoint presentations.

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In the past few years, MSU-B teams have boasted award-winning efforts. In May 2004, an MSU-B team beat out 35 other teams – including graduate students from the University of Montana – to take first place in UM’s John Ruffatto Business Plan Competition http://www.business.umt.edu/made/programs/biz.asp . A year later, an American Indian Business Leaders team from MSU-B took second place at the National AIBL http://aibl.org/ Conference in Seattle.

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17th Annual John Ruffatto Business Plan Competition – Prize Money Increased to $20K

In 2004 the total prize purse was $3,500. Last year we increased the total prize purse to $11,000. Yes, we are doing it again. The prize money for the 2006 John Ruffatto Business Plan Competition http://www.business.umt.edu/made/programs/biz.asp has increased again…this time to a total purse of $20,000. The Director of the Competition, Dr. Jeff Shay, is excited about many changes implemented in 2005 and with the continued support of MADE, many new changes will be in place for 2006. The submission date for plans is April 26, 2006. Mark your calendar today, the event will take place on May 11, 2006.

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Details

For more information on MSU-B’s student business plans, call Tom Hinthorne at 406-657-2099, fax him at 406-657-2327 or e-mail him at [email protected]. To be considered, businesses are asked to e-mail a letter outlining their business needs.

By LINDA HALSTEAD-ACHARYA
Of The Gazette Staff

Full Story: http://www.billingsgazette.com/index.php?id=1&display=rednews/2005/12/25/build/business/25-msub-plans.inc