Supporting BYU MS in the Asia Region
In November 2021, at our Asia Summit, the BYU Management Society Asia area completed its second Business Plan Competition. This competition started with 37 teams from seven countries, and in the end, 9 teams won cash prizes in 3 different categories.
Here are 10 top reasons why you should invest and help fund the BYU Management Society Business Plan Competition in the Asia area:
1 – Supporting Entrepreneurs
The BYU Management Society Business Plan Competition is all about helping to support entrepreneurs. We have three categories for the business plan competition: the great idea, the initial small business, and a small business.
A great idea is about somebody who has an idea but they do not yet have a business. The funds given for this are we provide it to the best ideas to help someone start their own business.
The initial small business is for companies that have started their business but have not sold any more than US$100,000 over the year. These are companies just starting in many parts of Asia.
Small business is about companies operating and selling between 100,000 to 250,000 over the year.
We divided up our business category as in some areas in Asia that we serve, $100,000 would be a lot of sales, and for others, this would be very easy to achieve because many areas where the economy is just developing achieving 100,000 sales for a new venture is not easy.
But we also have countries in the Asia area where the economies are developed, such as Korea, Hong Kong, Singapore, Taiwan. So this allows for companies that have are still developing to be able to enter the business plan competition.
2 – Huge Impact
We can have a significant impact on many people in the Asia area. Many of them who win the competition can use that money to go on and do great things. So a little bit of money can help significantly impact these small businesses, especially in many countries in Asia.
We have seen this time and time again how the money which the BYU MS Business Plan contestants receive helps them to be able to start and develop their business.
3. – Encourage Investment In Home Country
Many of our competitors are BYU Hawaii, BYU, or graduates of other universities in the United States or their home countries. Our focus is for them to invest in their home countries and support them in running their business in their own country.
We do not select applications from people living in Asia that want to start a business in the United States. Our focus is on helping people set up companies within our BYU MS Asia region.
4. – Encourages Growth
As all the teams, especially the winning team, need to go through several rounds for the competition, we strive to give them comments and feedback along the way. We see this as a way to help encourage growth for their companies.
As we tell many of our competitors, if you did not win the business plan competition, it does not mean you do not have a good idea; it may just be that you need to rework part of the idea or rework your business model. This is because our focus is not just on the cash prizes but also on how we can continue to support some of these entrepreneurs and their businesses to help them be successful.
5. – We Focus On Training
One of our focuses in the Asia area is on training. We will bring in webinars to help those who want to start up their business and learn from experts throughout the year. In the summer of 2021, the BYU MS Taiwan chapter helped sponsor important webinars for the Asia area.
We invited Dr. Jason Scott Earl, Spencer Taggart, PJ Rogers from BYU Hawaii to give a series of webinars about successful business plans, marketing negotiation, and other necessary skills for any company to be successful. We had over 100 people sign up, and many of those attending all of this four-part series. This means our impact was much more significant in training than just the people who participated in our actual business plan.
We also had a webinar series from Melissa Cook Wise from Wise Consulting. Melissa is a well-known social media influencer, and she gave some excellent webinars and advice on how to use social media for your business. Each week many people attended to listen to her excellent advice.
We believe that training is essential in the BYU MS Asia area. Our next Business Plan Competition will be in 2023, and we look forward to continuing training people in our site to help and support them in their entrepreneurship and business.
6. – Opportunity To Give Back
The BYU Management Society believes that these Business Plan Competitions are also a time for us all to get back. The motto of Brigham Young University is “Enter To Learn, Go Forth To Serve.” As alumni or friends of Brigham Young University, we see the BYU Management Society Asia Area competition as a way for you to give back in a significant way.
7. – Every Dollars Goes To Help
Every dollar you give to BYU Management Society Asia Area is used for BYU Management Society in the Asia Area. We are a 100% volunteer organization made up of volunteers throughout Asia. We take no money for our service. We must account for every dollar we receive to BYU Management Society Provo each year.
You can be sure that every dollar you give goes into helping people in the Asia Area.
8. Can Pay Via A 501c3 For Tax Deductions
If you are an American Citizen and want to have Tax Deductions, you can pay via the Philanthropic Website for The Church of Jesus Christ of Latter-day Saints. You will not only get the tax deduction, but you can be sure the money is going directly into the hands of BYU Management Society Provo. BYU Management Society Provo will send the money to the Asia Area.
You pay directly to the BYU Management Society and into our account by clicking here. Once there, click on the BYU MS Asia Area Account.
9. – We Support The Church’s Self Reliance Program
In the Byu MS Asia region, we are working to help support the Self Reliance program of The Church of Jesus Christ of Latter-Day Saints. We believe these business plan competitions assist those who go through the entrepreneurship program of the self-reliance program for The Church of Jesus Christ of Latter-Day Saints and help give them a headstart in their business venture.
This BYU Management Society Business Plan Competition is another way to help support self-reliance throughout the Church of Jesus Christ of Latter-Day Saints in the Asia region of the church.
10. – We Are A Tool To Help Others
In the BYU Management Society Asia area, we have three focuses for our region. One is personal development, two is professional development, and three is moral and ethical leadership. We see the BYU Management Society helping us with our professional development goal.
We also see the BYU Management Society Asia area as a tool to help others improve their lives. This is why we focus on training, teaching others, inspiring webinars, offering online classes, and holding this business plan competition. It all fits in with our area focus on being a tool to help others to learn and improve their lives and livelihood.
11. – We Seek To Build Leaders
Another area that the BYU Management Society Asia also focuses on is building leaders, including future leaders. The business plan competition helps us accomplish this as we encourage many younger people to apply for the competition.
We also joined together with leadership programs such as launching leaders to encourage people within the chapters to attend the Launching Leaders course to help them in their lives and to help them become more robust and better future leaders.
We hope you will join us to help make the BYU Management Society and the Asia-Pacific region successful by helping to support our BYU Management Society Asia Business Plan Competition.
Related Content
What is the BYU Management Society?
The BYU Management Society is a business, professional network, and career development program whose primary focus is to help grow moral and ethical leadership worldwide. It also helps support the local communities where the BYU Management is organized and operating. The organization is open to all.
You can discover more by reading What is the BYU Management Society by clicking here.
Business Plan Information
BYU Management Society（BYUMS）Asia Region is organizing the Business Ideas and Plan Competition to support and promote the spirit of self-reliance and entrepreneurial start-ups in the region. The BYUMS Business Plan Competition promotes creativity, idea generation, and entrepreneurship by recognizing innovative ideas for new products, services, and technology and, more importantly for encouraging people to become more self-reliant.
You can discover more by reading Business Plan Information by clicking here.
