JMU COB Business Plan
Upon acceptance to the College of Business at James Madison University, I had to complete a set of courses known as ''COB 300." COB 300 is a series of four integrated courses in finance, operations, marketing, and management that are supplemented by a semester-long project. Student teams are assigned and tasked with developing a business plan for a new product to provide students with experience launching a business. Rather than being assigned a specific product with step-by-step instructions, we had to rely on our team’s creativity and problem-solving skills to invent a new product, conduct our own market research, and apply critical thinking skills for making the best business decisions.
My team (Devyn Kennedy, Michael Nguyen, and Joshua Wacker) brainstormed many ideas and eventually chose an outdoor pathway light. Our product was different from competitors because it was designed to automatically lower into the ground during daylight hours and rise above ground at night to light up walkways. This feature created a competitive advantage by eliminating the pain and annoyance of accidental breaks from day-to-day activities like yard traffic, kids playing, and mowing.
In January, my team was notified that we had been selected as one of the top five teams out of 300 to compete in the Shepard-Rainey Business Plan Competition. To prepare for the competition, each team was assigned a coach from a group of highly successful business people who had competed in the Shepard-Rainey competition before, or were well-known for their success in the corporate world. The College of Business hosted a public event where the five finalist teams presented to a panel of eight judges and over 100 invited guests.
The day of the presentation was the most nervous I had ever been in my entire life. My stomach churned and my mind raced as I watched the other teams present. Once I got up on stage, a wave of confidence washed over me. I trusted my knowledge about my team’s product concept and business plan and took off with the presentation. My team was awarded 1st place and won the Innovation Award for the best business idea. I was personally selected for the Braun Jones MVP award and the Ferguson Top Female Leader Award which included over $4,000 in scholarship awards.
The COB 300 Business Plan courses and project taught me a wealth of valuable skills and life lessons. I learned how to navigate and embrace the unknown by completing a project that did not come with clear-cut instructions with my team. Working with new teammates taught me the importance of considering different perspectives and understanding the strengths and weaknesses of my collaborators. Recognizing and understanding the value and unique strengths of my teammates allowed us to assign roles and delegate tasks to maximize our outcome. Winning the COB 300 Business Plan Competition and being selected for the Braun Jones MVP award and Ferguson Top Female Leader Awards are accomplishments I am most proud of from my college career. This project taught the most important life lesson that business and real life does not come with an instruction manual. It is up to us to seek out information and navigate the ambiguity of each task we take on.
My team (Devyn Kennedy, Michael Nguyen, and Joshua Wacker) brainstormed many ideas and eventually chose an outdoor pathway light. Our product was different from competitors because it was designed to automatically lower into the ground during daylight hours and rise above ground at night to light up walkways. This feature created a competitive advantage by eliminating the pain and annoyance of accidental breaks from day-to-day activities like yard traffic, kids playing, and mowing.
In January, my team was notified that we had been selected as one of the top five teams out of 300 to compete in the Shepard-Rainey Business Plan Competition. To prepare for the competition, each team was assigned a coach from a group of highly successful business people who had competed in the Shepard-Rainey competition before, or were well-known for their success in the corporate world. The College of Business hosted a public event where the five finalist teams presented to a panel of eight judges and over 100 invited guests.
The day of the presentation was the most nervous I had ever been in my entire life. My stomach churned and my mind raced as I watched the other teams present. Once I got up on stage, a wave of confidence washed over me. I trusted my knowledge about my team’s product concept and business plan and took off with the presentation. My team was awarded 1st place and won the Innovation Award for the best business idea. I was personally selected for the Braun Jones MVP award and the Ferguson Top Female Leader Award which included over $4,000 in scholarship awards.
The COB 300 Business Plan courses and project taught me a wealth of valuable skills and life lessons. I learned how to navigate and embrace the unknown by completing a project that did not come with clear-cut instructions with my team. Working with new teammates taught me the importance of considering different perspectives and understanding the strengths and weaknesses of my collaborators. Recognizing and understanding the value and unique strengths of my teammates allowed us to assign roles and delegate tasks to maximize our outcome. Winning the COB 300 Business Plan Competition and being selected for the Braun Jones MVP award and Ferguson Top Female Leader Awards are accomplishments I am most proud of from my college career. This project taught the most important life lesson that business and real life does not come with an instruction manual. It is up to us to seek out information and navigate the ambiguity of each task we take on.
