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Contest update: didn't make it!

November 1st, 2006 at 03:38 am

we each received a diploma and a letter with comments/critics to our business plan..
mine reads:

*Emphasize tourism companies in target market section
*Review proyections, growth is overestimated,rework financial analysis
*Salaries are not according to the reality of an emerging company (so...they think I can hire good translators at $300/month, or what?...the first year, the only salary contemplated is MY salary, and of course it is based on me making enough to cover all my living expenses....)
*Review sales forecast (ok, I agree with this!...this has always been my greatest problem: getting customers...marketing plan was supposed to take care of this!)
*Consider cultural change in target market
*Be realistic regarding profit margins (sorry, the costs of translating are NOT high!...most of the investment was my education, how much does it really cost me to translate a 20-page document? ...next to nothing!...unless I pay myself a high salary!...so, even with the "unreal" salaries, they think the profit margins are too high!)

...I think what saddens me the most is that it must have cost me about $200 to participate in the competition thing...at least I consider that money as an investment and not a waste!...I did learn a lot! (mostly about myself!) and, as I said before, I still believe I have a GREAT business idea...and, you'll see, I WILL start this company, even if it takes me a year just to get enough money to get it started!

4 Responses to “Contest update: didn't make it!”

  1. sarah Says:

    I am so sorry. You will succeed in starting this company.

  2. Lau Says:

    So sorry to hear that MI! Congrats about the company and all the best for it

  3. LuckyRobin Says:

    I'm sorry you didn't win, but I'm glad you are planning to go for it anyway.

  4. LdyFaile Says:

    Sorry to hear you didn't make it to the next round but glad to hear about what you learned from the process!

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