GU Student Business Competition

Lamoni Development Corporation

The Lamoni Development Corporation (LDC) will award $10,000 in a student business competition to a Graceland student(s) whose proposal for a new business in Lamoni is judged to be meritorious. The business must become operational for the award to be granted.

Purpose of the competition:

It is important for both the City of Lamoni downtown businesses and Graceland University integrate in a more complete and cooperative manner. With that expectation, LDC would like to offer an inducement for an entrepreneurial Graceland student to take the initiative in filling such a need, with the hope that a student-owned business would offer benefits to all.

Rules of the competition:

• The business must have a Lamoni location that is outside the Graceland campus.
• A two-year business plan must accompany the application.
• A negotiable advance of up to $2000 may be made to the student for start-up expenses.
• A structured serial payout of the award may be instituted over the first year of operation.
• The winning student must join the Graceland SIFE program if not already a member.
• All legal, contractual, and other commitments must be documented in writing.
• Joint ventures w/downtown businesses are encouraged to the extent they establish a new business opportunity or service.

• Most likely to succeed financially
• Most likely to attract both students and general population
• Realistic business plan
• Commitment of applicant
• Experience/skill of applicant
• Review of references

• Seasonality of the business, full year vs. school year
• Retail/Office downtown location vs. warehouse/manufacturing location
• Hours of operation
• Bricks-and-mortar vs. online business
• Ability/willingness of individual to contribute personal funds to business
• Ability of business to generate dollars from outside of Lamoni
• Sustainability of the enterprise beyond the student’s graduation
• Possible joint enterprise with a non-Graceland partner
• Sustainability