Turning competition experience into useful business lessons

A business plan competition creates more than a winning idea. Each stage produces evidence about customer needs, team performance, financial assumptions and communication skills. When those observations are recorded consistently, participants can turn a short competition experience into a practical management resource.

For Australian participants preparing for the Believe & Achieve competition at the BYU Management Society Asia Pacific Conference in Mongolia, documentation is especially valuable. The event brings together different markets, professional backgrounds and cultural perspectives, so a decision that works in Sydney or Brisbane may need adjustment before it can succeed in Ulaanbaatar.

A useful lessons-learned record should be brief enough to maintain while work is busy, yet detailed enough to support the next decision. The strongest format combines dated notes, measurable results, direct feedback and a clear statement of what the team will change.

Set up a record before work begins

Create one shared folder and one master learning log before the first planning meeting. A simple spreadsheet can include the date, competition phase, assumption tested, evidence collected, decision made, result and recommended action. Store supporting files beside it, including customer interviews, budget versions, presentation drafts and mentor comments.

Give each team member responsibility for a particular type of evidence. One person might track market research, another financial calculations, and another questions raised by advisers. This avoids relying on memory, particularly when participants are balancing regular employment, family commitments and Australian time zones with conference preparation.

Define success measures early. If the plan concerns an online service, record expected conversion rates, customer acquisition costs and response times. If it involves a physical product, track supplier quotes, minimum order quantities and delivery estimates. Dates should use a consistent format, and financial figures should identify whether they are in Australian dollars, US dollars or Mongolian tögrög.

Capture the reasoning behind the idea

During the concept and research phase, document why the team believes the opportunity exists. Record the customer problem in plain language, the evidence supporting it and the assumptions that remain untested. A short interview summary should identify who was consulted, what they already use, what frustrates them and whether they would pay for a solution.

Australian market conditions can make early assumptions misleading. A proposal aimed at local customers may need to account for GST registration, the Australian Consumer Law and privacy obligations when collecting personal information. Checking ASIC guidance, industry regulators and reliable market data should be recorded as part of the research trail rather than treated as informal background reading.

Keep a “changed belief” section in the log. For example, a team may begin by assuming that Melbourne professionals value speed above price, then discover through interviews that transparent fees matter more. Recording that shift shows how evidence influenced the business model and gives judges a clearer view of commercial judgement.

Make planning decisions traceable

In the business plan phase, save each major version instead of replacing the previous document. Mark the change date and explain why the team altered its target market, pricing, operations or promotion strategy. This creates a decision history that reveals whether progress came from sound evidence or from last-minute preference.

Financial learning deserves particular care. Keep the original sales forecast beside actual test results, and separate fixed costs from variable costs. Include Australian realities such as award wages, payment processing fees, freight between cities and the effect of GST on customer prices. A plan that appears profitable before these items may require a different price or delivery model.

Record rejected options as well. A decision not to use a particular supplier, launch channel or partnership may be as instructive as the final choice. Note the criteria used, such as reliability, legal risk, margin or customer reach. This helps the team avoid revisiting the same discussion and demonstrates disciplined management to mentors and assessors.

Turn feedback into specific actions

The presentation and question-and-answer phase often produces the richest lessons. Assign one person to capture questions word for word, while another notes the answer given and a third identifies the underlying concern. Questions about market size may indicate weak research; questions about pricing may reveal that the value proposition is unclear.

Teams can sharpen this practice by reviewing Q&A session techniques before presenting. Afterward, classify comments as factual corrections, strategic challenges, communication issues or ideas for further testing. Avoid recording vague statements such as “the judges disliked the pitch”; write that two judges asked for evidence of repeat purchases and one questioned the delivery timeline.

Capture feedback from speakers and other competitors with equal care. A different industry perspective may expose an opportunity that the team’s own sector assumptions concealed. Insights on cross-industry speakers can help participants recognise why unfamiliar examples often lead to better questions and stronger innovation.

Close the loop after the event

Within 48 hours of the final presentation, hold a structured review while details are fresh. Each member should identify one assumption that was validated, one that was weakened and one skill that needs development. Compare the team’s original goals with outcomes such as award feedback, pitch performance, customer interest and the quality of financial evidence.

Separate controllable actions from external circumstances. A delayed flight from Perth or Sydney, a supplier’s late reply or an unexpected public holiday may affect preparation, but the useful lesson concerns the response: Was there a backup plan, an earlier deadline or a clearer delegation process? This keeps the review practical rather than turning it into a list of excuses.

Finish with a short action register containing an owner and due date for every change. Some actions may involve revising the business model, testing a new customer segment or checking compliance before trading. Others may concern daily habits, such as scheduling a weekly team call across Australian states or keeping receipts and research notes in a shared system.

A final one-page summary should state what the team would repeat, stop and test next. That document can support future BYU Management Society chapter activities, guide a later pitch and help participants transfer the experience from a competition setting into an operating business.