The Daily Bulletin Archive

Each spring, the Business Department grants a monetary award to two budding entrepreneurs as they graduate from college and embark on building their own businesses. Qualities such as ambition, willingness to work hard, ingenuity, and other personal factors are considered. Any graduating senior (December or May) with an interest in establishing their own company or venture post-graduation is invited to apply. Applicants do not have to be business majors.

Kratus Award Overview
John and Thomas Kratus were father and son who both attended Buffalo State in the mid-1970s. After graduating with bachelor’s degrees in business, they moved to Dallas where they founded Welbourne’s Appliance and Furniture Company. Sadly, they both passed away within two years of achieving their success. This award is donated by their family in their memory.

Applicants should provide a detailed business plan in Microsoft Word or PDF format outlining their potential business. The business plan must include the following, but not necessarily in this order or format.

• Cover page - Include the name of the business, your name, and the date.
• Executive summary - Provide a shortened version of everything that is in your report (1–2 pages maximum).
• Table of contents - Include page numbers.
• Overview/business opportunity - Provide a brief description of the organization and the context it operates in. Describe the nature of the business opportunity. Provide your mission, vision, values, and overall strategy of the organization (what you are trying to do).
• Industry analysis - Examine the micro and macro environment that the company will operate in. Based on the industry analysis, identify the outlook, forecast, or trends for the type of organization you have selected.
• Marketing plan - Complete a SWOT analysis: Who is your target market? How big is this market and what percent will you try to get? Explain your four Ps.
• Competitive advantage - What makes you unique and why?
• Management plan - How you will be organized and who will manage the functions and operations?
• Operational plan - How will you run and carry out the operations of the company? What will be done in-house versus outsourcing?
• Financial plan - Identify possible sources for investment capital if required. Provide a P&L statement.
• Milestones and risks - Describe the preferred timing and objectives for your business plan. Assessing what risks could happen, how affective would they be? What you would do if they happened, and who would be responsible for each?

Send your submissions electronically via email to Lorena Mathien, associate professor of business, by Sunday, April 30, for consideration.

Section of Recipients
Recipients will be selected by a committee of at least three faculty members from the Business Department. The winners will be announced at the beginning of May and will be presented with their awards at the Student Awards Ceremony in May (date forthcoming).

We look forward to reading your submissions.