Proposals from three students to establish a first-class pay-stall restroom in a busy Hong Kong shopping district and from two Mongolian students to build an ice factory in their capital city won the business plan competition for developed and developing countries during the annual BYU-Hawaii School of Business Entrepreneurship Conference on Jan. 28.
Judges selected from among visiting entrepreneurs awarded King Lun "Kisslan" Chan, Wing Yi "Stella" Chu and Yan "Letitia" Ho a $4,000 first prize for their detailed business plan that calls for building a 22-stall pay restroom in the busy Mongkok section of Hong Kong, which has daily traffic of over 800,000 people.
Ho explained to the judges and the large crowd of BYU-Hawaii business students who attended the conference that "Europe and America have proved that restroom service is a successful business. When you dress nicely, you don't want to go to a dirty public restroom. There's also a great potential to expand into other parts of Hong Kong and the rest of China."
"This is an innovative business in Hong Kong," said Chu in their presentation. She added the trio would concentrate on keeping the facility very clean, offer a range of aromatic scents, and also sell advertising space in the restroom. They project the business could generate over US$8,000 a month in net profits.
Tsogtbilegt Enkhbold and Anand Sanjaa won the $4,000 first prize for their developing country business plan calling for the establishment of a Mongolian Ice Company, the only ice factory in Mongolia.
"There's always a shortage, of ice," explained Enkhbold, who said he and his partners plan to use modern ice-making technology and sanitary water to supply hotels, restaurants and other customers.
"We've met with our potential customers and conducted a survey," he said. "Most organizations are not satisfied with their current situation. They're actually willing to buy our product, and the market is huge."
Enkbhold estimated the venture could net about $46,000 in its first year. "That's not much, but it's a huge amount in Mongolia," he said.
He also stressed the business would offer "tremendous benefits to our country, increase the living standards to our people... and will strengthen and build up the kingdom of God back home."
BYU-Hawaii School of Business Dean Brent Wilson noted that this is the "third year in a row that a Mongolian student proposal has won one of the top prizes in the competition." Sanjaa, for example, won two years ago for his proposal to start a laundromat business in his home country, which presently does not have such enterprises.
Other prizes in the annual competition, which drew 13 entries in all, went to:
Finance Your Future: a proposal by Kaisu Zheng, Derrick Kim and Nathan Benson to start up a health savings account insurance program in Hawaii; second place for developed countries, $2,000.
Pacific Investments: a proposal by Howard Afualo, Charles Tuigamala and Jason Ava, who want to start a shrimp farm near Port Moresby, Papua New Guinea; second place for developing countries, $2,000.
Exotic Tongan Oils: a plan by Haunga Kioa and Benjamin Tano to extract kukui nut and other essential oils to use in formulating healthful and scented body oils; third place, developing countries, $1,000.
The annual BYU-Hawaii Entrepreneurship Conference also provided students with the opportunity to mingle and learn from a large contingent of Latter-day Saints who have started their own successful businesses in small-group sessions, motivational presentations and workshops.
In one example, Justin Kent shared his business experience of taking out a $7,500 loan on his car to start a car windshield repairing business that has since expanded into 10 locations.
Former BYU-Hawaii students Matt Stoker and Nathan Finnigan described their starting of a private school of nursing in Utah, where the enrollment jumped to 300 students in the first six months. "We are just a couple of years into this, but we want you to know that anybody can do it," Stoker said.
Mark Swenson, a marketing professor at the BYU Marriott School of Business, said there are "six questions you ought to think about as you begin marketing products or services from your new venture: 1) Who's going to buy the product? 2) What's the benefit they are buying? 3) When do they make their purchase decision? 4) Where do they expect to find this product? 5) Why buy this [product] vs. other brands or substitutes? 6) How do they buy and use the product?"