FIN 310 Class Assists EKU Student in Winning Top Prize at Idea State U
Dr. Ahmed Elnahas, Assistant Professor of Finance, teaches FIN 310 (Entrepreneurial Finance) where students are asked to prepare a business plan for a fictional product. However, in the fall of 2014, Dr. Elnahas wanted to make the course more interesting and valuable to his students; so instead of working with hypothetical products, he arranged it so that his students could work with real local businesses.
With the help of Kristel Smith and her team in the EKU B&T Accelerator, Dr. Elnahas was able to connect his students with local entrepreneurs so that they could craft a business plan for their ideas, concepts, or already existing products. Doing this would also benefit his students by giving them the opportunity to work with real companies and gain experience in the business world.
The FIN 310 students were split up into five groups. Each group was responsible for crafting a business plan for one of the entrepreneurs.
One of the groups worked with veteran non-traditional student, Nathan Hall, and created a business plan for him. Nathan is majoring in human resources and is planning on graduating in May of 2016.
Nathan brought his idea of Longevity Tea to the FIN 310 students, which at the time was still in the beginning phase of development. For a three month period he met with the group of students to develop his product and work on the business plan. By the end of the semester, the students had created a completed business plan for Nathan. This plan included marketing and advertising, a SWOT (Strengths-Weaknesses-Opportunities-Threats) analysis, projected cash flow, a sensitivity analysis, a break-even analysis, scenario analysis, and several other financial projections.
With the help of the FIN 310 class, Nathan went on to compete in the Idea State U Regional Competition, where he won 1st place and a $1,000 prize, which he plans to use as a means for putting his business plan into action. He also competed in the Idea State U State Competition.
Nathan said that he was extremely impressed by how knowledgeable the FIN 310 students were. Although Nathan has always been a driven entrepreneur, he reiterated that the FIN 310 class helped him to see the potential in his FIN 310 business and allowed him to get his business up and running in a successful manner.
Nathan stated that his Longevity Tea is a sweet, creamy tea with turmeric as the main ingredient. Turmeric is filled with antioxidants and can prevent heart disease and cancer, and can also assist in pain management. Nathan has maximized the potency of the turmeric so that it can last longer in an individual’s body. He believes Longevity Tea will be a hugely successful product, much in part to Dr. Elnahas’ Entrepreneurial Finance class.
Published on April 30, 2015