The Daily Bulletin

The Business Department is pleased to announce that it is accepting student-developed, original business plans for the 2023–2024 Kratus Entrepreneurship Award. The purpose of the award is to provide a measure of financial assistance to budding entrepreneurs as they graduate from university and embark on building their own businesses.

The awards are given every spring to two graduating seniors who have demonstrated the greatest potential for building their own business, demonstrated by currently owning or operating a business, or preparing to own and operate a business. The award amount is $1,500 per student. Applicants do not need to be business majors to submit a plan.

Recipients will be selected by a committee of three faculty members from the Business Department. To apply for the award, please observe the following guidelines:

1. Follow the business plan format from the Small Business Development Center (see format below).
2. Email your business plan to Lorena Mathien, chair and associate professor of business, no later than end of day Monday, April 1.
3. You must present a five-minute pitch of your business plan on Thursday, April 4, in Chase Hall 341.

Award recipients will be notified Monday, April 15. The award ceremony will be held Friday, May 10, at 12:15 p.m.

History of the Award
John and Tom Kratus were among the early graduates of the Buffalo State Business Program. John, Tom’s father, had been a successful businessman who decided to enter college at the same time as his son to pursue a business degree at Buffalo State. They both graduated with their business degrees in 1975. In 1977, John decided to move his business to the fast-growing area of Dallas, Texas. Unfortunately, their success was short-lived. In 1984, John died suddenly from a heart attack at the age of 52. In 1986, Tom died of leukemia at the age of 30. Despite this double tragedy, the rest of the family continued to run the business successfully until it was sold.

In the late 1980s, the Kratus family established a scholarship for business students at Buffalo State in honor of John and Tom and to thank the Business Department for the support they received from the business faculty while they were students. The Kratus Award is given annually to two students who best exemplify the entrepreneurial spirit that John and Tom possessed.

Kratus Award Format

1. Summary
   1. Business description
      1. Name
      2. Location and plan description
      3. Product/Service
      4. Management experience/expertise
   2. Business goals
   3. Summary of financial needs and application of funds
   4. Earnings projection
2. Market analysis
   1. Description of total market and percent you plan to capture
   2. Industry trends
   3. Target market
   4. Competition
3. Products or Services
   1. Description of product line or service
   2. Proprietary position
   3. Comparison with competitor’s products or services
4. Marketing strategy
   1. Overall strategy
   2. Pricing policy
   3. Method of selling, distributing, and servicing products or services
5. Management plan
   1. Form of business organization
   2. Officers, organizational chart, and responsibilities
   3. Staffing plan and number of employees
6. Financial data
   1. Two-year financial projections
      1. Income statements (profit and loss statement)
      2. Balance sheets
      3. Cash flow statement
      4. Capital expenditures
   2. Explanation of projections
   3. Explanation of use and effect of new funds (loans, etc.)