The Daily Bulletin

The Business Department is pleased to announce that we are accepting student-developed, original business plans for the 2024-25 Kratus Entrepreneurship Award. The award provides financial assistance to budding entrepreneurs.

The awards are given every spring to two graduating seniors (fall or spring) in any major who have demonstrated the greatest potential for building their own business, currently own or operate a business, or are preparing to own and operate a business. You do not need to be a business student to apply.

Recipients are selected by a committee of three faculty members from the Business Department.

To apply for the award:

1. Please follow the business plan from the Small Business Development Center (below). This must be a fully developed business plan in Word or PDF format, not just a PowerPoint presentation.
2. Email your business plans to Dr. Lorena Mathien mathield@buffalostate.edu no later than end of day, April 1, 2025.
3. You must also present a 5-minute pitch plus Q&A of your business plan on Tuesday, April 15, in Chase Hall 341

Details

• Amount: $1,500 each student
• Due Date: Monday, April 1, 2025
• Presentation Date: Tuesday, April 15, 2025, in Chase Hall 341
• Award Notification: Monday, April 21, 2025
• Award Ceremony: Thursday, May 8 at 12:15 in the Student Union Assembly Hall  

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, TX. Unfortunately, their success was short-lived. In 1984, John, at the age of 52, died suddenly from a heart attack. In 1986, at age 30, Tom died of leukemia. 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

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