ENTREPRENEURIALOPTIONGUIDELINES|FWT2015

Theentrepreneurialoptionisofferedtostudentsinterestedinlearninghowto:startandruntheirown
businessornonprofit;writeacomprehensivebusinessplanforanewventure;and/orlaunchthemselvesas
anindependentartistorfreelancer.StudentsmayelecttouseoneoftheirFWTstotakeadvantageofthe
EntrepreneurshipOption,whichqualifiesforprimaryFWThours.StudentsproposinganentrepreneurialFWT
needtomeetthefollowingcriteria:

Beingoodacademicstanding.
HavesuccessfullycompletedatleastoneFWTjobinaprioryear.(Exceptionsmaybemadefor
transferstudentscomingtoBenningtonintheirjunioryearorforstudentswhoenrolledinafall.)
HavenotcompletedanFWTentrepreneurialoptioninthepast.(Astudentwhohascompletedan
entrepreneurialFWTinthepastthatwouldliketodoasecondoneofficiallyassociatedwitha
BenningtonCollegecoursewillneedapprovalfromtheFWTDirector.)
Secureabusinessmentortoactasasupervisor.Amentormaynotbeaparent,otherimmediate
familymember,oraspouse/partner;andthementorshouldhaveexperiencerunningan
independentbusiness/organization,orpossessacombinationofbusinessknowledgeand
knowledgeofthefielddirectlyrelatedtoastudentswork.
DesignanEntrepreneurialFWTproposalthatisnotexclusivelyfocusedoncreatingworktobesold.
Rathertheproposalshouldencompassthegreateraspectsofrunningonesownbusiness/
organizationorlaunchingoneselfasafreelancerinaprofessionalandfiscallysustainableway.

PROCEDUREFORSUBMITTINGAPROPOSAL
FillouttheFWTProposalformbySeptember30,2014,brieflyoutliningtheentrepreneurialideafor
yourfacultyadvisorsreview.(TheFWTOfficeemailsthisformoutatthestartofterm)
DiscussyourentrepreneurialideawithyouradvisorandsecureadvisorapprovalbeforeOctober15,
2014
PrepareanEntrepreneurialProposalinclusiveofthebelowcomponents
RegisterfortheFWTEntrepreneurialOptiononWorkLinkbyNovember21,2014andattachthe
EntrepreneurialProposal(inclusiveofAppendices)toyourregistration.(FWTEntrepreneurial
ProposalswillbereviewedbyacommitteeoffacultyandFWTstafftodeterminefinalapproval.)
Althoughnotrequired,westronglysuggestthatstudentsinterestedinpursuingtheentrepreneurialoption
meetwithanFWTstaffmemberand/orattendthesmallgroupadvisingsessionsforentrepreneurial
projects.GotoGenbooktobook.

REQUIREDELEMENTSFORANFWTENTREPRENEURIALPROPOSAL(INCLUDINGFREELANCEWORK)
1)StudentInformation:
Studentsfullname
CurrentTerm
AcademicPlanfocus
Facultyadvisorname
Forthoseproposinganentrepreneurialstartup,goto2.A;forthoseproposingafreelanceworkproject,go
to2.B.

 2.A)VentureDescriptionOverview:Forthoseproposingastartup,in23pagesdescribeyour
entrepreneurialproject,whatbelowinformationyouknowtodate,andhowyouplantofurther
researchtheseareasoverFWT.
CompanyWhatisyourcompanysnameandwhere(geographically)willyoubeworking
overFWT?
CollaboratorsWhoareyourprimarycollaborators?AreanyaffiliatedwithBennington,andif
sohow?(IntheAppendixsectionbelow,youwillbeaskedtosubmitaCollaboration
Agreement.)
MissionStatementWhatisthepurposeofyourcompany/venture?
ProductsandServicesWhataretheproductsand/orservicesyourorganizationwillprovide?
Whatmakesitinteresting?Whatdistinguishesyourproduct/serviceinthemarketplace?What
needisitmeeting?Doyouhaveasenseofyourpricingmodelyetandhowitcomparesto
competitors?
CompetitionWhoareyourprimarycompetitors?Whatcompetitive
advantages/disadvantagesdotheyhavecomparedtoyourproposedidea?
CustomerProfileWhoareyourcustomers?Whatdemographicsdoyouknowaboutthem?
MarketSize/TrendsHowareyoudefiningyourmarket?Whatnumbersandtrend
informationdescribethecurrentmarketanditspotential?Whatarethebarrierstoentering
thismarket?Whatpercentageofmarketshareareyourealisticallylookingtocapturewithin
thefirst35years?
Sales&MarketingStrategySummarizeyouractionplanandstrategyforhowyourbusiness
willgetcustomerstobuyyourproduct/service.
MethodofSalesDescribehowyouwillgetyourproduct/servicetocustomers.
AdvertisingandPromotionWhatadvertisingmediumsdoesyourenterpriseplantouse?Ie:
website,promotionalevents,flyers,newspapers,etc.?
RevenueModelWhatisthewayyouareintendingtogeneraterevenuefromthisventure?
WhatfinancialstatementsdoyouhavecurrentlyorhopetoproducebytheendofFWT?How
areyouplanningtofinancethestartupofthisventure?(Basicfinancialstatementsinclude:
cashflowstatement;incomestatement/profitandlossreport;andbalancesheet.)
DevelopmentStatusWhatsthecurrentstatusofthecompanysproductorserviceandwhat
remainstobedonetomakeitreadytobringtomarket?
ProductionProcessWhatarethestagesofproductionfromtheinceptionoftheideato
whenitcanbesold?Withaservicecompany,describetheprocessofdeliveringtheservice.
Alsodiscussthephysicallocationfortheproductionofyourproductorservice.
LaborRequirementsHowmuchandwhatkindoflaborwillyouneedtostartupandrunthe
business?Addresshowmanypeoplearerequiredandwhatskillstheyneedtopossess.
ManagementDescriptionWhatsthecompanymanagementstructure?Summarizethe
responsibilitiesandexpertiseofeachpersonjobdescriptions.Whoisalreadyonboardand
whatrolesstillneedtobehiredtoachievesuccess.
OwnershipWhoownsandcontrolsthecompany?Howisownershipstructured?Isthe
companyasoleproprietorship,partnership,aLimitedLiabilityCorporation(LLC),ora
corporation?Whyhaveyouchosenthatstructurewhatareitsbenefits/drawbacks?

2.B)FreelanceProjectOverview:Forthosewhoareproposingafreelanceprojectinsteadofan
entrepreneurialstartupventure,pleaseuse23pagestoaddressthefollowing:
FreelanceResearchWhataretheprofessionalfreelanceassociationsforyourlineofwork?
Whatisthegoingrateofpayforyourlineoffreelanceworkatyourlevelofexpertise,and
whataregeneraltermsofpayment?Howisworkinyourfieldtypicallydelivered,assessed,
andamendedoverthecourseofaprojecttomeetclientneedsandexpectations?
ClientProfileWhoisyourclientandwherearetheylocated?Aretheyaffiliatedwith
Bennington,andifso,how?Whatistheirlineofwork?Whatmarket/industryaretheyin?
Howwouldyoudescribetheirbrand?

 ScopeofWorkWhatareyouagreeingtodoforyourclientandbywhen?Howwillthis
projectassisttheiroverallbusinessandyourprofessionaltrajectory?Whatwillbeatriskfor
themandforyouifyoudonotdeliveradequatelyonthiswork?
ProfessionalSkillsWhatprofessionalskillsand/orexperiencedoyouhavethatyouwillneed
todrawontocompletethisproject?
ProfessionalEquipmentWhatresourcesorequipmentwillyouneedtocompletethiswork?
Doyouhaveaccesstoallthatarenecessary?Ifnot,howwillyouprocure?(Ie/rent,borrow,
purchase,make,etc.)
ProfessionalContactsInadditiontoyourprojectmentor,whatadditionalprofessional
contactsdoyouhavethatyouwilllikelyneedtocallontocompletethisproject?
PitchIfyouwerepitchingyourselftothisclienttowinabidfortheproject,what3main
pointswouldyoumakeastowhyyoushouldwintheRequestforQuote(RFQ).Whyareyou
therightpersontocompletethisproject?

3)FWTProjectGoals:List35criticalgoalsyouhaveforthisprojectoverFWTandhowyouwill
measuresuccessinachievingthesegoals.

4)FWTProjectTimeline:Listkeymilestones(deliverables,meetings,events,and/oractions)that
needtohappenoverthesevenweeksofFWTtoreachyourgoals,andwhentheywillbedue.There
shouldbeatleast23milestonespereachofthesevenweeks.

5)BusinessMentorInformation:Thispersonwillactasyourprojectsupervisorandwillevaluateyou
attheendofFWT.
Name
Title
CompanyName
Address
Email
PhoneNumber
Frequencyofregularlyscheduledcheckins.(Checkinsneedtobeweeklyataminimum,and
needtobeinperson,byphone,orviaSkype.Emailcheckinsorwebbasedreviewofworkis
alsopermissibleandencouraged,butnotasareplacementfortheminimumweekly
requirementdescribedabove.)Isyourmentoravailableforadhocquestionsastheneed
arises?
Summarizeyourmentorsprofessionalbackground,howyouknowthementor,andwhyyou
feeltheydemonstratetheknowledgeandexperiencetoguideandadviseyour
entrepreneurialendeavor.(YourmentorsresumeorCVwillberequiredintheAppendix
sectionbelow.)

6)TheAppendix:Includeallrelateddocumentsandsupportmaterialsreferencedaboveorthatyoud
liketoincludeforconsideration.
REQUIRED
MentorsresumeorCV
CollaborationAgreement*forstartupventures:Listtheexpectationsandgeneralagreements
regardingyourworkingrelationshipwithcollaborators.Researchtemplatesonlineand
constructanagreement,whichataminimumshouldinclude:
GuidingPrinciplesWhatarethehabitsofworkthatarevaluedbythegroup?
Ie/transparency,efficiency,ethicalconduct,professionalwrittenandoral

communication,etc.
PurposeoftheRelationshipWhatisthepurposeforwhichyouarecoming
togethertocollaborate?
ParticipationWhataretheexpectationsofcontributionstotheproject?
Ie/hoursperweek,onsiteorremotework,attendanceatgroup
meetings/events,travel,useofpersonalequipment/resources,etc.
AccountabilityWhoisaccountableforwhatandwhatexpertiseiseach
participantbringingtotheproject?
GovernanceHowwilldecisionsbemadewithinthegroup?
Ownership/Authorship/IntellectualPropertyWhohasrightstowhat?
CompensationWhatisthecompensationstructure,ifany?
OutcomesWhatwillyouproducecollectiveandbywhen?
ProjectContract*forFreelanceProjectsResearchdifferentcontracttemplatesonlineand
constructacontractorexpectationofworkagreement,whichataminimumshouldinclude:
ServicesandOutcomesWhatareyouagreeingtoprovideandproduce?
RevisionsWhataretheconditionsandlimitsforsubmittingwork,getting
feedback,andrevisingwork?
TimeFrameBywhenwillyouproduceworkoverthecourseoftheproject
anduponcompletion?
DeliveryofOutcomesHowwillyoudelivertheintendedoutcomes?I.egivea
presentationandwrittenreport,deliverandsetupaninstallation,emaildigital
files,etc.
CompensationHowmuchwillyoubepaidandunderwhattimeframeand
conditions?Aredepositsrequired?Whatarethetermsofacancellation
clause?
OwnershipofPropertyWhohasownershiprightstoworkcreatedoverthe
courseoftheproject?
ConfidentialityWhattermsofconfidentialityarebeingagreedto?Canyou
postdetailsaboutorexamplesofyourworktosocialmediaorinpromotional
materialsforpurposesofpromotingyourbusiness?
*Note:Signedagreementsarenotneedednorrecommendedattimeofproposalsubmission,as
adjustmentstoyourproposalmaybeneededtomeetFWTguidelines.
OPTIONAL
Financialstatementsforstartupventures:Ifapplicableandavailable
Anypromotionalmaterialsyoualreadyhaveproduced
Preliminaryreportsoradditionalinformationrelatedtoaboveproposedwork

AdditionalResources:
Youmaywanttolookatthefollowingwebsitesformoreinformationaboutstartingyourbusinessortosee
samplebusinessplansand/orfreelancecontracts.
SCORE.ORG|BPLANS.COM|CENTERFORBUSINESSPLANNING|U.S.SMALLBUSINESSPLANNING
ASSOCIATION|MYOWNBUSINESS