2020-21 Regional Business Plan Competition 

Judge Question Bank 

Note: Judges are welcome to ask questions providing they are reasonable based on Virtual Enterprise business 
practices. Questions should be simple and direct, confined to information contained in the team’s business plan 
and related topics. You are encouraged to ask follow-up questions related to the data, analyses, or other 
information contained in the presentation. 
 
ANCHOR QUESTION:​ Is your business designed specifically for the short-term to deal with 
pandemic-related issues, or is it positioned to be a successful going concern after the pandemic is 
over? 
 
Business Rationale 
● Round 2: What steps has your firm taken to determine customer satisfaction? 
● Round 2: Explain how you prototyped your business concept and describe how your 
product or service changed based on what you learned? 
● How did your firm use the design thinking process to understand customer problems and 
develop your business idea? 
● Is your business designed specifically for the short-term to deal with pandemic-related 
issues, or is it positioned to be successful after the pandemic is over? 
● Describe the research you conducted prior to opening for business to determine that 
customers would be interested in your product/service? 
● What surprises did you come across while researching customer problems? 
 
About the Business  
● Round 2: Various economic indicators have moved drastically over the past year. Can you 
give an example of one economic indicator that has undergone significant changes and 
explain what it means for your industry and your business? 
● Considering the current economic climate, could you identify three reasons why someone 
would invest in this business?  
● Which legal form of ownership did you choose for your firm and explain the rationale for 
your decision(s)? 
● What challenges have you had to overcome while operating this business in a remote or 
hybrid environment? 
● What positive changes, if any, have arisen from the pandemic? 
 
Human Resources  
● Round 2: What specific changes have been implemented in the employee manual as a 
result of the pandemic? 
● Round 2: What policies or processes has your firm implemented or started doing 
differently to address the pandemic? 
● How has the pandemic affected your employees ability to work as a team? 
● How would you handle an employee that behaved in an unethical manner with a 
customer? 
● How have the restrictions caused by the pandemic affected your ability to hire and place 
employees within the company? 
● What steps have you taken to ensure that all employees follow safety and health 
regulations? 
 
Marketing  
● Round 2: How do you promote your business differently to different target markets? Give 
examples. 
● What is the most important reason that your firm has a competitive advantage over other 
firms in your industry? 
● What are the 2 biggest risks facing your firm and explain how have you mitigated the 
potential negative consequences of these risks? 
● How has the pandemic impacted the way you promote your business? 
● How has the pandemic affected the way you make sales?  
 
Finance  
● Round 2: Is your business in a financial position to weather potential financial losses from 
this pandemic, and if so, explain how? 
● How has the pandemic impacted your financial projections for the fiscal year? Give an 
example. 
● What criteria would be important to you when deciding whether to make an investment in 
a VE firm? 
● What was the most difficult financial statement to produce and why?  
● Do your financial projections reflect a possible upturn in the economy in 2021?