The Love’s Cup business plan competition offers a real world experience for aspiring entrepreneurs

By Scott Meacham

Spring is the high season for the Love’s Entrepreneur’s Cup. January was kick-off time for this 18h season of Oklahoma’s statewide collegiate business plan competition. Student teams in both high growth and small business divisions spent the winter in the real world process of market research and validation, writing a business plan, and honing presentations for potential investors.

Of the many aspects of the competition that students like, we hear repeatedly that because Love’s Cup is so real world, students learn the nitty-gritty of entrepreneurship in ways they couldn’t otherwise.

This experience is possible thanks to the signature sponsorship of Love’s Travel Stops , a commitment to Oklahoma and to dreams that is ingrained in the culture and history of Love’s.

Oklahoma Pride

“My family and I take so much pride in being Oklahomans,” said Jenny Love Meyer, executive vice president and chief culture officer of Love’s. “When my parents started the company in 1964, they dreamed it would be as big as it is now. As that dream became a reality over the years, it remained important for us to continue to give back to the communities and towns that we call home — here in Oklahoma and in the 40 other states where we’re located.”

For Love’s, giving back starts from the first day that a new store opens. Store teams select a local non-profit to contribute to, and each year Love’s has an annual donation budget for the town. Community giving ramps up each year with Love’s Children’s Miracle Network (CMN) campaign. Love’s is on track to achieve a big milestone this year with that campaign, achieving $40 million raised over the company’s 20-year partnership with CMN Hospitals.

There are many lessons that aspiring entrepreneurs can learn from those who, like Tom and Judy Love, come before. In this time as companies large and small are facing such challenges attracting and retaining talent, lessons from Love’s are spot on.

“Our employees are our number one asset. We know that if we aren’t taking care of them, we won’t succeed as a company,” Meyer said. “Love’s is a great place to build a career. We pride ourselves on promoting from within, ample training and develop opportunities, and a robust benefits package.”

Growth Opportunity

Love’s annual National Hiring Event took place recently.

“That’s a fantastic chance for people to experience, first-hand, the many opportunities available at Love’s,” she said. “Our store and truck team members get to meet with potential recruits directly and even offer jobs on-the-spot in some situations. We have several team members who started out part-time at a store and quickly made their way to management positions. It’s also a common experience for someone to start out at the store level and make their way to Love’s corporate office in Oklahoma City. At Love’s we like to say one of the best opportunities here is the opportunity to grow.”

That phrase, opportunity to grow, is what the Love’s Entrepreneur’s Cup is all about. Growth demands innovation. Love’s is all about that, too. Tom Love had a “just-in-time” vision for gasoline inventory years before the business concept of “just-in-time” inventory was all the rage. The company’s vision and culture continues to be a pipeline for innovation–from products professional truck drivers need to fuel their trucks to touchless pay options and mobile deals from the Love’s Connect app.

There is simply no better corporate example than Love’s to college students who aspire to be entrepreneurs. And there is simply no better way to encourage those students than the Love’s Entrepreneur’s Cup. We are lucky that both are in Oklahoma.

Scott Meacham CEO of i2E Inc., a nonprofit corporation that mentors many of the state’s technology-based startup companies. i2E receives state support from the Oklahoma Center for the Advancement of Science and Technology and is an integral part of Oklahoma’s Innovation Model. Contact Meacham at i2E_Comments@i2E.org.

The Love’s Cup business plan competition offers a real world experience for aspiring entrepreneurs