Create a model to keep track of every input and output point, advises Hunter Swisher, a co-founder of Phospholutions, which made its first sale in October 2016.

How will your business make money? Be sure to explain how you'll keep money flowing into the business and manage costs, leading to profits, explains Dr. Mark Gagnon.

Developing and explaining your business model is a key component of a successful pitch -- the fourth of five key steps.

The Ag Springboard student business pitch contest teaches Penn State students how to pitch ideas -- a useful skill for any future. The best pitch for a new business or non-profit in the agricultural sciences wins $7,500. The next-best wins $2,500.