Draft the parameters of the scholarship. Create eligibility requires that are tailored to the group of students you want to motivate. For example, if your ideal pool of students are Finance Management majors, state this clearly in a section called "Eligibility Requirements."
Assign a scholarship award that is enticing to your target group. Survey target candidates to ascertain what makes sense. For example, examine the out-of-pocket expenses students pay for education. Another alternative is to have a test group of students complete surveys or attend focus groups.
Require students to submit a statement of motivation along with their applications. This provides an additional criteria to determine the level of a student's motivation.
Share the scholarship opportunity with students, including the award amounts, important dates and deadlines and methods of submission.
Provide students adequate support during the application process and after applicants are awarded. Assign a faculty member to mentor and encourage those awarded with scholarships through the term of the funds.