Business Plan Competitions: Tips to put your business plan at the top
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Business Plan Competitions are great ways for students and young entrepreneurs to find funding for their business ideas. Funding isn’t the only benefit of entering the competitions though – you’ll also be given the opportunity to network with some of the area’s top entrepreneurs and get personal business advice that you might not be able to get elsewhere. Once you get the confidence you need to actually enter your plan into the competition, follow this advice to make sure that you’re competitive.
The first tip is probably obvious, but it is important that you present a well-written business plan to the business plan contest judges. Sloppy business plans won’t come out on top. Make sure that you include all the sections normally contained in a business plan and address any concerns that might come up.
Second, make sure that you carefully follow the guidelines set forth for the competition. Some competitions have rules about sponsorship, team size, resubmitting business plans, etc. so make sure that you read and re-read all the business plan competition rules.
Be ambitious, but don’t be ridiculous. Does your business really need $2 million to get going or could a more conservative number work just as well. If you want your business plan to be taken seriously, make sure that you make the case for whatever funding you need.
Write your business plan using a template and pay close attention to the questions that are asked in the template. These are the same questions that the judges will ask you about your ideas.
Make yourself shine in your business plan! This isn’t a time to be modest. You need to show investors that their money is in good hands if they invest in your company. Include your background, accomplishments, history, and experience in your business plan.
Finally, be confident. Confidence with your business plan proposal comes from being prepared and well-informed. Show the judges that you’ve got what it takes to be successful in the future.
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