What You Need To Know About All The
Benefits Of A
Business Plan Competition
By
Professor Theodore Henderson
“If you don’t know where you are going, you’ll end up someplace else.”
– Yogi Berra
Before continuing, let us have clarity about a business plan competition. A business plan competition pits startup, early-stage, or expanding companies against one another. The objective of the business plan competition is for competitors to create and submit an original concept or finish their current business plan in accordance with detailed instructions supplied by the company hosting the competition.
Suppose you think you have an excellent entrepreneurial idea. You probably already know that you must create a business plan before making your vision a reality. A business plan will help give you a path to success in addition to assisting you in describing or pitching your strategy to investors. Once you’ve completed creating it, think about entering your draft in a business plan contest. Does it sound like an unnecessary step? The following are some potential advantages of doing this:
Business Plan Competition Benefits
Get Funding and Raise Capital
The requirements for business plan competitions vary greatly. For instance, some call for submitting an existing idea directly. In contrast, others let groups of entrepreneurs come up with original ideas based on suggestions. In addition, a lot of business plan competitions offer prizes to the winners in the form of seed money or mentoring from seasoned businesspeople.
Mentorship Matters
A mentor might be a crucial part of your success in the future. This is especially true if you’re a brand-new business owner. You’re less likely to commit frequent mistakes and more likely to choose wisely while starting your business if you have an experienced mentor at your side. You could expand your professional network with the aid of a mentor.
This is an additional justification for taking part in business plan competitions. They frequently pair mentors with participating entrepreneurs. If your mentor is pleased with you, even if you don’t win the competition, they might agree to continue mentoring you after the tournament.
Some universities offer mentorship for aspiring entrepreneurs. An excellent example is the Brooklyn College Innovation and Entrepreneurship Lab, which provides a unique program to help you through business planning. It is a perfect way to prep for a business plan competition and launch your business.
Networking
You can meet a variety of valuable people through a business plan competition, not just a mentor. Investors frequently take part in these competitions as well. Naturally, networking with them would be beneficial. The competition may also introduce you to other business owners you want to team up with.
Making Yourself More Confident
If you secretly or not so quietly question your abilities as an entrepreneur, don’t worry. This is a typical occurrence. Before investing time and money into expanding a business with limited potential, it is crucial to be honest with yourself about your talents and ideas. However, even if you lack confidence, you should still keep going.
Many prosperous businesspeople have been in your position in the past. Fortunately, participants in business plan competitions frequently discover that the experience gives them some sense of recognition. This encourages people to commit to their objectives totally.
Developing Crucial Skills
Judges won’t usually only look at your business plan’s written draft in a business plan competition. You frequently also have to create and deliver pitches for your business idea.
Learning Resources
This provides you with the chance to learn a crucial skill. You’ll have to present your ideas to investors in the future. You may learn what has to be changed to make your pitch stronger by practicing performing it in a low-pressure setting.
Obtaining Fresh Views
Come open-minded and assume that your business strategy could be better. Regardless of whether your idea’s solid, there is always an opportunity for development.
Many business owners need help to pinpoint critical flaws in their concepts that need to be fixed. Fortunately, several judges will probably judge your proposal during a business plan competition. Getting input from many sources enables you to extend your perspective and improve your plan as you advance.
Winning Over Prospective Investors
Reputable business plan competitions only accept entries from some of the most qualified interested parties based on the quality of their plan. Judges need more time to examine numerous plans.
They carefully consider applications before choosing participants as a result. So, if your company proposal was accepted into a competition, you might subsequently use that information by telling investors. They might be impressed that you entered in the first place, even if you don’t win. At the very least, this will enable you to enter the room.
Getting Media Attention
Your idea might be covered by business media channels, depending on the contest you enter. Of course, this gives you free publicity. A suitable person might approach you with an offer to invest in your concept if they learn about it.
These are just a few reasons aspiring business owners should consider competing in business plan competitions. Just be careful to only apply to some competitions with the assumption that you will be accepted to participate in only a few. Before you are chosen to compete, you might need to attempt multiple times. But if you do, there may be significant advantages, such as winning your startup funding! So now take action and apply to some competitions!
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About The Author
Professor Theodore Henderson works with business owners, entrepreneurs, and corporate professionals on their business skills, marketing, and leadership strategies. He is an Amazon best-selling author, a Certified Career Coach, a Business Skills & Leadership Coach, and a Certified Social Media Security Professional Powered by CompTIA.
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