CARTOONS BY CHRIS BRITT
StartUp_Wisdom_online2
StartUp_Wisdom_online2
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– BUSINESS PLAN COMPETITIONS –<br />
If you’re an entrepreneur, a business plan<br />
competition may just be the ticket to<br />
get you much needed funding. Prizes<br />
can run the gamut from small<br />
awards in the $5,000<br />
range to ones that dole<br />
out six-figure prizes<br />
every year. Others offer<br />
additional perks, such<br />
as free office space or<br />
mentoring.<br />
Business plan<br />
competitions are a<br />
lot like an interview<br />
combined with your elevator<br />
pitch. You have a set time in<br />
The poorest of all men is not the man without a cent<br />
but the man without a dream.<br />
front of the judges to explain your plan. You are then judged on its merits against other<br />
competing firms. Competitions all over the country are sponsored by colleges, investors<br />
and economic organizations. The website www.bizplancompetitions.com lists more than<br />
400 competitions nationwide.<br />
HOW DOES IT WORK?<br />
The format of a business competition can vary as do the prizes, so shop around before<br />
you enter a competition. Preparing for a competition can be very time consuming, which<br />
is another reason to be selective. Once you are before the judges, you will be asked to<br />
make your pitch, so stay focused, specific and compelling. After your pitch, you will be<br />
asked questions. Use the opportunity to gain valuable feedback from the judges. It is as<br />
much about learning as it is winning, and even if you don’t win a cash prize, you can<br />
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