Find, Enter and Win Business Plan Competitions

Most competitions are organized annually, especially the university based events.

Typically, you/your team register to participate and follow the contest timeline for submitting preliminary materials such as an executive summary.

Depending on the contest, you may have to submit a full business plan at a later date and if your plan makes it to the finals, you and your team will have to appear in person to do a presentation or "pitch" in front of the judges and investors in some cases.

Some competitions sponsored by businesses require only a detailed essay and/or video entry. Read and follow the entry requirements to the letter.

Explain Why YOU
People invest in people, not ideas. So give the judges/audience a sense of why you're the right person. illustrate your commitment, knowledge, and expertise. How many years have you been doing this? How has your life experience prepared you for this endeavor? Show the judges that you are real, genuine, and passion-driven.

Don't Over-Describe the Problem
Most of us are aware of the overwhelming and intractable problems out there. Unless you've got a really unique take or identify a completely overlooked problem, don't devote more than one slide (90 seconds) on this topic. The more targeted you can be here the better - e.g. "poverty" versus "18-25 year olds in urban communities with untapped talent and potential who seek job opportunities."

Present a Focused Solution
This is what everybody's waiting for. A simple yet elegant idea for a better mousetrap. The more tangible and clear your product or service can be the better. Most important - Why are you distinctively positioned to deliver this solution? Think really hard here --the "competitive advantage" question is one that I see teams fail to really address again and again. Don't let a naive answer undermine your perception of credibility.

Read the rest of these tips HERE