The idea of writing a strong business plan can be daunting for new entrepreneurs–something akin to a root canal. But thanks to a new trend, entrepreneurs can now enter business plan contests that guarantee every entrant is a winner.
A business plan competition is designed to help entrepreneurs develop and refine a business idea. A contest can prod an entrepreneur to move forward, with the enticement of prizes in the form of cash, products or services.
The beauty of a business plan contest, (a competition usually sponsored by business development centers, colleges, universities, for-profit and non-profit groups) is that even if an entrant doesn’t receive first, second, third prize, they still leave the competition having won something critically important: clear, detailed, objective written advice and feedback from small business experts.
So if you find yourself dragging your feet at the prospect of writing a good business plan, consider entering a business plan competition. It’s no contest.