SCORE Small Business Blog

Biz Planning: To Enter or Not to Enter?

Focus Your Plan By Entering Business Competitions

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.

Heather Taylor, Guest Blogger
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Discussion (2) Comment

  1. micheleVisitor

    I was reading about the, information of entering a contest for a business plan, but i am having a task of making just making a business logo portfolio for myself as well as the many other task i have to do as a photographic artist.

  2. John KrechVisitor

    I agree – the contests are a great opportunity to refine your plan. Many of them provide great resources and feedback. We have entered the Minnesota Cup three times because we come out better simply by the process/effort required to enter. The Minnesota Cup in particular provides resources from the James J Hill Library and mentoring opportunities from prominant U of M Alumni from the Holmes Center for Entrepreneurship. Many contests have similar opportunities.


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