Your information source for finding startup capital from microlenders, business plan competitions, loans, business grants and free money for women entrepreneurs
“Entrepreneurs take advantage of what many people don’t even have the vision to realize or the dedication to pursue. From education, to the arts, to the business world, entrepreneurs have greatly impacted the world in a variety of ways throughout history.
Many have built empires from scratch. Others have risked much in pursuit of a dream. All have managed to dramatically change both their own lives – and ours. Whatever it is, it’s made you realize just how possible the impossible may actually be. All you need is the right mind-set and what I feel is the secret to success: timing.”
Business plan competitions have been around for several years, primarily offered by business schools initially, they are becoming increasingly mainstream- being offered by some states, wineries, economic development programs and even Avon. If you are in the early stages of planning or are a young start up, do not turn up your nose at this excellent source of seed funds and advice. Most competitions are organized annually, particularly the university based events.
Typically, you or 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. Competitions sponsored by businesses on the other hand, sometimes require only an essay or video entry describing your business idea.
At the university level, business plan competitions are staged for undergraduate or graduate students, depending on the university, and grad students may not necessarily have to be pursuing an MBA for some competitions. For other competitions, all members of a competing team do not have to be students of the university, if at least one on the team is a student or former student in some cases, the team can compete.
As a small business owner, questions about what you do are inevitable. Are you prepared to give a long enough answer that makes sense, one just short enough that the perspective customer’s eyes won’t glaze over with boredom?
Here are the questions most likely going through his or her mind;
What problem can this business solve for me?
What benefits will I get if I buy this product or service?
Why should I choose this company over the others?
How much does it cost?
Answer these questions concisely and you are well on your way to making a positive impression.
See Coach Martini’s additional tips for pulling your introductory speech (often referred to as your elevator speech) together in her article Does Your Elevator Speech Pass the Testand check out the following books. All are highly recommended for developing a great elevator speech.
I will post reviews of a couple of them on the blog in the new year. If you have read any of these books, and would like to submit a review, please let me know.
The clock has started. I’ve just met you and within those first several seconds have formed an opinion of your success, your income, your education, etc.
Studies show that the average American has a nine second attention span (about the same as a goldfish) and, in reality, doesn’t care what you do or who you are. It’s not that we’re horrible people, we just don’t have the time. We’re too busy thinking about everything we need to do: our jobs, the bills piling up on the kitchen table, our parents’ health, what’s for dinner, who’s picking the children up after school, the holidays are coming, etc. But since we’re polite, we ask and we try to listen.
Your mission, should you decide to accept it, it to get our attention so that we are focused on you and your business. You have between 20 and 30 seconds max. Can you do it? Please tell me more! »
December 25, 2007
Posted in Food for Thought, Entrepreneurship 
11 Comments »
At the university level, business plan competitions are staged for undergraduate or graduate students, depending on the university, and grad students may not necessarily have to be pursuing an MBA for some competitions. For other competitions, all members of a competing team do not have to be students of the university, if at least one on the team is a student or former student in some cases, the team can compete. 
