End of Summer Business Plan Competition Thoughts

Summer is coming to a close and those of you going to business school this fall or back to college are likely to have a chance to participate in a competitions this coming fall. Many start in late fall or winter so check your school’s calendar to events.

Some to dos to get you ready —

  • Why? — Figure out why you want to participate in the competition — for fun, experience writing a business plan and presenting, making contacts in the venture community, or to launch a business. There are many reasons to enter a competition, but be clear on why you are doing it because it will affect how well you do and how you interact other participants in the competition.
  • Start thinking of an idea — Perhaps you already have something in mind? Maybe you don’t. Keep your eyes open. Check out the The Wall Street Journal, Springwise, Inc.com, and  your local papers for interesting market opportunities. That is always the first question. How big is this opportunity? Also, does the competition you are entering have different categories? How will this influence your idea?
  • Team? — Management matters big time for all ventures. More so for new ventures. Pick your talent wisely.
  • Faculty Advisors — some competitions require them and others don’t. Either way, having some help along the way is crucial to the success of any entrepreneurial endeavors.

Enjoy the end of the summer and let us know how your competition planning goes.

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