WSJ Looks at BPLAN Contests

The WSJ  covers business plan contests — though their writer, Kelly Spors, didn’t call me. They highlight the growth of plan competitions outside of the university environment.

“Many of the newest contests aren’t hosted by colleges, but rather by product makers and Web sites courting small-business owners and by investment firms or nonprofits trying to spur economic activity in a particular region or industry. Even the college contests, where student teams at various schools compete against each other, have become something of a sport.”

Independent street blogger,  Wendy Bounds, asks if business plans are worth the effort.

One thought on “WSJ Looks at BPLAN Contests

  1. In USC’s entrepreneurship department, there are mixed opinions about the value of business plans. Although they teach a course in drafting business plans, I have heard from at least one professor that business plans are a waste of time. First, they are too static. Entrepreneurs are constantly adjusting the product to find the right mix, and so the business plan becomes obsolete even during its drafting. Second, the time necessary to build a robust business plan should instead be invested in perfecting the product and talking with potential customers.

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