In it to win it

The Enterprise Challenge Business Plan Competition is heating up!  Registration deadline is this Friday, October 1st.  We have a variety of entries, without giving much away, we’ve got some niche food and accessory companies, service providers, renewable energy-related and more.  The best feedback I’ve received so far has been from one of the participants.  He noted that he’s in it to win the cash, but even if he doesn’t win, he still comes out ahead with a solid business plan and assistance that will help him be successful.

While many entrepreneurs have found success without preparing a business plan, for many others, the process of developing a business plan can  be invaluable.  It forces you to write down your goals, define markets and customers and really pencil out financials to realistically evaluate whether your venture will be profitable.

Still not sure how to start a business plan or if the contest is for you?  Check out the SCORE Working Lunch class this Wednesday on Business Plan Basics, visit the website, send me an email or give me a call for more information or to talk about the resources available to you.

Workshop Success!

MBA in a Day was a great success!  The event was held September 15th and kicked off the Enterprise Challenge, a multi-round three month business plan competition with CASH prizes of $17,500! We had over forty attendees – an excellent mix of entrepreneurs, new small business owners, students and people who were already in business but wanted to expand or grow their venture.  The half-day workshop featured presentations on financial management, marketing, business planning and legal issues and we were especially pleased to hear from Rebecca Lovell, Executive Director, Northwest Entrepreneur Network on the successes and pitfalls many entrepreneurs face.

We are now charging ahead with the Enterprise Challenge and would like to encourage entrepreneurs to sign up for the chance to win cash prizes and gain valuable business information along the way.

Some questions that have come up are:

• What if I’m not a manufacturer or ‘producing’ a product?  Will I stand a chance? The answer is YES!  Your business can be service-oriented, a retail-type or other.  One important thing is that it is innovative, has the potential to grow, (in turn creating jobs) and has a solid business plan for growth.
• Will the contest require a lot of time away from my ‘real’ job? Answer:  There are 1-3 days this fall that will require daytime activities, one of which is optional.  One of the events in the competition will be an ‘investment round trade show’, which is an event that you will practice your pitch to investors (judges).  The format may change depending on the number of participants.  The final presentation will be held during the day on December 9th.  Optional attendance is for a member of the top eight teams to attend Entrepreneur University November 12th in Seattle (we will be coordinating travel and paying the entry fee for one person).

Please contact me for more questions or information!