Enter the 10th Annual Business Plan Challenge
Posted on Wed, Feb. 13, 2008
When was the last time you saw a hard-bound business plan? Probably never. As any entrepreneur can tell you, business plans are designed to be temporary: obstacles arise, opportunities present themselves, goals change.
For last year's winners of The Miami Herald Business Plan Challenge, the past nine months have thrown all sorts of curve balls. Sure-fire investors have developed cold feet, careers have gotten in the way, and even positive news, although welcome, has caused delays.
"Reduce your plan to writing," author Napoleon Hill advised about wish-fulfillment. "The moment you complete this, you will have definitely given concrete form to the intangible desire."
Besides, it's the only way to win the 10th Annual Business Plan Challenge. If you live in South Florida and your fledgling business is less than one year old or exists only on paper, you can enter. Six judges … all pros in analyzing business plans … will select the three best business plans. Readers also will be able to vote at MiamiHerald.com/challenge for a "People's Pick" winner. (Details on online balloting will be coming in April).
Remember, keep your plans short, but make sure they're complete. Winners will be featured in Business Monday.
THE RULES ARE SIMPLE
Entry deadline: Your entry must be postmarked by Friday April 4 or e-mailed by midnight Saturday April 5.
Winners: Winners will be announced in the May 19 edition of Business Monday.
Prizes: Creators of the top three entries as well as the People's Pick winner will be the subjects of a Business Monday cover story. Winners will be invited to lunch in The Miami Herald's bayfront executive dining room to meet with business editors, reporters and judges.
Send in entries: Mail to: The Miami Herald Business Plan Challenge, Fifth Floor, The Miami Herald, 1 Herald Plaza, Miami, FL 33132. Or e-mail entries to: businesschallenge@MiamiHerald.com.
PREPARING THE ENTRIES
Keep it short: No more than two typewritten pages, 8.5-by-11 paper; type no smaller than 8 point, please.
South Florida focus: You must be a South Florida resident (Broward, Miami-Dade, Monroe and Palm Beach counties). The Internet is great, but we won't consider entries from Finland, Philly or Tampa, for that matter.
No plans from established businesses: All entries must be for proposed businesses or businesses still in the start-up phase (less than one year since opening).
No existing franchises: We don't allow business plans for existing franchise operations … even if they're new to the market. If you've come up with a franchise idea all by yourself, fine; but if you're implementing someone else's franchise plan, it's not eligible for consideration.
Use everyday language: Avoid technical or industry jargon.
Get personal: Tell us a little about yourself and the rest of your management or proposed management team. What experience do you bring to the table?
Give specifics: Explain why the world really needs your product or service and what sets it apart from the competition. Make sure you clearly define what your product or service is. If you have a prototype of your product, make that clear, too. It's OK if your idea exists only on paper.
When preparing your plan, include these details:
How much money will you need to get going?
What are your potential sources of funding? (Hint: This is important. In previous years, some great ideas didn't make it to the winners' circle because entrants hadn't thought through how they would finance their businesses.) We suggest projecting your revenue and expenses for three years.
When will the product or service be ready for market?
How will you market it?
Follow the rules: In previous years, we disqualified entries because they sent us 10 pounds of paperwork, rather than a two-page plan. Think of your plan as an executive summary. Include highlights only. You may include one additional page of supporting material … a product picture, spreadsheet or marketing materials.
Make copies: We cannot return entries. Include a phone number and address so we can contact you.
Be prepared to do a brief video presentation if you are one of our six finalists. It will be posted on MiamiHerald.com and readers will be able to vote for their favorite pitch.
Join the discussion
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