Submitted by Fred Ariola from miami

Q: As one of the 12 finalists, you will notify us if we are one of the final 6 - to make our video presentation? When do you expect to make the decision as the videos are to be posted on May 4th.

Answered 04/27/09 09:31:40 by Nancy Dahlberg

A: Congratulations on being one of the finalists. Yes, We will publish the semifinal six next Monday but I'll be notifying them early this week.

Submitted by John Serrano from Pembroke Pines

Q: How many entries did you receive?

Answered 04/07/09 20:04:36 by Nancy Dahlberg

A: I am still doing the final count, but roughly twice the number of last year -- or about 150. We received about 40 student entries. The participation was fantastic -- a nice reflection on South Florida's entrepreneurial spirit. The judges will have a tough decision to make.

Submitted by Maria Garcia from Coral Gables

Q: When will I find out if I am a finalist?

Answered 04/07/09 19:58:11 by Nancy Dahlberg

A: The top 12 finalists will be announced in Business Monday April 27. On May 4, the top six finalists will be announced and their videos posted on MiamiHerald.com/challenge. Readers will have one week to vote on their favorite. On May 18, the three top winners, the people's pick winner and the student winner will be announced and featured in a cover story. Good luck to you!

Submitted by Mike from cutler bay

Q: hello nancy, i started my idea & incorporated in oct. 07. i will closing this company and opening a new corp under a different name. same concept but different names. Can I still qualify for this contest?

Answered 04/01/09 10:53:03 by Nancy Dahlberg

A: As long as it is a different company and name, it's eligible.

Submitted by Emailed question from South Florida

Q: "If you send more than a three-page plan with one supplemental page, your plan will be disqualified no matter how wonderful it is. Questions? E-mail ndahlberg@MiamiHerald.com." Hi - the above snippet is from the website rules and my partner and I are disagreeing on something - is it 3 pages PLUS an additional page of supplemental material = 4 pages total or 3 pages INCLUDING the supplemental page = 3 pages total It would be great if you can clear that up for us. Thanks so much!!!

Answered 03/31/09 14:40:09 by Nancy Dahlberg

A: Be happy to clarify. I'm also happy that you are entering. The plan itself can be no more than three typed pages. You can submit one additional page of supporting documentation if you would like. So yes, four pages total. Nancy Dahlberg Business Plan Challenge Coordinator

Submitted by an emailer from Miami

Q: In Sunday's Money section, the contest rules stated the business plan must be no more than two pages. I thought the limit was three pages and have read that consistently in your other published rules. Was this an error or have the rules changed?

Answered 03/23/09 12:01:29 by Nancy Dahlberg

A: Yes, this was an unfortunate production error. Somehow last year's rules got published again instead of the current year's rules. This is what is correct: Business plan entries can be up to three pages, plus one additional page of supporting documents if desired. The deadline is April 4 for postmarked entries and midnight April 5 for e-mailed entries. Entries should be e-mailed to businesschallenge@MiamiHerald.com For the correct rules, see any Business Monday or MiamiHerald.com/challenge (top left corner). Thanks for calling attention to the error. Nancy

Submitted by AL FEUER from MIAMI, FLORIDA

Q: IF I SUBMIT A PLAN TO THE BUSINESS PLAN CHALLENGE, HOW WILL I BE PROTECTED FROM SOMEBODY STEALING MY IDEA AND USING IT BEFORE I CAN START MY BUSINESS? ALF

Answered 03/23/09 11:52:36 by Nancy Dahlberg

A: The plans are only seen by the business editors and the judges, which are hand selected by us. We won't publish or post the plan without your permission, and we will only write about you and your business if you are a finalist or winner. But this is something you will have to weigh for yourself. Perhaps your plan doesn't have to be as detailed as your real business plan is, just give us an idea of how your product or service will work without all the technical details. In past years, winners have told us that the exposure they get from the contest has been very beneficial.

Submitted by E-mailer from South Florida

Q: What's new this year in the Business Plan Challenge?

Answered 03/19/09 15:35:00 by Nancy Dahlberg

A: Two things. We are reintroducing a student contest this year for grades 9-12. The rules are the same as the regular contest, but you need to mark your entry "Student Entry." There will be separate judges for the contest, but all are experts in looking at busines plans and have worked with the National Foundation for Teaching Entrepreneurship, which is helping us with the student contest. We are also allowing contestants to enter a three-page plan instead of the two-page plan of previous years. Hint to contestants: Use some of that windfall space to tell us more about your financials. You can still enter a one- or two-page plan if you prefer. As we did last year, we are allowing you to submit one supplemental page of supporting information if you wish -- a product photo or diagram, a spreadsheet, marketing materials, etc. This is in addition to the three-page plan.

Submitted by an emailer from Pembroke Pines

Q: Why can't I send in my full business plan?

Answered 03/19/09 15:32:53 by Nancy Dahlberg

A: We know business plans are generally more than three pages, often many more, but because of the number of entries we receive and the short turn-around time, we can't possibly read plans that run dozens of pages. But think of it this way. In all business plans, the executive summary portion is generally just a page or two. Experts say the executive summary is crucial because if you don't hook bankers or investors in the executive summary, you may have lost them forever. Think of your entry as a very detail-rich executive summary.

Submitted by Sam Davis from Miramar

Q: What have judges found lacking in past years?

Answered 03/19/09 15:31:52 by Nancy Dahlberg

A: Good question.Entries often lack a solid, well-thought-out discussion of financials -- what start-up costs will be and where the funds are coming from, for instance. (Don't just put down "bank loan" unless you've already secured one. We all know how hard loans are to get in this environment, and banks don't generally fund most start-ups anyhow.) Be sure to include your estimated operating expenses and projected revenues. Also, contestants sometimes can be, well, a bit optimistic. A common flaw is overestimating revenues and underestimating start-up and operating expenses. Keep it real. And more broadly, clarity is key. We shouldn't read your plan and then be asking, "Now what kind of company is this?" Show your plan to others and make sure they can understand what you are proposing.