5 Tips to Win Business Plan Competitions

Do you want to increase your chances of winning business plan competitions? Watch and read as we bring you 5 tips to help you win the competition.
 

What are some of the things that participants overlook or miss out when taking part in a business plan competition? Watch as Student Competitions' co-founder Mr Gustav Borgefalk gives you insights into 5 tips to increase your chances of winning:
Want to know more? Read on!

TIP #1: READ THE INSTRUCTIONS

Read the instructions very carefully. All business plan competitions are different: they have different purposes, seeking different types of ideas. Make sure your idea is in line with the ideas they are looking for. Be specific about the details, look out for submission guidelines and adhere to them strictly. Be clear about winning and judging criteria, eligibility requirements, as well as submission deadlines.

These details may seem minor, but overlooking them may deny you entry into the competition. Do not let these details be the reasons for being unable to compete.

TIP #2:  LOOK FOR GOOD BUSINESS PLAN REFERENCES

Look at really good examples. There are many good examples that you can download from the internet, or in the libraries. You can cherry pick the parts that you should include, and which you should exclude. It is good to look at the differing types of presentation and infographics that they include.

Most importantly, look for winning entries of past business plan competitions, understand what works and what does not, identify what makes them stand out and incorporate these learnings into your business plan.

TIP #3: STUDY THE JURY

Judges are the only people deciding who the ultimate winner will be. Look closely at their profiles: are they entrepreneurs, VCs, or professors? They are your audience that you want to impress, so take the time to find out what interests them and what works.

Remember to write your business plan for that audience: take note of the technical jargon the jury is familiar with, and be sure to take note and include important terms in your business plan.

TIP #4: GET FEEDBACK BEFORE SUBMISSION

Once you are done writing your business plan and you feel contented with it, make sure that you run it through other people. Ask mentors, professors, anyone that can read through your plan and give you feedback.

It is always better to receive feedback before submission than getting it from the final jury: eliminate mistakes that you could have corrected before intense scrutiny by the judges!

TIP #5: THE MONEY IS IN THE DETAILS

Check all the details of your business plan, review what they are looking for, review the application details and eligibility criteria once more. Make sure that you answer all the questions and are aware of what they are asking for. Having an answer written down does not make it sufficient: be sure that your business plan addresses the root problem. Check that your business model is viable and workable.

Make sure that you have all the right statistics and numbers down, as well as the sources from which you have obtained them.

First impression counts; do not clutter your presentation with long descriptions that are repetitive. Make your point and move on to the next. Design your presentation to make it look professional and easy to read.

Make your submission stand out from the crowd.

Good luck!