Utilizing Local Resources Can Activate Your Business Idea

At some point, everyone comes up with a really great business idea. The trick that separates the dreamers from the entrepreneurs is knowing where to start. Luckily, Utah has some unexpected options to flush out a cool idea.

If you're still in school, enter a business plan competition. Winners receive cash, connections and the chance to turn an idea into the real deal. The winner of BYU's annual Business Plan Competition receives $50,000, with additional prizes for businesses in categories

like e-business and global business. The Utah Entrepreneur Challenge is open to any collegiate, university or graduate student at any institution in the state and also provides $50,000 in startup capital. Opportunity Quest focuses on innovation and is open to students in any discipline at the University of Utah. The process provides forums on business plan writing and opportunities to work with mentors in the local business community. Westminster launched its first business plan competition last year, which fed into the Utah Entrepreneurial Challenge; winners received $40,000.

Hatch an idea in an incubator. Much like a traditional sense of the word, incubators help young companies survive the early years, a company's most vulnerable period, according to the National Business Incubation Association. They are dedicated to early-stage companies and will provide the support., resources and services you won't find working by yourself in your basement- The Davis Business Alliance at the Davis Applied Technology College campus offers mentorship and coaching, not to mention a place to nail your shingle for startup companies through growth and development phases. Incubators can provide synergy among entrepreneurs, as several startups are often housed within close quarters and are looking for common ground. Companies can also learn from professionals how to build infrastructure, set up marketing programs and make important industry contacts. Other local incubators include the Miller Business Innovation Center, the Orem Technology Center at CEDO and the Southeastern Utah Business and Technical Assistance Center in Price.

Join and network. Utah has many strong networking groups that can help a business owner find vendors and clients. Almost every industry has a trade association, even if it's a local branch of a national organization. Locally, the Mountain West Capital Network supports entrepreneurs by supplying information about capital formation and distribution and providing educational and mentorship opportunities. The Utah Valley Entrepreneurial Forum brings together local entrepreneurs to share the trials and success of working for yourself. Online networking is becoming more popular (and cost effective) than ever through mediums like Facebook and LinkedIn.

Get a mentor. Every entrepreneur needs a little guidance. The Service Corp of Retired Executives (SCORE) Utah chapter provides free counseling and advice to entrepreneurs. Comprised of former executives with the know-how from the trenches, SCORE counselors donate time and expertise to help small business owners-and it's all free. The Small Business Development Centers can also provide further mentorship connections.

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As you prepare to take the plunge, some local entrepreneurs already in the swim pass on some valuable advice:

1. Stick with an idea you know something about. A little bit of know-how and a few industry connections can go a long way in getting a venture off the ground.

2. Create a solid business plan. Federal administrations, educational institutions and even some banks and credit unions have resources for starting on solid footing.

3. Start your business while you still have a job. While doing two jobs may be strenuous for a while, holding onto a steady income can keep a new venture in business during those early months.

4. Remain flexible. You never know when a business will require a different direction than what you originally planned.

5. Be prepared to work hard. While there are often untold rewards from owning a small business, hard work is usually the only way to see them blossom.