Can Your "Young Entrepreneur" Win a Business Plan Competition?

Many new entrepreneurs start their journey late in life. But young entrepreneurs now have an opportunity to win scholarships or seed money as part of a business plan competition called "Plan for the Future" sponsored by BizFilings and the National Federation of Independent Business Young Entrepreneur Foundation.

The second annual Plan For The Future(SM) Competition is a youth business planning competition designed to enhance the entrepreneurial capability and strategic planning expertise in the next generation of entrepreneurs. The competition sponsors are accepting entries from college and high school students from March 15 through May 1, 2007. This year prizes awarded will total $15,000. The first place winner will receive $7,500, second place wins $5,000, and the 3rd place winner will receive $2,500.  There will also be up to 10 $1,000 scholarship prizes awarded.

Troy Janisch, marketing director of BizFilings, said the competition provides a valuable opportunity and incentive for participants.

"The ‘Plan for the Future’ competition provides promising entrepreneurs with real-life experience and encouragement for their ideas," said Janisch. "No matter what the outcome, students will gain valuable insights from simply participating in the competition. Drafting a business plan is the first, and possibly the most important, step toward starting a successful business. And we're excited about partnering with the NFIB Young Entrepreneur Foundation to give these students a chance to fulfill their dreams."

That sure rings true. Sadly, most of today's entrepreneurs spend more time planning thier vacation than their business. It's encouraging to see large sponsors promoting business planning as a key to success.

About The Contest
Students must submit a detailed plan, of no more than 20 pages, for an existing business. Elements of the plan must include: overview/profile of the business; SWOT analysis; market analysis; sales and marketing strategies and financial analysis. Participants must be high school or full-time college students.

Plan for the Future(SM) entries will be judged by an independent panel based on the quality, creativity and viability of the business plan. Entries will be accepted from March 15 to May 1, 2007. Winners will be notified in mid June.

Additional contest guidelines and details are available at the contest website.