How to Start a Meaningful Business Plan Competition

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19 pointsaberman3 comments

A more interesting (and perhaps more relevant) competition would be a customer acquisition competition.

You may be jesting, but I actually think you have a pretty good point.

People think that starting a business looks like this: 1. Come up with an idea 2. Build a product or service 3. Sell the product or service

When, in reality, it often looks like this: 1. See what you can sell (and sell it if you can) 2. Build it

Actually, I was serious. Sales are what count, not plans. Business plans turn into academic exercises. Some of the findings can be valuable, but at what cost? Do you invest months preparing a thorough industry and competitive analysis, or spend that time talking to potential customers to identify and prove a pain-point in the market?

There is certainly a case to be made for business plans in specific instances, such as businesses that require substantial capital, but in most cases, formal business plans are not the best way to invest precious time, and the competitions are poor predictors of future business success.

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