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Competition in a Business Plan

… there is competition in the target market …

Who is the Competition?

By carrying out a competitor analysis a business will be able to identify its own strengths and weaknesses, and produce its own strategy. For example a review of competitor products and prices will enable a business to set a realistic market price for its own products. The competition section of the business plan aims to show who you are competing with, and why the benefits your product provides to customers are better then those of the competition; why customers will choose your product over your competitors.

Who are our competitors?
What are the competitors main products and services?
What threats does the competitor pose to our business?
What are the strengths and weaknesses of our competitors?
What are the objectives in the market place of the competitors?
What strategies are the competitors using?
What is the competitors market share?
What market segments do the competitors operate in?
What do customers think of the competition?
What does the trade think of the competitor?
What makes their product good?
Why do customers buy their product?
What problems do customers have with the product?
What is the competitors financial strength?
What resources do the competition have available?

The focus is on how well the customer benefits and needs are satisfied compared to competitors, and not on how the features of the product compare. For example, key customer benefits might include affordability, can be purchased online, or ease of use, but not a technical feature list.

Competition Presentation in the Business Plan

The business plan competitor section can be presented in a number of formats including a competitor matrix, but an informative way of presenting is using Harvey balls . Harvey balls allow you to grade each customer benefit from zero to four, and to show a comparison of these benefits to your main competitor products. The competitors might be individual identified companies, or a generic competitor such as ‘fast food restaurants’.

In the example below, the key benefits of the product are compared against three main competitors. Each row represents a key benefit to the customer, the first column represents your business, and the remaining three columns each represent a chosen competitor.

The investor will want to understand that your product has the potential to take a major share of the chosen target market by being shown that it is sufficiently competitive for a number of key customer benefits.

This is part of the financial projections and Contents of a Business Plan Guide , a series of posts on what each section of a simple business plan should include. The next post in this series will deal with the competitive advantages the business has in the chosen target market.

About the Author

Chartered accountant Michael Brown is the founder and CEO of Plan Projections. He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a degree from Loughborough University.

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Business Planning

How To Win A Business Plan Contest

A well-developed business plan creates the foundation on which a successful startup will be able to establish itself, and is especially necessary when considering participation in a business plan contest or pitch event. When every factor is considered – market and industry, finance, marketing, operations, and etc. – success becomes a long-term plan as opposed to a hope for a stroke of startup luck. Along with a solid pitch and pitch deck, a business plan is a critical element in your journey to landing a successful seed funding round. Writing an investor-ready business plan can be difficult, but securing funding without a solid plan in place is pretty much impossible.

Once you finally get the perfect business plan written, what’s next? For those who are far enough along in their business, submitting the plan directly to investors might be a wise step. For those who aren’t quite ready to approach VCs yet, but could use a financial boost to get things going, participating in business plan contests can be a tremendous help. Not only do these competitions often provide significant rewards for the winners, but they also often draw the attention of angels, VCs, and even corporations looking to invest in or partner with the next billion-dollar startup.

Unfortunately, where there is honey there are bees – business plan contests often attract some of the brightest minds, and the higher the reward, the more competition you can expect. In this post, we’ll explore everything you need to know to find a great business plan contest, enter it with confidence, and win against other participating startups!

The Benefits of Winning A Business Plan Contest

Business plan competitions are beneficial platforms that allow entrepreneurs to showcase their idea, product, or startup to a group of judges. Often, these competitions involve pitching the idea or startup to judges over one or more rounds. Once each competing startup has presented, judges vote on which business (or businesses) will receive the offered reward.

While business plan competitions highly benefit winning startups, they offer immense benefits to investors who attend them also – access to early-stage businesses that they can invest in before others have the opportunity. Furthermore, these competitions work to even out the playing field for entrepreneurs who otherwise may not have access to investors – winning a business plan contest could be the difference between funding your business’ launch or failing before you even get the chance to begin.

The most obvious benefit of winning a business plan contest is winning the offered reward. The reward value of these contests can vary from small amounts to extremely large amounts. For example, the Panasci Business Plan Competition by Syracuse University offers around $35,000 in total rewards, while the Rice Business Plan Competition offers over $1.2 million in seed funding to its winners and runner-ups. Winning the right competition can impact your business greatly; providing you with the app funding required to progress your business from the app idea phase to launch and beyond. There is something that should be considered though – some business plan competitions may come with specific conditions that must be met to receive the funding; such as headquartering the business in a certain location, offering up an equity percentage, or being involved in a startup incubator for some length of time.

High-profile angels and VCs often attend larger business plan competitions, and even participants that don’t win the contest may attract the attention of an investor. In some cases, teams that don’t win may end up with larger investments than those that the judges selected for first place. Investors aren’t always looking for the same things in a startup; your idea might not be of much interest to the judges, but may be exactly what an attending investor was looking for! These investors aren’t only good for the funds they bring – some of them may provide a critical mentorship component to your startup; helping to advise your team for greater success down the line.

Lastly, one of the least recognized but most effective benefits of participating in a business plan competition is having your business plan and startup critically reviewed by experienced judges, entrepreneurs, and investors. Even if you don’t win, the insight provided by the panel of judges will offer different perspectives regarding your startup. Ultimately, by applying this insight, you can further position your startup for success when participating in future events.

Finding The Right Business Plan Contest

The unique beauty of business plan contests is that they are relatively ubiquitous – and today, more competitions are popping up than ever before. A variety of organizations, educational institutions, and even individuals organize business plan competitions to seek out investable and fundable business ideas. In general, most business plan contests can be grouped into two categories:

University Competitions: Many major universities organize some type of business plan contest through their business school. Eligibility may vary from contest to contest, but these contests are typically only available to those connected to the business program – students, alumni, and in some cases, even on-staff professionals. Due to these eligibility requirements, competition is generally limited – which means that participants have a much larger chance of winning when compared to contests with less regulation. Furthermore, universities know that any successful startups launched through these contests will give their business program a major boost in visibility and credibility. As a result, universities often go a step above to support winners of these programs – providing additional on-campus resources or even access to alumni professionals that can help them advance their businesses.
Sponsored Contests: Sponsored business plans are those that are planned and hosted by an organization, corporation, individual or other entity. Specifically, these organizers ‘sponsor’ the competition – organizing the event, involving investors and judges, and securing rewards to incentivize winners and participants. Sometimes, these competitions may be sponsored by companies within a specific sector such as biotech, healthcare, urban transit, architecture, and etc.; while other times they may be part of a larger startup incubator or accelerator program.

Business plan and pitch deck competitions take place several times each year in most major cities – and even in many less popular upcoming startup regions. If you are a student or alumni, check with your university to see if they have a business plan competition in place – if not, maybe you can help them organize one! For those who are not eligible to join a university-sponsored competition, a simple Google search will provide you with several options. Search for “industry name + business plan contest” or “city + business plan contest” to see what upcoming business plan contest events you may be eligible to participate in.

Winning Big At Your First Business Plan Contest

Participating in a business plan contest can be extremely valuable, but the real goal is to win – and to win big! The key to winning a business plan competition of any type is to know what the judges are looking for and to position your startup, business plan, and pitch to exceed their expectations.

Judging The Judges

In general, whether you win a business plan contest or not will hinge upon how your business idea is perceived by the panel of judges, and how they perceive you as an entrepreneur and presenter. It is worth noting that judges often come from various backgrounds with varied experiences; what may be a top consideration for one judge may make little difference to another. However, most judges compare businesses on at least the following three factors:

Originality: Successful business ideas need to be original in nature and able to improve upon an existing solution, solve a wide-scale problem, or effectively meet the current market demand. Businesses that simply spin-off from other successful ideas are not looked upon favorably by judges or investors – since they usually have little advantage to compete against already established players. To win a business plan contest, it is essential that your idea is fresh, scalable, sustainable and eventually, profitable.
Ability To Generate Profit: Even the most creative ideas need to be able to turn a profit at some point. Understandably, most investors aren’t interested in funding businesses that won’t provide them with a return in the long-run. In order to gain interest in your business during a contest, your business plan should show exactly how your business will provide a return for investors in the long-term. While some investors may be interested in other aspects of a business, such as their social consciousness or involvement, the majority of investors are looking for opportunities to grow their portfolio by investing in businesses that are capable of generating strong profits.
Effective Presentation : It’s not always the best idea that wins a business plan competition. A perfect business plan and an exciting idea means very little if an entrepreneur can not properly convey their message during their presentation. In most contests, participants are given a set time limit (such as 10 minutes) to present – and expressing all the necessary information within this time period can be rather difficult. Judges look for confident entrepreneurs who can articulate their business enough to convey the efficacy and scalability of their idea properly. The knowledge an entrepreneur needs to possess doesn’t end with just the text presented in their business plan or pitch deck . Most often, there is a Q&A portion during these events in which the entrepreneur will be required to answer specific questions by judges and investors. The inability to answer these questions properly and confidently can quickly dissuade an investor from investing, or can cause a judge to give a lower score than they would have otherwise.

Preparing For Business Plan Contest Success

Success at these events is often linked to how well an entrepreneur has prepared themselves beforehand. One thing is certain – your competitors will be prepared; and if you aren’t, it will be embarrassingly noticeable. Unfortunately, in a business plan contest, there is no way to mask unpreparedness, especially among an audience of experienced entrepreneurs and investors. To best prepare for an upcoming business plan competition, consider the following tips:

Sell A Strong Team: There is one thing that’s more important than having a great business plan – having a strong and experienced team that can actually execute it. Management teams are what bind all the elements of a business plan together; combining the skills necessary to put the plan into action successfully. It is vital that your team encompasses a broad range of skills and that each team member has a specific job that will lead to the startup’s success.
Present The Problem First : Startups that win (in contests and in general) are those that truly solve an existing problem – whether the problem is shared by a mass group of people, or by a niche audience. There’s a lot of “cool tech” out there, but even simple ideas can solve major problems. Taxis have existed for decades, but a simple idea like ride-sharing changed the way the world views personal transportation. Prepare a pitch that is challenge/solution heavy by focusing on what the problem is, why individuals experience the issue, why current solutions don’t solve the challenges effectively, and why your product/service is the right solution for the problem.
Know Your Funding Requirements : Investors don’t want their funds to just sit in an account; they want to know that there is a plan in place to use these funds and effectively scale a startup from its current position. Have a funding plan in place – know how much funding is required, what actions need to be completed to successfully progress the business, and how each dollar will be spent to meet your launch or growth objectives.
Be The Expert : If there is any gap in your business plan, it will be uncovered during the Q&A stage. Investors and judges are highly experienced in asking the right questions to get a full picture of your startup and to gauge whether you are well-informed about your business, market and the issue that you are attempting to solve. It’s not a good sign when an investor or judge knows more about your business than you do. Ensure that your business plan is all-encompassing with vital information, and that you can answer any necessary questions without needing to reference your business plan. During the Q&A session, you should be able to answer questions proficiently, confidently, and with enough expertise to prove that you know exactly what you are talking about.
Listen, Learn and Apply : You can’t win every business plan or pitch contest, but you can definitely take the insights given during one competition and use it to propel your potential for success in future contests. It’s not everyday that you’re able to receive critical feedback from a group of investors, and when you can, you should take advantage of it as much as possible. Even if you don’t win anything in a business plan competition, the insights gained can be used to catapult your business to the next level.

Writing A Business Plan That Wins

Even if everything else is perfect – if you want to win, you must begin with a well-thought-out, perfectly articulated, and investor-ready business plan that tells your startup’s story in an effective manner. There are many factors to consider when writing a business plan from proper market analysis to financial projections – and any weak point in your plan will decrease your chances of winning. If you need more advice on writing a business plan, contact one of our experts today for a free business plan consultation!

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How to Win Any Business Plan Competition, From a 4-Time Winner

Alison alvarez has gotten really good at understanding what judges want. here are her top tips..

Alison Alvarez is a master of the business plan competition.

Her expertise grew out of necessity. When she and her co-founder, Tomer Borenstein, founded BlastPoint in 2016, they knew they had a winning business idea : Leverage artificial intelligence to help public utilities, banks, and automotive companies analyze their massive customer lists. In their estimation, most data tools weren't built for salespeople or others who might really benefit from them. Plus, the pair of computer scientists knew their stuff--both had graduate degrees from Carnegie Mellon; Alvarez had also earned her MBA at the University's Tepper School of Business.

But neither had financial resources. "Often you hear about the 'friends and family round,'" comments Alvarez, referring to founders bootstrapping their companies by way of benevolent relatives. She wondered, "If you don't have those, what do you do?"

Alvarez and Borenstein decided to bootstrap the Pittsburgh-based BlastPoint through competitions and grants . Alvarez viewed it as something akin to scholarship applications, which she had grown expert at as a student. She funded both her undergraduate and graduate educations with scholarships.

The strategy worked. In the past four years, the company has won four such competitions, ranging in size from 2017's UpPrize, which came with a $160,000 reward, all the way to a small $2,000 payoff in the GSV Labs AI Pitch competition in 2020.

"We got really good at that as a way to get capital for basic things," says Alvarez. "Like, we need a printer, let's go to a quick pitch competition," referencing how she entered and won TiE Pittsburgh . She notes an additional benefit of her business-competition funding strategy: "Investors show up." At that point, she says, "it becomes less about the money, more about expanding our network," which is key, especially when Covid-19 has made socializing normally so hard.

Here, Alvarez shares a few the tricks she uses to prevail.

Ask to see the judging guidelines.

Competitions often try to make life easy for their judges, who tend to be high profile, busy, and donating their time, by providing them with scoring rubrics. These are handy guides that explain how to weight companies' merits in various categories as they evaluate one application after the next.

It never hurts to ask to see these judges' guidelines ahead of time, suggests Alvarez. "Usually if you ask, they'll just give it to you."

"You should know what rules you're being held to," she says. "And if you do that you'll know how to tailor your presentation to address the whole rubric."

What's more, she says, "they'll also remember your name as someone who had the initiative to reach out."

Small, real stories beat big, vague ideas.

Before entering UpPrize, the social innovation challenge funded by BNY Mellon, Alvarez and Borenstein used an example of a nearby watershed whose director wanted to understand how to balance the needs both rich and poor constituents equitably. Armed with real, quantitative calculations of the benefits--and a portrait of the watershed's executive director--Alvarez had a real-world example to look to. She then explained how her company had the potential to help both nonprofits and companies save money and increase equity, across the nation at scale.

"If you can get just one person to say you actually saved them $100 or a $1,000, it has a lot more impact than if you just said, 'We have the potential to save people millions of dollars,'" she says.

Find a memorable hook.

Even if you have real results and check all the boxes of a winning pitch, there's still a chance your application can get lost in the shuffle.

"Know that you are part of a really big group of people. You might be lucky if judges remember one thing about you," she says. "But know that you have control over what that one thing is."

Put something powerful and memorable in the beginning, middle, and end of your presentation--you never know whether judges might get distracted at some point as you're talking, so hedge your bets. BlastPoint's founders summarized their mission by highlighting the importance of data: "Data enables you to see where you're going and where you've been; without it, you're operating without vision."

Boil your business down to one sentence.

On stage, Alvarez makes all the complex data analysis BlastPoint performs sound clear and easy to remember: "It's big data for human brains," she says. The idea is to make your company easy to talk about during judge's deliberations.

"If someone walks away from what you're doing, can they tell somebody about your business in a sentence?" she says. "And if they can't, you need to rethink what you're doing."

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Understanding the Value of Business Plan Competitions

Introduction.

Business plan competitions provide tremendous value for entrepreneurs, investors, and individuals alike. Being part of a business plan competition not only helps entrepreneurs become successful but provides well-rounded individuals with greater insight into how a business can be successful. At its core, a business plan competition is a contest where multiple individuals or teams submit a business plan for a proposed venture. The entries are judged on a variety of criteria, and typically the winners receive monetary rewards, or in-kind prizes.

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A business plan competition can bring many potential benefits to participants, from gaining greater insights into the business planning process, to networking opportunities and external recognition, to obtaining mentorship opportunities. Let’s take a closer look at the potential benefits of participating in a business plan competition.

Research Opportunities

Business plan competitions offer excellent research opportunities that you can take advantage of to gain a better understanding of the industry you are entering into. This research is invaluable as it can help you to identify potential problems, as well as provides you with a wealth of information on how to improve your business proposal.

Gaining a More In-Depth Understanding of any Given Industry

By entering into a business plan competition, you have the opportunity to gain a more in-depth understanding of the industry, as experts from the field are on hand to provide you with valuable feedback on your business plan. These professionals can provide you with insight into the industry and help you to identify potential problems you may run into, as well as provide advice on how to fix any problems that may arise.

Acquiring Valuable Data and Feedback From Professionals

Business plan competitions also provide you with valuable data and feedback from professionals. These experts can provide you with valuable feedback on your business plan and can help you to identify potential areas of improvement. This data can be used to identify potential problems and come up with solutions that can be used to improve your business proposal.

In addition to providing you with invaluable feedback from professionals, you also have the opportunity to observe other business plans and learn from their successes and mistakes. This can be invaluable in helping you to avoid pitfalls and ensure that your business plan is competitive and successful.

Networking Opportunities

Business plan competitions provide a higher level of networking opportunities compared to other events. Participants have the chance to meet and interact with mentors, potential collaborators and partners, who can provide valuable insights into their venture and offer the help they need to grow and succeed.

Connecting with mentors who can provide advice and guidance

Business plan competitions are a great platform to meet and interact with experienced entrepreneurs, professors and venture capitalists in the same field. These mentors can provide valuable advice and guidance to young entrepreneurs on their venture, giving them the opportunity to learn from their experience.

Connecting with potential collaborators or partners

Participants in business plan competitions also have the opportunity to meet potential collaborators or partners. This can include business owners, research organizations, government agencies, angel investors or venture capitalists, who can provide new insights into the venture and help it grow and succeed.

Presenting Opportunities

Business Plan Competitions can create significant opportunities for participants to hone their professional skills. Through the course of research, creating, and presenting a business plan, participants begin to develop various valuable communication, presentation and critical thinking skills. These skills promote not only professional growth, but also personal confidence.

Developing Important Communication, Presentation and Critical Thinking Skills

Learning how to communicate, present, and critically think are essential traits every entrepreneur, business professional, and team member should possess. Business Plan Competitions give contestants an opportunity to master these skill sets through practice and experience. Communication is a key factor in the success of any venture, whether large or small. It pertains not only to the people already within a business or team, but also the client and customer outreach. Therefore, learning the ability to effectively communicate will be essential for success.

Presenting and critical thinking skills can equally advantageous. Presenting ideas, plans, and strategies gives participants the chance to effectively communicate their vision and goals. These skills can be used both in and out of a business setting. Developing strong presentation skills can make a significant difference when it comes to fostering team connections, asking for funds, or pitching a product. Moreover, critical thinking is a must for understanding complex business situations and finding the best solutions. Business Plan Competitions give participants experience in discerning the best course of action.

Learning How to Effectively Present a Business Idea

When it comes to presenting a business plan, especially in the context of a competition, the stakes are high. As such, it is important to understand the nuances of presenting a business idea. Business Plan Competitions provide the perfect opportunity to learn how to effectively present a business concept. Participants learn to display the most important aspects of their business plan clearly, concisely, and persuasively. After participating in such a competition, it will become easier to present one’s business idea in any setting.

Overall, Business Plan Competitions offer many opportunities for personal and professional growth. Not only can the contestants gain invaluable insight into their plans and strategies, but they can also develop important communication, presentation and critical thinking skills. Such skills are essential in any business environment and will help participants in leading innovative and successful ventures.

Expanding Horizons

Participating in business plan competitions can be an incredible opportunity for entrepreneurs to increase their knowledge base. While focusing on the industry that the entrepreneur is initially targeting, competing can also be a chance to explore other options that could lead to new opportunities.

Exploring other industries or sectors that could lead to new opportunities

Not only is developing a deeper understanding in one’s chosen field important, but entrepreneurs should also consider looking into other industries. During the research and writing process of the business plan, one should consider what companies are doing well, investments that have been made, hot products, and international development. A competitor should search for trends in other sectors that offer insight into the market, and the location of their own target industries. Research of other companies and industries can help an entrepreneur develop a diving new angle or idea for their own product or service.

Increasing overall knowledge and understanding of the business world

In addition to researching other sectors, participating in a business plan competition can help an entrepreneur grow their overall understanding of the business world. Through completing market research, organizing the company’s budget and operations strategies, and understanding the entrepreneurial process, entrepreneurs can learn the key concepts of operating a successful business. It is important to gain the knowledge necessary to build a strong business plan, as well as the insights that can be gained throughout the competition process.

In conclusion, business plan competitions can be incredibly helpful for entrepreneurs interested in expanding their knowledge and exploring new opportunities. When participating, one should explore other industries and learn the key concepts of the business world to gain a better understanding of the entrepreneurial process. By doing so, entrepreneurs have a greater chance of succeeding in their competition and expanding the possibilities for their business.

Mentorship can be seen as one of the most valuable advantages of participating in business plan competitions. Mentorship allows participants to receive guidance on their project from experienced professionals and learn and grow from an experienced perspective. Experienced mentors can provide critiques on strategies and approaches, offer advice, provide valuable contacts and networking opportunities, and hold people accountable to their objectives and goals. Advising entrepreneurs to help them develop realistic plans and objectives is a great way to foster their success.

Receiving mentorship from experienced professionals is beneficial on several different fronts. By receiving mentorship, competitors are able to gain insights on how to best approach various challenges and identify the most effective way to achieve success. Through mentorship, competitors have the opportunity to ask questions, explore ideas, and receive valuable feedback and advice. Mentors are typically knowledgeable about the industry field, providing participants with an invaluable opportunity to learn from a professional with expertise.

Additionally, mentorship can help to foster relationships with industry veterans and professionals. Having a mentor can be instrumental in bringing ideas to life, offering advice and resources for growth, and providing feedback for improvement. Mentorship can also provide guidance and support for navigating the industry, and help participants envision the successful development and execution of their project and business plan.

Receiving Guidance on a Project from Experienced Professionals

Receiving guidance on a project from experienced professionals can help competitors to better understand the industry and how to effectively maneuver and reach the desired outcome. Mentors can provide competitors with strategic insights and advice on how to best develop their project and business plan. Through mentorship, competitors are able to receive guidance and support, learn techniques, and receive help in creating an effective strategy and approach.

Learning and Growing from an Experienced Perspective

Finally, mentorship can help competitors gain insights into the industry from an experienced perspective. Mentors are knowledgeable about trends, resources and other related topics, offering participants a valuable opportunity to learn from an industry veteran. Mentorship provides competitors with the opportunity to observe, ask questions, and receive help in areas where further knowledge is needed.

By utilizing mentorship in the business plan competition, competitors can have the opportunity to gain invaluable insights about the industry, explore ideas, receive guidance and support, and ultimately, have the possibility to earn invaluable rewards. Mentorship is an invaluable resource and has been referred to as one of the most important aspects of success. Those who participate in business plan competitions should take advantage of this unique opportunity to further their project, vision, and understand what it requires to achieve success in their field.

Business plan competitions are a great way for entrepreneurs to gain exposure and hone their skills and idea. As more and more entrepreneurs enter these competitions, a greater understanding of the value behind these competitions can be seen. By understanding the value of business plan competitions, entrepreneurs have the chance to benefit from the various networking opportunities that these competitions provide, as well as the possibility of winning funding and acclaim for their idea.

Summary of Benefits of Participating in a Business Plan Competition

Participating in a business plan competition can provide entrepreneurs many benefits, including the following: valuable feedback on their business plans, constructive criticism to help strengthen their plans, connection with potential investors, and better understanding of the startup process in a competitive atmosphere. Participants may also take advantage of the wide network of mentors and likeminded entrepreneurs, and build skills in public speaking and communication. Additionally, a business plan competition can provide invaluable support to further develop their plans and advance the idea.

Outlining of Key Areas to Focus on When Researching and Preparing for a Business Plan Competition

When researching and preparing for a business plan competition, entrepreneurs should focus on the following key areas:

Research: Make sure to research the competition thoroughly and follow the instructions given by the organizers.
Planning: Give yourself enough time before the deadline, so that you can plan the project ahead of time and refine your idea.
Networking: Take advantage of the great networking opportunities provided by the competition.
Feedback: Get feedback from mentors and other like-minded entrepreneurs, as this will help you to improve your plan.
Pitch: Practice your pitch, so that you can deliver it with clarity and confidence during the competition.

Business plan competitions can be a great way for entrepreneurs to gain exposure and hone skills, so it is important to understand the value of these competitions in order to make the most of them.

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How to Write the Competitive Analysis of a Business Plan

Written by Dave Lavinsky

If you are writing a business plan, hopefully by this point you’ve conducted thorough market research to identify industry trends and identified the target market for your business. Now it’s time to conduct a competitor analysis. This section is included in virtually every simple business plan template , and the information you include will depend on several factors such as how many competitors there are, what they offer, and how large they are in comparison to your company.

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What is a Competitive Analysis?

A competitive analysis is a type of market research that identifies your competitors, their strengths and weaknesses, the strategies they are using to compete with you, and what makes your business unique. Before writing this section it’s important to have all the information you collected during your market research phase. This may include market data such as revenue figures, cost trends, and the size of the industry.

Why Do You Need the Competitive Analysis?

If you are planning to raise capital, the investor will require a business plan that includes the competitive analysis section. This section will also come in handy while writing a business plan template , if your company is considering increasing prices or adding new products and services. You can use the information you find to determine how well-positioned your business is to perform in the competitive landscape.

3 Steps to Writing a Competitive Analysis

The steps to developing the competitive analysis section of your business plan include:

Identify your competition.
Select the appropriate competitors to analyze.
Determine your competitive advantage.

1. Identify Your Competition

To start, you must align your definition of competition with that of investors. Investors define competition as to any service or product that a customer can use to fulfill the same need(s) as the company fulfills. This includes companies that offer similar products, substitute products, and other customer options (such as performing the service or building the product themselves). Under this broad definition, any business plan that claims there are no competitors greatly undermines the credibility of the management team.

When identifying competitors, companies often find themselves in a difficult position. On one hand, you may want to show that the business is unique (even under the investors’ broad definition) and list few or no competitors. However, this has a negative connotation. If no or few companies are in a market space, it implies that there may not be a large enough base of potential customers to support the company’s products and/or services.

2. Select the Appropriate Competitors to Analyze

Once your competition has been identified, you want to consider selecting the most appropriate competitors to analyze. Investors will expect that not all competitors are “apples-to-apples” (i.e., they do not offer identical products or services) and therefore will understand if you chose only companies that are closest in nature. So, you must detail both direct and, when applicable, indirect competitors.

Direct competitors are those that serve the same potential customers with similar products and services. If you sell your products or services online, your direct competitors would also include companies whose website ranks in the top 5 positions for your same target keyword on Google Search.

For example, if you are a home-based candle-making company , you would consider direct competitors to be other candle makers that offer similar products at similar prices. Online competitors would also include companies who rank for the following keywords: “homemade candles”, “handmade candles”, or “custom candles.”

Indirect competitors are those that serve the same target market with different products and services or a different target market with similar products and services.

In some cases, you can identify indirect competitors by looking at alternative channels of distribution. For example, a small business selling a product online may compete with a big-box retailer that sells similar products at a lower price.

After selecting the appropriate competitors, you must describe them. In doing so, you must also objectively analyze each of their strengths and weaknesses and the key drivers of competitive differentiation in the same market.

For each competitor, perform a SWOT Analysis and include the following information:

Competitor’s Name
Overview of Competitor (where are they located; how long have they been operating)
Competitor’s Product or Service
Competitor’s Pricing
Estimated Market Share
Location(s)
Potential Customers (Geographies & Segments)
Competitor’s Strengths
Competitor’s Weaknesses

By understanding what your competitors offer and how customers perceive them, you can determine your company’s competitive advantage against each competitor.

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3. Determine Your Competitive Advantage

Perhaps most importantly, you must describe your company’s competitive advantages over the other companies in the space, and ideally how the company’s business model creates barriers to entry. “Barriers to entry” are reasons why it would be difficult for new companies to enter into or compete in the same market.

For instance, you may have a patent that provides value to your customers and makes them less likely to switch suppliers, which protects your business from potential competitors. Or, you may have more resources than the competition and thus be able to provide superior customer service.

Below is a list of areas in which you might have a competitive advantage:

Size of the Company – Large companies have more resources and can usually offer lower prices than smaller businesses. This is a significant barrier to entry, as starting a small business and competing with a larger company may be difficult.
Product or Service Differentiation – If your product or service is unique in some way, this will make it less likely that customers will switch to a competitor.
Experience & Expertise – Experience and knowledge are valuable attributes that can help differentiate you from the competition.
Location – If you are located in an area where there is high demand for your product or service, this can be a barrier to entry because competitors will not want to open new locations.
Patents & Copyrights – Protecting intellectual property can prevent others from entering the same market and competing with your company.
Brand Recognition – Customers are loyal to brands they have come to trust, which protects the company from new competitors.
Customer Service – Providing excellent customer service can help you retain customers and prevent them from switching suppliers.
Lowest Cost Offerings – If you can offer a lower price than your competitors, this makes it more difficult for them to compete with you.
Technology – New technology that enables you to provide a better product or service than your competitors can be an advantage.
Strategic Partnerships & Alliances – Collaborating with a company that your customers want to work with can help keep them from switching.
Human Resources – If you have a highly skilled and talented workforce, it can be difficult for competitors to find and employ the same skills.
Operational Systems – Strong operational systems that lead to greater efficiencies can protect your business from the competition.
Marketing Strategy – Investing in strong marketing campaigns can make your business difficult to compete with.

For instance, you could say that your [enter any of the bullets from above] is better than your competitors because [insert reason].

The competitive landscape is one of the most important considerations in developing a business plan since it sets the stage by providing information on past and current competitors and their respective strengths and weaknesses. A strong understanding of the competitive landscape is needed before you can develop a strategy for differentiating your company from the competition. Follow the above competitive analysis example and you will be well-prepared to create a winning competitor analysis section of your business plan.

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Other Resources for Writing Your Business Plan

How to Write a Great Business Plan Executive Summary

How to Expertly Write the Company Description in Your Business Plan

The Customer Analysis Section of Your Business Plan

How to Write the Market Analysis Section of a Business Plan

The Management Team Section of Your Business Plan

Financial Assumptions and Your Business Plan

How to Create Financial Projections for Your Business Plan

Everything You Need to Know about the Business Plan Appendix

Business Plan Conclusion: Summary & Recap

Write the Competition Section: Business Plan Writing

Aayushi Mistry

December 21, 2023

11 Min Read

How to write the Competition Section_ Business Plan Writing

What is the Competition Section?

Your business plan includes a lot of operational sections. Every section holds a different importance. In that case, competition is one of the most fundamental aspects of your business. And so, it needs to be added to your business plan. The section that explains your competition is your competition section.

While deciding where to add the competition section, pay attention to the flow of your business plan. Moreover, it also depends on the priority. So, it must come next to your objective, problem statement , product/services, and target audience.

Why Do You Need a Competition Section in Your Business Plan?

The why of your business plan depends on your purpose-

If your purpose is to direct your business growth:

Your competition status can play as your reference point. Here, the competition section serves as a medium for understanding your competition. So, you can develop strategic positioning.

This can help you and your team to look at comparative strengths and weaknesses exclusively. So, you can easily come to the strategies that work in your favor, and give you a competitive advantage .

If your purpose is to create a business plan to seek investment:

You must add it to inform your investors about your competition, market position, and brand promise.

You need to describe the competition to reassure probable investors that you know and understand your competition. And that you are ready to take advantage of opportunities and avoid the pitfalls.

Apart from this, your purpose also makes a difference in how to write your competition section in your business plan. However, the difference is minor, and the effect of it is profound.

How to write a competition section in your business plan?

Regardless of your purpose mentioned above, you have to include all the steps mentioned below. Wherever there is the need for that ‘minor’ change, we will include it under the same step.

While following this step, we suggest you take action side by side. So, it becomes easier to implement. Moreover, before putting up your competition section, be ready with your competition data.

Also, make sure that you have conducted a competitive analysis and processed data of at least 5 competition companies. Once you have everything you need, you can go through the following steps-

1. Determining and Documenting Your Business Position

Regardless of your purpose, you will have to follow this step. And there isn’t any major difference here. You need to know your business position in the market and document it properly. However, we will first talk about the determining part. And then, document it for the competition part of your business plan.

How to determine your market position?

Gather crucial details for your company and your competitors’ companies. When you have all the data, you compare them. And put it up on the competition graph.

The details you will need include:

Sales Figures
Profit margins
Distributors

You can also add the marketing column if you find the need. Here, your goal is to make clear positions with respect to your target markets.

However, there are two most reliable ways to determine your position:

1. Position Mapping Graph

You can do this for 5 main aspects of your business-

For product characters
The quality of products/services
The number of products/services
For user/customer friendliness

You can either put all the points in the same graph or use a separate graph for each.

How to do this?

Get graph paper and divide it into 4 quadrants
Add your parameter(s)
Start plotting your and your competition’s point

2. Competitive Matrix

A competitive matrix is a method that helps you determine your competitive advantages. Usually, you put together this tool to note your market credibility. It is an industry analysis tool that compares the characteristics of you and your competition.

How to do it?

You draw out a matrix
Position your company and competitors, at the top, the horizontal blocks
Put all the aspects you want to compete with, in the vertical blocks
Put the tick marks to draw the competition

How to document in the competition section for your business plan?

Once you complete the determination, the documentation is quite easy. In fact, you can put the final graphs in your draft. It will not only give color and variety but also make it easy to understand.

While you put all the graphs together, you have to explain your competition and the parameters that you have selected. Moreover, you can go ahead and explain why the companies are your competition. Also, explain why you picked particular parameters.

Mention the date and time frame in your graphs. It makes it easier to have a deeper knowledge of your competition.

Basically, the documentation is journaling the process of drawing the graphs. You may not want to add every detail. As that could make the entire section a little longer than expected. But at the same time, don’t leave out the important details.

As for the difference, you can follow the same process for both purposes. Only make sure that your draft for your investors has been relatively concise. As for your company draft, you can add as many details as you want.

Why is this step important?

When you follow this step, the process of putting the competition section for your business plan is literally half done. It brings you the clarity that you, your team, and your investors need to make your business successful.

2. Determine and Draft Your Competitive Advantages

Determining the competitive advantage.

This process may look hard. But it is not. In fact, it just includes one step to the above one. It can be done side by side while you are drawing the comparison and putting them together in different graphs.

You have to note and add the points where you are doing better (or can do) better than your competition. And then, note how that bonus point can bring you an advantage(s).

Drafting your competitive advantage

You have to note down your bonus points and explain them in detail. You can use those graphs too for more clarity and variety. It is better that you make this up to the point. If you are writing for the investors, they might just want the rounded points after seeing the graphs.

And if you are using it for directive purposes, even then, it is good to have a well-rounded point. However, you might need the back details along the way ahead. So, you can note it down too.

With this step, you became assertive about your success and future in the market.

If brought in front of your investors, they quickly get a clear idea of whether to invest in your business or not. In a way, it helps you store their faith in your business.

And if you are only planning to put the direction of your company’s success, it gives you a clear picture of your strengths and opportunities. In a way, it restores your faith in your product/services.

3. Put in the customers’ review

This step is just like putting that final nail in the coffin! Plus, regardless of the purpose of your business plan, this step and section remain the same. Even more interesting, it takes less time than the two above-mentioned steps.

Here’s how you do it-

Find out the reviews and ratings of all the competitors, you had begun the process with.
Be discreet. Don’t only add the good points or the bad points. Add the good, the bad, and the average rating and reviews.
You can go ahead and make three sections named- The Good, The Bad, and The Average.
Add 10-12 reviews in total and put them in the respective sections (3 or 4 in each).
You can find reviews from search engines, social media, websites, forums, and magazines.
If you want authentic reviews and have enough time and resources, you can even run surveys. Or contact agencies that run unbiased surveys.

How to draft it-

Put them just the way they are, even if they have typos. Try not to tamper with them.
Add them at the end of the competition section for your business plan.

Why is this step important

To add more clarity and favor to your business.
Gives a chunk of customer points of view.
Restores your, your team’s, and your investor’s faith in your company.

Basic Template

And that’s all about the competition section in the business plan. We hope we have given you all the information that you needed. However, regardless of how you find notes, we have listed the FAQs for the competition section for a business plan. You can refer to it for questions that look similar to yours.

FAQs for your competition section

What if we think that our business does not have competition?

Ideally, every business has competition. If not directly, then indirectly. Basically, there are three types of competition- Primary, Secondary, and Tertiary.

Primary: The business that has similar products/services as you and, serves the same target audience.
Secondary: The high-end or low-end services/products as you. There may be a slight change in the target audience, depending on the spending capacity location and more.
Tertiary: They have completely different products/services but satisfy the same needs of your target audience.

So, if you think that you don’t have primary competition. Look closely, you may have a secondary or tertiary competition.

What if that time my competition changes?

You have to run the test from the start and draft the section from scratch. It may be the same even when you want to add and remove the parameter.

Do we need a separate team to draw a competition analysis and draft it in the business plan?

Not importantly. However, it is important for everyone involved in your team to be qualified and have adequate experience. If you think that your team doesn’t have that, you can form or hire a separate team.

How long should the competition section be in the business plan?

It should be detailed. But it must not take up most part of your business plan. Moreover, it also depends on the number of other sections you are adding. And it also depends on what these other sections are. In any case, there is no harm in being concise. No matter who the reader is, we all prefer a quick read.

Where else can we showcase this analysis?

You can use this analysis in marketing and sales strategies. You can even use it to further research and develop your product/services.

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About the Author

Since childhood, I was in awe of the magic that words bring. But while studying computer science in college, my world turned upside down. I found my calling in being a copywriter and I plunged into a world of words. Since then, there is no looking back. Even today, nothing excites me to find out the wonders the words can bring!

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How To Write An Effective Business Proposal

Published: Feb 28, 2024, 2:00pm

How To Write An Effective Business Proposal

What is a business proposal, business plan vs. business proposal, objectives of a business proposal, essential elements of a business proposal, 7 steps to write a business proposal, bottom line, frequently asked questions (faqs).

Writing a business proposal is a crucial skill if you wish to run a successful and profitable business. Knowing how to write a business proposal is not necessary for presenting your product or services in the best possible manner. It’s about convincing others that your solutions are the best fit for their needs. Crafting an effective business proposal can open doors to immense opportunities.

In this article, you will learn the essential components of an effective business proposal as well as techniques that ensure your proposal captures and retains client interest. Let’s dive in and explore the art of creating compelling business proposals.

A business proposal is a document designed to persuade a potential client or customer to buy a specific product or service. It’s a tailored argument that outlines the benefits of your approach, solution or product, specifically addressing the requirements of the recipient. A business proposal must not only communicate your vision but also persuade the recipient of the proposal to take positive action.

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Types of Business Proposals

Understanding the different types of business proposals is key to selecting the right approach for your situation. Typically, proposals are categorized into two main types: solicited and unsolicited.

Solicited proposals are those that are requested by a potential client, often in response to a request for proposal (RFP). These tend to have a prescribed format and specific requirements, making it crucial to follow the guidelines provided. Unsolicited proposals are not requested by a client but are sent proactively. They require a more persuasive approach as you’re introducing a solution to a problem the client may not have actively considered.

Additionally, there are informal and formal proposals. Typically, informal proposals are shorter and used in a more relaxed business setting or with existing clients. In contrast, formal proposals are longer, more detailed and used in situations requiring thorough analysis and presentation, often for new clients or large projects.

A business plan is a comprehensive document that outlines the overall vision, strategy and goals of your business. In contrast, a business proposal is a targeted pitch to a specific client or organization, offering a solution to a problem or a strategy for achieving a specific goal.

A business plan is primarily used for internal planning and, often, to secure funding from investors. A typical business plan includes an overview of your business model, market analysis, financial projections and long-term strategic plans. However, unlike the broad scope of a business plan, a proposal is your chance to showcase how your services or products can benefit the prospective client, tailored to their specific needs and challenges.

While a business plan lays out the path your business intends to take, a business proposal is a direct response to a potential client’s problem, demonstrating how you intend to solve it effectively.

A business proposal is a strategic tool that can be used in negotiations, aiming to convince a potential client or partner of the value as well as viability of your proposed solution to their problem or need. Here are some of the most important objectives of a business proposal.

To Persuade

The core objective of a business proposal is to persuade the recipient that your solution is the best fit for their problem or need. It’s about making a compelling case for your approach, services or products.

A well-written proposal also informs the reader. It should provide all necessary details about your solution, including how it works, its benefits and why it stands out from the competition.

To Establish Credibility

Through your proposal, you demonstrate your understanding of the client’s needs and your capability to meet them. This is your chance to showcase your expertise and past successes.

To Initiate a Dialogue

A good proposal also serves as a starting point for further discussions. It opens up a channel of communication with the potential client, inviting them to negotiate terms, ask questions and seek clarifications.

Understanding these objectives can guide the tone, content and structure of your proposal. Listing your products or services is not enough. You need to craft a narrative that aligns with the client’s needs and paints a clear picture of how you can fulfill those needs effectively and efficiently.

To create an effective business proposal that persuades the recipient to take action, include these key components:

Title page and table of contents: Begin with a professional title page that includes the proposal’s title, your company’s name, the date and the recipient’s name. For easier navigation, especially in longer proposals, include a table of contents.
Executive summary: This section provides a concise overview of the proposal, summarizing the key points. It should be engaging and highlight why they should read the proposal.
Problem statement or needs assessment: Clearly define the issue or need your proposal is addressing. Demonstrating a deep understanding of the client’s challenges is essential here.
Proposed solution: Elaborate on your proposed solution, detailing how it specifically tackles the client’s problem or need. This section should be clear, convincing and aligned with the client’s objectives.
Pricing and terms: Offer a transparent breakdown of the pricing structure and any terms and conditions related to your services. Clarity in this section helps avoid future misunderstandings.
Qualifications and experience: Showcase your credentials, expertise and any relevant experience or success stories. This is necessary to build trust and credibility.
Call to action (CTA) and closing remarks: Conclude with a strong call to action that encourages the client to proceed or engage further. Briefly summarize the primary benefits of choosing your solution to reinforce your proposal’s value.

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Crafting a compelling business proposal requires the right blend of clarity, persuasion and attention to detail. The key to a successful business proposal is not just in what you include, but how you present it. Follow this step-by-step guide to ensure your proposal stands out:

Start with the executive summary: Begin with a strong executive summary that captures the essence of your proposal. This should be persuasive and highlight the benefits of your solution. Remember, this might be the only part some decision-makers read.
Address the problem clearly: In the problem statement, be specific about the client’s challenge. Use language that resonates with them, demonstrating that you truly understand their needs.
Detail your proposed solution: Break down your solution into digestible sections. Be clear about how each part of your solution addresses the problem. Use bullet points or subheadings for readability.
Outline pricing and terms: Present your pricing clearly. Include different packages or options if applicable. Be transparent about any conditions or terms to build trust.
Showcase your credentials: Use the qualifications section to build credibility. Highlight past successes, relevant experience and any unique skills or resources that make your solution the best choice.
Craft a persuasive conclusion: End with a persuasive conclusion that reiterates the benefits of your solution. A strong call to action should encourage the client to take the next step, whether it’s a meeting, a phone call or signing a contract.
Proofread and edit: Ensure your proposal is free of errors. A well-edited proposal reflects professionalism and attention to detail.

After submitting the proposal, plan a follow-up strategy. This might include a phone call or an email to discuss any questions and reiterate your interest in working with the client.

Design and Presentation Tips

The visual appeal of your business proposal plays a crucial role in its effectiveness. Here are a few tips to keep in mind while writing a proposal:

Keep the design professional and clean, using your brand colors and logo for consistency.
Utilize white space effectively to enhance readability.
For longer proposals, use charts, graphs and bullet points to break up text and illustrate points clearly.
Ensure that the format is compatible with various devices, as clients may view your proposal on different screens.

Common Mistakes to Avoid

In business proposal writing, common pitfalls can significantly reduce your chances of success. Here are a few for your reference:

Avoid overcomplicating your language; clarity and conciseness are more important than demonstrating language skills.
Do not make unrealistic promises or overestimate results as this can damage credibility.
Tailor your proposal to the specific client or their industry. Do not have a standard proposal for everyone.
Grammatical errors can detract from your professionalism, so edit and proofread the proposal before sharing.

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In this article we’ve explored the essentials of crafting effective business proposals, distinguishing them from business plans and highlighting key components as well as common pitfalls. Equipped with these insights, your next step should be to apply this knowledge in practice.

Creating a versatile business proposal template can be a great starting point. You can then customize the template to create business proposals that win you clients and drive business success.

What is the main point of a business proposal?

The main point of a business proposal is to present a tailored solution to a specific client or business problem. It aims to persuade the recipient that your approach or service is the best fit for their needs, outlining how it offers value and addresses their unique challenges. The proposal serves as a strategic tool for initiating business relationships and securing contracts.

How do you structure a business funding proposal?

A business funding proposal is structured to concisely present your business idea, market potential and financial needs. It typically includes an executive summary, a detailed description of the business, market analysis, specifics of the financial request and a plan for funds utilization. The proposal also highlights your business’s management team, projected financials and return on investment to assure potential investors of the viability and profitability of the venture.

What are the three main types of business proposals?

The three main types of business proposals are:

Formally solicited proposals: These are written in response to an official request for a proposal (RFP), often with specific guidelines and format requirements outlined by the potential client.
Informally solicited proposals: These proposals are created based on casual or less formal requests, often following verbal conversations or discussions with a potential client who has expressed interest but hasn’t issued a formal RFP.
Unsolicited proposals: These are proposals initiated by the sender and presented to potential clients who have not requested them. They often require a more persuasive approach as they aim to create a need or solution the potential client may not have previously considered.
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2025 Maverick Business Plan Competition

First Prize: $3,000 | Second Prize: $2,000 | Third Prize: $1,000

Students are invited to submit a simplified business plan that identifies an opportunity and presents a viable proposal to address it. Winning plans can be new or novel innovations or can also address better implementation of or finding new markets for an existing technology.

Eligibility

Any current UNO, UNMC or PKI undergraduate, graduate, doctoral, or post-doctoral student enrolled in a degree granting program may participate.
Faculty and alumni are encouraged to participate by partnering with interested students.
Teams may not compete if their concept is part of another venture or has raised angel or VC funding.

Important Dates

Submission Deadline: April 15, 2025
Coaching Sessions: TBD
Final Competition: April 24, 2025 in Mammel Hall, Room 162 from 6:00 - 8:00 p.m.

Business Plan Coaching Sessions

Support is offered concerning creating value propositions, identifying customers, and putting the plan together. For more information, contact [email protected] .

How to Submit

Register here.
Write a simplified business plan for a profit or not-for-profit venture before the deadline. Submit plan as an email attachment to [email protected] .

More Information

2024 top 3 winners.

*Coming Soon*

2023 Top 3 Winners

This year's Maverick Business Plan was a huge success. Six companies founded by students were given the opportunity to create a business plan and pitch their business to a panel of judges on Tuesday, April 18th.

Adventure Awaits | $3,000 Prize

Logan Heger , founder of Adventure Awaits won the competition with his business focusing on creating races/ scavenger hunts for universities and businesses

Global Pak Wear | $2,000 Prize

In second place, Yasmin and his business, Globlal Pak Wear, focusing on c onnecting the Pakistani/South Asian diaspora around the world

The Scholars Arena | $1,000 Prize

Lastly, Nathan Stone , the founder of The Scholars Arena, came in third with his idea to create a head-to-head trivia game for trivia lovers

Congrats to all three winners and our participants for making this a successful event. Additionally, a huge thank you to our sponsors and judges!

How to Write a Business Plan: Step-by-Step Guide + Examples

Determined female African-American entrepreneur scaling a mountain while wearing a large backpack. Represents the journey to starting and growing a business and needi

Noah Parsons

24 min. read

Updated July 29, 2024

Download Now: Free Business Plan Template →

Writing a business plan doesn’t have to be complicated.

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

The basics of business planning

If you’re reading this guide, then you already know why you need a business plan .

You understand that planning helps you:

Raise money
Grow strategically
Keep your business on the right track

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow.

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals.

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business.

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create.

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan.

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

A summary of the problem you are solving
A description of your product or service
An overview of your target market
A brief description of your team
A summary of your financials
Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service.

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business.

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market.

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.”

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market.

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers.

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service.

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics.

The best place to start with a marketing plan is with a positioning statement .

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning.

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy .

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services.

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer.

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process.

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like.

Depending on how your business is structured, your operations plan may include elements of the business like:

Supply chain management
Manufacturing processes
Equipment and technology
Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains.

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

A description of each task
The proposed due date
Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap.

Possible milestones might be:

Website launch date
Store or office opening date
First significant sales
Break even date
Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

Conversion rates
Customer acquisition costs
Profit per customer
Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality.

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before?

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

Sole proprietor
Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided?

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter.

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast.

A typical financial forecast in a business plan includes the following:

Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business.

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

Company logo
Business name
Value proposition (optional)
Business plan title
Completion and/or update date
Address and contact information
Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity.

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers.

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project.

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure.

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it.

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information to include in a business plan is sometimes not quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template.

There are plenty of great options available (we’ve rounded up our 8 favorites to streamline your search).

But, if you’re looking for a free downloadable business plan template , you can get one right now; download the template used by more than 1 million businesses.

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples .

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started.

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality.
Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas.

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

Did you meet your sales goals?
Is spending following your budget?
Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets.

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees.

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

Write a brief executive summary
Describe your products and services.
Conduct market research and compile data into a cohesive market analysis.
Describe your marketing and sales strategy.
Outline your organizational structure and management team.
Develop financial projections for sales, revenue, and cash flow.
Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

1. Not taking the planning process seriously.
Having unrealistic financial projections or incomplete financial information.
Inconsistent information or simple mistakes.
Failing to establish a sound business model.
Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

How will your business make money?
Is there a need for your product or service?
Who are your customers?
How are you different from the competition?
How will you reach your customers?
How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

What’s the difference between a business plan and a strategic plan?

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

Use AI to help write your plan
Common planning mistakes
Manage with your business plan

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In This Section

Do you have a product that you want to create? Is there a business opportunity that you want to pursue? Enter the Annual Bob Goodrich Business Plan Competition and compete with other CBU students for a chance to win cash prizes for the best ideas!

You and your team will create a plan that will be evaluated by a panel of experts then participate in a live pitch competition.

Here are key dates to keep in mind:

	Proposal Prep Workshop: Meet with Professor Nolan Gouveia to review business proposals
	Submission of Proposals Due
	Pitch Prep Workshop
	Business Plan Competition Event

All team proposals must be in by Friday, February 16, 2024 in order to be part of the judging process. Here are links you will need:

2024 Official Entry Form (Word Doc)

Business Plan Competition Rules for 2024 (PDF)

Mark your calendar: Finalists will compete at the Bob Goodrich Business Plan fast pitch competition on Monday, March 18, 2024 at 5:00 PM, in Innovators Auditorium on CBU’s campus.

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Past Winners & Finalists

Below is the list of finalists from the nibs worldwide business plan competition..

Winner: Assumption University , Bangkok, Thailand – LoCo, business plan video pitch
Runner-up: Technological University of Dublin, Ireland – Memoria business plan video pitch
Third place: LAB University of Applied Sciences, Finland – Ailune business plan video pitch
Winner: UCLL, Belgium, Team: eConnection
Runner-up: LAB University of Applied Sciences, Finland, Team: Lascerna
Third place: Technological University Dublin (TU Dublin), Ireland, Panga Surf
Winner: Weagreen (Rotterdam University of Applied Science, Netherlands)
Runner-up: Cozy Corner (LAB University of Applied Sciences, Finland)
Third place: Pretty UGLY (UC Leuven Limburg, Belgium)

> See business plans and videos from the 2022 competition

Winner: CropsJet (Assumption University, Bangkok, Thailand)
Runner-up: LearnSmart (Rotterdam University of Applied Science, Netherlands)
Third place: Energy Cube (Washburn University, USA)

> See business plans and videos from the 2021 competition

Winner: Affixt Ltd (Technological University Dublin, Ireland)
Runner-up: Porcelain Pursuit (Washburn University, USA)
Third place: Solidbox (University College Leuven Limburg, Beligium)

> See business plans and videos from the 2020 competition

Winner: Micron Agritech (Technological University Dublin, School of Marketing – Dublin, Ireland)
Runner-up: Arbor Industries (Washburn University, School of Business – Topeka, Kansas, USA)
Third place: (UC Leuven-Limburg – Leuven, Belgium)

> See business plans and videos from the 2019 competition

Winner: Reach Devices (Dublin Institute of Technology, School of Marketing – Dublin, Ireland)
Runner-up: Moderno Metros (Washburn University, School of Business – Topeka, Kansas, USA)
Third place: Eco Fridge Locker (St. Mary’s University, Greehey School of Business – San Antonio, Texas, USA)

> See business plans and videos from the 2018 competition

Winner: Ripple Sense (Dublin Institute of Technology, School of Marketing – Dublin, Ireland)
Runner-up: Beacon (University of Vermont – Burlington, Vermont, USA)
Third place: The Turning Pointe (Washburn University, School of Business – Topeka, Kansas, USA)

> See business plans and videos from the 2017 competition

Winner: D18 (Washburn University, School of Business – Topeka, Kansas, USA)
Runner-up: FeatherGrip (Dublin Institute of Technology, School of Marketing – Dublin, Ireland)
Third place: FoodCroc (Lahti University of Applied Sciences – Lahti, Finland)

> See business plans and videos from the 2016 competition

Winner: HearHere (Dublin Institute of Technology, School of Marketing – Dublin, Ireland)
Runner-up: Litvak (Universidad Interamericana de Puerto Rico-Recinto Metro)
Third place: Satakunta University of Applied Sciences – Pori, Finland

> See business plans and videos from the 2015 competition

Winner: Gainz Arrange (Katholieke Hogeschool Leuven, Belgium)
Finalist: NapAway (Baltazar Adam Krcelic – Zapresic, Croatia)
Finalist: Sana (Dublin Institute of Technology, School of Marketing – Dublin, Ireland)

> See business plans and videos from the 2014 competition

Competitions now open for registration

Entrepreneurial vision. International focus. Extraordinary opportunity.

IMAGES

FREE 10+ Competition Business Plan Samples in PDF
How to Write a Business Plan: Beginner’s Guide (& Templates)
National Business Plan Competition 2023 oleh HIMAMA FEB UMY
FREE 10+ Competition Business Plan Samples in PDF
FREE 14+ Sample Competitive Analysis Templates in PDF
💋 Business proposal ideas examples. 17 Business Proposal Examples to

COMMENTS

The 20 Best Business Plan Competitions [Updated 2024]
MIT 100k Business Plan Competition and Expo. The MIT 100K was created in 2010 by the Massachusetts Institute of Technology to foster entrepreneurship and innovation on campus and around the world. Consists of three distinct and increasingly intensive competitions throughout the school year: PITCH, ACCELERATE, and LAUNCH.
The Top 20 Business Plan Competitions to get funding in 2024
MIT 100k Business Plan and Expo. FAU Business Plan Competition. NIBS Business Plan Competition. Get Seeded. Pistoia Alliance President's Startup Challenge. College of New Jersey's Mayo Business Plan Competition. Next Founders Business Plan Competition. TechCrunch's Startup Battlefield. New Venture Challenge.
Business Plan and Pitch Competition Guide
A pitch or business plan competition is an event where people with business ideas or who are running early-stage startups get the chance to present to a group of judges. Entrepreneurs need to cover their business model, target market, financial plans, and other vital areas of their businesses within a fixed time limit. ...
How to Write and conduct a Competitive Analysis
Here are the steps you need to take: 1. Identify your competitors. The first step in conducting a comprehensive competitive analysis is to identify your competitors. Start by creating a list of both direct and indirect competitors within your industry or market segment. Direct competitors offer similar products or services, while indirect ...
Competition in a Business Plan
Competition Presentation in the Business Plan. The business plan competitor section can be presented in a number of formats including a competitor matrix, but an informative way of presenting is using Harvey balls. Harvey balls allow you to grade each customer benefit from zero to four, and to show a comparison of these benefits to your main ...
How to Win a Business Plan Competition
The stories are vital to your success in a business plan competition. You hint at them in an elevator pitch, tell them in the business pitch, and show them and how they can come true in your business plan. 8. Keep things short and straightforward. Business plan competition judges are busy people.
How to Write Competitive Analysis in a Business Plan (w/ Examples)
It will help you prepare a solid competitor analysis section in your business plan that actually highlights your strengths and opens room for better discussions (and funding). Let's begin. 1. Identify Your Direct and Indirect Competitors. First things first — identify all your business competitors and list them down.
How To Win A Business Plan Contest
Business plan competitions are beneficial platforms that allow entrepreneurs to showcase their idea, product, or startup to a group of judges. Often, these competitions involve pitching the idea or startup to judges over one or more rounds. Once each competing startup has presented, judges vote on which business (or businesses) will receive the ...
PDF College of Business and Public Policy
The 2022 CBPP Business Plan Competition is open to UAA students from any discipline and aspiring entrepreneurs in the Anchorage community, and all Middle College students. The team size should not exceed five members, and teams may have an outside member. Multi-disciplinary, cross-pollinated teams are encouraged.
PDF GITA National Business Competition 2020
Assessment of the business plan consists of three criteria to be examined, which are; Product Aspect from Technology and Innovation point of view with 20% weight from total score. Business Aspect with 35% weight from total score. spect with 45% weight from total scoreMaximum score for Total score is 82.5 obtain from score of each crit.
How to Win Any Business Plan Competition, From a 4-Time Winner
The strategy worked. In the past four years, the company has won four such competitions, ranging in size from 2017's UpPrize, which came with a $160,000 reward, all the way to a small $2,000 ...
10 Business Plan Competitions for Entrepreneurs
Luckily there are people all over the world who want to help you get your business off of the ground. We have listed 10 business plan competitions that can help you do just that. Get feedback and maybe even some funds to help you make your dream a reality. Silicon Valley Boomer Business Plan Competition.
Make Your Mark by Participating in a Business Plan Competition
At its core, a business plan competition is a contest where multiple individuals or teams submit a business plan for a proposed venture. The entries are judged on a variety of criteria, and typically the winners receive monetary rewards, or in-kind prizes. A business plan competition can bring many potential benefits to participants, from ...
How to Write the Competitive Analysis of a Business Plan
The steps to developing the competitive analysis section of your business plan include: Identify your competition. Select the appropriate competitors to analyze. Determine your competitive advantage. 1. Identify Your Competition. To start, you must align your definition of competition with that of investors. Investors define competition as to ...
Write the Competition Section: Business Plan Writing
Also, make sure that you have conducted a competitive analysis and processed data of at least 5 competition companies. Once you have everything you need, you can go through the following steps-. 1. Determining and Documenting Your Business Position. Regardless of your purpose, you will have to follow this step.
6 of the Best Business Plan Competitions
In this article, we look at six of the best business plan competitions and how they can help both business owners and aspiring entrepreneurs. 1. Rice Business Plan Competition. Featuring $1.5 million in cash and prizes, the Rice Business Plan Competition is staged in Houston. Hosted in April of each year, the event is the world's largest and ...
PDF Getting Entrepreneurship Contests Right
Box 4: Adapting your entrepreneurship trainings to the needs of your target group. Tables. Table 1: Objectives for launching a Business Plan Competition. Table 2: Getting partners and other stakeholders on board. Table 3: Competition prizes and their implementation. Table 4: Ensuring post-competition sustainability.
How To Write An Effective Business Proposal
A business plan is a comprehensive document that outlines the overall vision, strategy and goals of your business. In contrast, a business proposal is a targeted pitch to a specific client or ...
Business Plan Competition
Competition Day March 1, 2024 at the Ruth S. Harley University Center, Rm. 113-115. The Adelphi Business Plan competition has completely transformed my life and ignited my entrepreneurial passion. It provided a framework, mentorship, and the confidence to pursue my dreams—and even led to a biotech patent! Young entrepreneurs, I encourage you ...
Maverick Business Plan Competition
Students are invited to submit a simplified business plan that identifies an opportunity and presents a viable proposal to address it. Winning plans can be new or novel innovations or can also address better implementation of or finding new markets for an existing technology. ... 2022 Maverick Business Plan Competition Winner. 1st Place (Middle ...
How to Write a Business Plan: Guide + Examples
Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. A good business plan is much more than just a document that you write once and forget about. It's also a guide that helps you outline and achieve your goals. After completing your plan, you can ...
Business Plan Competition
February 16, 5:30PM. Submission of Proposals Due. February 26, 5:30PM. Pitch Prep Workshop. March 18, 5:00PM. Business Plan Competition Event. All team proposals must be in by Friday, February 16, 2024 in order to be part of the judging process. Here are links you will need: 2024 Official Entry Form (Word Doc)
Past Winners & Finalists
Below is the list of finalists from the NIBS Worldwide Business Plan Competition. 2024 Winner: Assumption University, Bangkok, Thailand - LoCo, business plan video pitch Runner-up: Technological University of Dublin, Ireland - Memoria business plan video pitch Third place: LAB University of Applied Sciences, Finland - Ailune business plan video pitch 2023 Winner: UCLL, Belgium, Team ...
Lomba _ Event _ Seminar
30 likes, 0 comments - lombamahasiswa.id on August 21, 2024: "*[Business Talk #10 X Gelar Karya UKMF Inspire FEB UNY 2024]* Proudly Present *NATIONAL BUSINESS PLAN COMPETITION 2024* Dengan tema "Innovative Digital Approaches for Sustainable and Competitive Global Enterprises''. Ayo ikuti NBPC Business Talk #10 X Gelar Karya dan raih kesempatan menjadi juara!! 磊 *Syarat dan Ketentuan* ️ ...

Plan Projections

Competition in a Business Plan

Who is the Competition?

Competition Presentation in the Business Plan

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How to Win Any Business Plan Competition, From a 4-Time Winner

Ask to see the judging guidelines.

Small, real stories beat big, vague ideas.

Find a memorable hook.

Boil your business down to one sentence.

Understanding the Value of Business Plan Competitions

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Research Opportunities

Gaining a More In-Depth Understanding of any Given Industry

Acquiring Valuable Data and Feedback From Professionals

Networking Opportunities

Connecting with mentors who can provide advice and guidance

Connecting with potential collaborators or partners

Presenting Opportunities

Developing Important Communication, Presentation and Critical Thinking Skills

Learning How to Effectively Present a Business Idea

Expanding Horizons

Exploring other industries or sectors that could lead to new opportunities

Increasing overall knowledge and understanding of the business world

Receiving Guidance on a Project from Experienced Professionals

Learning and Growing from an Experienced Perspective

Summary of Benefits of Participating in a Business Plan Competition

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How to Write the Competitive Analysis of a Business Plan

What is a Competitive Analysis?

Why Do You Need the Competitive Analysis?

3 Steps to Writing a Competitive Analysis

1. Identify Your Competition

2. Select the Appropriate Competitors to Analyze

Finish Your Business Plan Today!

3. Determine Your Competitive Advantage

How to Finish Your Business Plan in 1 Day!

OR, Let Us Develop Your Plan For You

Other Resources for Writing Your Business Plan

Other Helpful Business Plan Articles & Templates

Write the Competition Section: Business Plan Writing

What is the Competition Section?

Why Do You Need a Competition Section in Your Business Plan?

If your purpose is to direct your business growth:

If your purpose is to create a business plan to seek investment:

How to write a competition section in your business plan?

1. Determining and Documenting Your Business Position

How to determine your market position?

1. Position Mapping Graph

2. Competitive Matrix

How to document in the competition section for your business plan?

Why is this step important?

2. Determine and Draft Your Competitive Advantages

Drafting your competitive advantage

3. Put in the customers’ review

Here’s how you do it-

How to draft it-