IFEL 2011 Business Plan Competition: Grow Your Business!!!
by: ellis j. still

In 2009 I was a finalist in the IFEL (Institute for Entrepreneurial Leadership) business plan competition in Newark, NJ (see previous post). Since then the first phase of my business was launched, and has grown at a near exponential values ever since. Much of my personal growth and the business’ success are attributed to my experience with IFEL.

The business plan is essentially a snapshot of your business. It is easy to come up with the idea for a business, and even to start a business. Yet for a business to thrive in the long run you need a solid business plan that outlines all of the key factors that goes into your business. The business plan is not necessarily about the plan itself as a document, but the plan as a thought process that allows you to think through of all of the things that make up your business

The 2011 IFEL Business Plan Competition is currently underway, and you do not want to miss out on this tremendous opportunity. Since 8 is the number of new beginnings, here are the top 8 reasons to participate in this year’s IFEL Business Plan competition:

  1.  If you do not currently have a business plan, it is a chance for you to map out your business
  2. If you already have a business plan it will allow you to test and tweak you model via a panel of experts.
  3. The competition will allow you to expose your business to funders, consumers, and the general public
  4. The competition will force you to not only think about the vision, but also the execution of your business
  5. Finalists get to present their elevator pitch at the Next Level Conference / Awards Luncheon on March 31st, 2011
  6. You get feedback from business, banking and entrepreneurial leaders
  7. It will be good practice in putting together submission packages
  8. You get to win some cool prizes, including cash ($10,000), a digital branding package (value $15,000) and professional development resources from TBB. 

While the submission deadline is this Friday, February 11th, 2011, there is still time to participate, whether you already have a business plan in place or not. Simply go to ifelnj.org, and all the information that you need is there. If you do not already have a business plan, IFEL has templates and outlines for your use such that you can quickly begin to formulate your thoughts on paper. I also participated in the competition in 2008 at the last minute. My plan was horrible, but if I had not participated, I would have been trying to go forward with a horrible plan in 2009 as well. 

Question:  What are you doing to grow your business to the next level?

© 2011, Ellis J. Still. All rights reserved. Photographs provided by the Institute for Entrepreneurial Leadership (IFEL)

Disclosure of Material Connection: I have not received any compensation for writing this post. I have no material connection to the brands, products, or services that I have mentioned. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255


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