There’s a great way to get noticed as a budding entrepreneur that often gets overlooked. Competitions give rising entrepreneurs an opportunity to pitch their startup or new business in front of other business people and judges. These competitions can help you and you raise money needed to grow the business.

To find these competitions, start with your local college or university. Some colleges and universities host young entrepreneurship competitions that you might not find with a Google search.

Here are three tips for how you can succeed with this type of contest.

1. Know the rules of the competition.

You need to develop a well-organized and well-researched business plan. Then, take the time to review, and review again, the requirements for the specific competition in which you will participate.

Make sure that you have a clear and accurate understanding about what the competition is looking for and how the competition works.

2. Create a compelling presentation.

Make sure you can clearly talk about the new business. Have a clear and compelling offer.

Highlight the problem the business solves and show how the business’ solution(s) stand out from similar businesses. Include enthusiastic customer testimonials and/or at least one or two success stories, if your young entrepreneur’s business is already active.

3. Use the competition as a springboard.

Participating in an entrepreneurship competition can help a business become successful, even if you do not win. No matter how the competition ends, entrepreneurs can use the opportunity to communicate and network with the competition’s judges, mentors, and fellow participants, especially if it’s an in-person or local competition.

Now, if you do win the competition, let the world know. That includes social media, of course, but also consider reaching out to podcasts, blogs and traditional local media, offering yourself as an expert commentator. As a contest winner, you now have a perceived expertise that you did not have before – take full advantage of that!

Takeaways on winning entrepreneurship competitions

Entrepreneurship competitions are a great opportunity to build skills in math, creative skills, marketing skills, and in other categories. Use these three helpful tips while guiding your student during a contest:

  1. Get a clear understanding of the contest’s rules.
  2. Create a compelling presentation.
  3. Use the competion as a springboard, whether you win or lose.

Using these three tips will boost your confidence – and your business.

Photo by Jason Goodman on Unsplash

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