Innovation Challenge Advisory Committee member Larry Pate compared starting a business without a business plan to taking a cross-country trip without knowing how you’ll reach your destination. “The odds of success of just getting in the car and driving are slim. You might have a fun time, but it will take you a long time to get there.”
Students interested in entering the 2015 Innovation Challenge got a lesson Tuesday in a key part of the competition: creating the business plan. The contest offers $50,000 in seed funding and business services to the winning business idea.
“It’s one thing to have an idea—it’s another to say how you’re going to make money,” said Pate, chief learning officer at Decision Systems International. Continue reading “Entrepreneurs Get Lesson on Business Plans”