3. Why do most entrepreneurs need substantial savings before proposing a start-up business?

The BPA Entrepreneurship Event challenges participants to develop an operating plan and operational structure for a small business. Each participant selects a legal form of business that is appropriate for their small business.

The business plan developed in this event includes financial goals, a budget, and other necessary financial statements.

Each contestant will develop a business plan that cannot exceed ten

(10) single-spaced pages. The business plan is for a start-up business in the student’s community or local area. The business plan must market a new product. Students should conduct extensive research to determine what type of new business would be successful in their community or region.

The business plan must convince bankers and venture capitalists that the idea has great profit potential. Most businesses take up to three years to earn a profit. The proposed business plan must show enough financial depth to weather the early years of operation.

The business plan must include title page, table of contents, executive summary, description of proposed business, objectives of the business, proposed business strategies, products and/or services, form of ownership, management, market analysis, customer profile, competition, short-range operational goals, financial analysis, and supporting documentation.