Contests and competitions are held all over the country. Hundreds of them are identified on websites. These lists help you quickly narrow down choices that fit your needs since accessibility parameters vary from one contest to another. Participating in a contest offers many upsides, whether you win or lose. Here are a few pointers to keep in mind if you want to take part.

A Test for Entrepreneurs

First, business creation contests allow entrepreneurs to playfully test drive their project idea. Usually, the best applications proceed to an oral presentation before a jury who select the winners. Participation in such a contest is an excellent opportunity to refine your pitch before experienced professionals. It also helps avoid costly mistakes later on, as participating entrepreneurs may be alerted to a potential weakness in their scheme. It’s essential to value an outsider’s perspective, especially when it comes from experts.

Incentives to Participate

The most exciting reasons to participate are the financial rewards and the media coverage promised to winners. This visibility can help you get noticed, and you might even find clients. In 2007, my associate and I had the honor of receiving the “Master of Business Creation” award from none other than Bill Gates, after participating in a contest. The award ceremony was held at the Entrepreneurship Convention. You can imagine how much credibility and exposure that prize brought us.

Another example of how participation can benefit you occurred in 2006 when we were candidates in the Urban Talent competition and lost in the final round. However, our disappointment was brief. A member of the jury, the communications officer at SFR, contacted us a few days later to place an order. That’s an original way to get noticed and find prestigious clients.

There’s No True Failure in a Contest

You never waste your time by participating in a contest, even if you don’t win. Since application files are designed according to the business plan concept, filling them out prompts you to ask the right questions about the project’s commercial, marketing, and financial aspects. This exercise improves your business plan and your overall thinking about your project. The work will prove useful throughout your company’s existence, especially for projects that require fundraising.

Tips to Boost Your Chances

1. Carefully select the contests that suit you and devote the necessary time to them. Taking part remains a time investment that shouldn’t be at the expense of attracting customers.

2. Be realistic about the figures you provide in your application file; only credible projects are likely to be selected. Having an accountant validate the figures is a good idea. In our case, we asked our bank manager to review our file, and he kindly agreed.

3. Prepare your oral presentation. Visual support, like a slideshow, is essential to make it more valuable. The jury members will understand your explanations better if they can see visuals or graphics.

4. Don’t hesitate. This is the first quality of an entrepreneur. When in doubt, the national lottery’s famous slogan applies perfectly to business competitions: “100% of winners took a chance.”