The CitySpark Big Ideas Competition at City University was the first business plan competition I’ve ever taken part in. A few weeks ago, I competed in my first business competition. The post can be viewed here. Also, to view the official City University press release, click here.
When I first saw a poster in the hallway for the CitySpark business plan competition, I thought of it largely as being a one time event. I thought you would spend weeks writing up your plan, submit it, and then you would pitch and it would end there. What I soon came to understand is that CitySpark is more than an event, it’s a coaching organization for entrepreneurs, and more importantly, a community.
For those of you who know me, you know I’ve done a fair amount of reading about business. Whether it’s Andrew Carnegie’s Autobiography, Rich Dad Poor Dad, How to Win Friends and Influence People, or watching hours of interviews of Warren Buffet, Richard Branson, or Felix Dennis, I’ve always sought to learn more about this mysterious world of entrepreneurship. However, nothing compares to the amount of valuable information I’ve gained from the presentations by various CitySpark representatives, entrepreneurs, and investors. Should you decide to enroll in this competition or any business plan competition, take advantage of the presentations leading up to the event! Especially if they bring speakers who have real entrepreneurial experience.
In addition, if you know me, you know that I’m very fond of accomplishing tasks independently and, whether its exercise, school, or writing, take pride that I don’t need a community for motivation or help. If I can’t accomplish the goal on my own, it means I need to dig deeper, find that hunger, and develop the kind of drive that will sustain me through the bad times. Unfortunately, this kind of mentality isn’t the best for business success. I quickly learned that cooperation and networking are invaluable for getting an idea off the ground.
As an introvert, the idea of “networking” was about as appealing as working the rest of my life for an employer. However, when I began to attend the CitySpark networking events, I was astounded by just how easy it is to talk with other people about business, entrepreneurship, and new ideas. Why? I think it’s simply because when you really are passionate about something, its that much easier to hold a conversation. It’s almost like there was an instant bottom line of rapport because everyone is interested in the same things. It can be very difficult convincing friends to back your business idea or to work for you (in return for equity) for free when they have a different mentality, but when you are with people who have a similar mindset, suddenly an enterprise seems much more possible.
Through the networking events set up by CitySpark, I met my competition partner, and even though I’m going back to America, I know that our business relationship and friendship will continue into the future. Never underestimate the power of being with a group of people with similar interests and similar goals. It’s not about competition, it’s about cooperation!
There is no substitute for meeting real world entrepreneurs. Nothing compares to talking to someone who has literally put his house on the line, used credit cards, all in the pursuit of a dream. You read about these people, but until you attend events like these, you never meet them. Let me just tell you… It’s an extremely powerful experience.
The last thing I want to say about my CitySpark experience is that should you decide to participate, take advantage of the mentor scheme. I was lucky to have an extremely dedicated and at the same time ruthless mentor who honestly criticized our idea, but not to the point where we were discouraged. Sincere feedback is very valuable. Family and friends don’t cut it.
Now, a bit about the competition. Note: this was an executive summary business plan competition, not a full business plan competition. The results? No, I didn’t win. Am I angry? No. Here’s the thing you need to know about business plan competitions like these… you can do months of work, do everything in your power to demonstrate that there is demand, that there is a target customer niche, that the business model is profitable and sustainable, and that you have advisors and partners who will help get this off the ground, but unless the judges fully understand all of this within the time limit of five minutes AND believe you are passionate about the project, you will not win. Yes, you can be passionate, yes the business might have a high chance of success, but unless you communicate that and they believe it, you will not win.
Also, note that in executive summary competitions like these, the judges may not even read your business plan if they have so many to get through. It’s all about the pitch and your enthusiasm. Have you thought about it a bit and do you have enthusiasm for the project.
So how do you win? Well, this is simple, but it all comes down to what the judges think of your presentation. Unless you communicate in a way the judges like, you won’t win the specific competition. Does that mean your business won’t work? Of course not! You can have the best business plan in the world and maybe in a month you launch the company and it is extremely profitable. Does losing mean you don’t have business aptitude? Not at all! It means you need to work on your presentation skills (unless the judge had a question about the business plan you couldn’t answer, in which case you need to address that). I can’t stress enough that you need to have this mentality when going into one of these competitions.
I am something of an opportunist. I believe that in the long run, business skills and the ability to analyze opportunities is what breeds success. As Felix Dennis says…
“If you never have a single great idea in your life, but become skilled in executing the great ideas of others, you can succeed beyond your wildest dreams. Seek them out and make them work. They do not have to be your ideas. Execution is all in this regard.”
I thoroughly enjoyed this competition. I have learned so much about entrepreneurship and have made invaluable connections. It’s wonderful to be able to meet people my age who have the same goals as myself. Being young, whenever I’ve become doubtful about my future success as an entrepreneur, I remember that it is the people around me who will be the successes or failures of the next generation. Make sure to surround yourself with people you love working with and who are just as passionate and driven as yourself.
My closing quote also comes from Felix Dennis:
“When the going gets tough, when all seems lost, when partners and luck desert you, when bankruptcy and failure are staring you in the face, all that can sustain you is a fierce compulsion to succeed at any price.”
The Thought Hole 