Business Plan Competition

The Business Plan Competition (BPC) is one of our amazing activities which is carried out annually. This is one of the best ways to get entrepreneurs in the country. The BPC has nine easy-to-follow stages. They are as follows:

  • Awareness
  • Idea Generation/Application
  • Vetting for potential Ideas
  • Business Skills Training
  • Business Plans Development
  • Evaluation of Business Plans
  • Presentation of Business Plans before Jury
  • Announcement of Winners
  • Access to finance

The awareness stage is where we organize an awareness/stimulation workshop to get interested candidates for the competition and then put out posters and also give out flyers.

The idea generation/application stage gives the opportunity to every applicant to generate and improve business ideas and filling in of form which is usually picked up from our offices and is submitted at our front desk within a specified period.

The Vetting of potential Ideas stage allows the Jury set up by the BSC to select potential business ideas that have the ability to grow and develop into strong/improve businesses. All ideas that are potential move to the next stage of the competition.

Business Skills Training stage is a very interest aspect of the BPC when our certified trainers enter the training room with participants. For two to three weeks participants learn to turn their business idea into business plan for obtaining access to finance and improve on revenue generation and learning best practices from other country with interactive discussions which transforms participants into entrepreneurs. This is amazing.

Training Entrepreneurs at the Entrepreneurship Center, Monrovia-Liberia

Training Entrepreneurs at the Entrepreneurship Center, Monrovia-Liberia

After training, all entrepreneurs are required to produce a business plan based on their idea/existing business. This is the Business Plan Development Stage. At this stage staffs are available to every entrepreneurs to ensure that their questions are answered but NOT writing their plans for them.

After, every business plan is evaluated by the Jury to obtain the best. This is the Evaluation Stage.

The Presentation Stage is one of the interactive stages. Here, each entrepreneur has the time to present their Business plan before the jury and each judge scores every presentation on a score card. The judges are also allowed to make their selection of which business plan is their best. Hence, a final decision is made on the winners.

Princess Koffa, Winner of BPC 2010

Princess Koffa, Winner of BPC 2010 who has Access to Finance

The winners are later announced at a formal program. The winning business plans are then forwarded to the bank.

Here, there is access to finance after the bank’s Due Diligence. This is the Access to Finance stage.