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presentation).However,youwon’tdoyourselfanyfavorsbybeinganythinglessthanhonestandas
realisticaspossible.Ourjudgingpaneliscomprisedofbusinessprofessionals,financiers,andangel
investors.Anythinglessthanasincere,realisticapproachwillbeevidenttotheirpracticedeyes.
Finally,asanIDEAparticipant,youareencourage
dtotakeadvantageofthealltheresourcesprovided
toparticipants—podcasts,samplebusinessplans,templates,andpersonalizedconsultingavailable
throughtheSmallBusinessDevelopmentCenter.Ifyouhavequestionsatanytimeduringthe
competition youmaycontactIDEA Competition ProjectCoordinator,Michelle Landsverk,byemailing
info@ideacompetition.org orbyphoni
ng218‐435‐2834.
... FeaturestoBenefits:
v
featuresarethespecificcharacteristicsofyourproduct(red,
metal,25lbs.,etc.)Benefitsarewhatthecustomergainsfromyourproduct.Askyourself
what’sinitforyourcustomer,orwhyacustomerwouldpurchasetheproduct.Turnyour
productfeaturesintocusto merbenefits.
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IDEA COMPETITION BUSINESSPLANGUIDE 2012 2013
WelcometotheIDEA Competition! IDEA(whichstandsforIngenuityDrivesEntrepreneur
Acceleration)isaprojectofIngenuityFrontier,acollaborationofpartnersjoinedbyacommon
purpose—togrowtheeconomyofNorthwestMinnesotabyoutfittingthenextgenerationof
homegrowninnovatorsforsuccessintheglobalmarketplace.
IDEAismanagedbysever
alpartners:360°ManufacturingandAppliedEngineeringCenterof
Excellence,AgriculturalUtilizationResearchInstitute,BemidjiStateUniversity,EnterpriseMinnesota,
HeadwatersRegionalDevelopmentCommission,MinnesotaDepartmentofEmploymentandEconomic
Development,NorthlandCommunityandTechnicalCollege,NorthwestMinnesotaFoundation,
NorthwestRegionalSmallBusinessDevelopmentCenter,NorthwestRegionalDevelopment
Commission,andUniversity
ofMinnesotaCrookston.
Yoursuccessisoursuccess.Thisplanisaguidethatwehavedevelopedthroughyearsofexperiencein
assistingindividuals(suchasyou)inbringingpromisingid ... Break‐evenTimeline:howlonguntilyoureachyourbreak‐even
vii
point?
VII. YourManagementPlan
A. Legal entity:whatisthe legal entityofyourbusiness?Willyoubeasoleproprietor,a
partnership,acorporation,anLLC,oranLLP?Whatmakesthemostsenseforyouandyour
business?
B....