July 19, 2011

I often wonder if people truly understand the benefits of participating in business growth competitions like Make Mine a Million $ Business. I can’t stress the enormous advantages, regardless of how far along or experienced—or inexperienced—a small business owner may be. These kinds of competitions provide unique education and professional development opportunities. Think about it: You get professional feedback on what you’re doing, peer exchanges and the chance to network with other like-minded entrepreneurs. The possibilities for professional, personal and family development are endless. In my opinion, participating in these events is a must for any small business owner interested in growth.

In addition to the non-monetary gains, I can’t emphasize the significance of American Express OPEN to our program. Not only are they a founding sponsor of M3, but all of the pitch competition winners from our M3 1000 events also receive a $1,000 American Express gift card. I’ve seen firsthand how that money—and the confidence that comes with the recognition of winning—can change a small business owner’s life significantly.

Just ask some of the winners from our Denver M3 1000 event on April 4, 2011. They all won by pitching their businesses. Translation: You have to be in it to win it!

After executive coach Christina Schlachter won a $1,000 Amex gift card from the initial pitch competition round, she hired a marketing expert to help with her business and it was one of the best things she could have done.

“I had been thinking of doing it for a while, but never really felt comfortable paying for something I thought I could do on my own,” she says. “What an amazing return on my investment!” She changed her company name from Two Hemispheres Consulting to She Leads and is now focusing on leadership development for women and women-owned business (and is investing another $1500 in a Web developer and another $1000 in marketing and PR).

“While a part of me really wanted to buy a fabulous pair of shoes, my business sense said to invest in the business and when I hit the $1 million mark I can buy five pairs of fabulous shoes!” she says.

Beth Wright, the owner of Peace Dog, a high-end pet boutique, used the gift card to get a Wi-Fi signal booster and router to share Internet in her office with her two new employees, give them access to her Wi-Fi enabled printer, to get an office phone system and to purchase a lightning surge protector for the wi-fi and Quickbooks 2011.

Then there are the personal uses: Saudia Davis, the founder of GreenHouse Eco-Cleaning, put the money toward her younger sister’s college education expenses. Carolyn Rodz, of Cake Communications, was finally able to pay herself a salary.

I urge you to seriously consider join us at our upcoming competition event, our M3 1000 Philadelphia on September 25 and 26.

But we’re not the only game out there! I also recommend:

• Pitney Bowes' pbSmart™ EssentialsSmall Business Makeover competition. Five winners will receive a suite of PB tools and one-on-one coaching worth up to $10K! All you have to do is tell them how you would give your business a communications makeover. Deadline is today, July 19, so register ASAP!

• There’s also Ernst & Young Entrepreneurial Winning Women program, which gathers high-potential women entrepreneurs to participate in an executive leadership program that’s designed to expand your knowledge with the latest information, research and executive dialogues about business strategies and practices; identify potential partners, strategic alliances, customers and suppliers as well as prospective sources of private capital; provide access to informal, one-to-one guidance and support; and strengthen their executive leadership and business skills and identify opportunities to grow through meetings with senior advisors and seasoned entrepreneurs.

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Join the conversation ( 1 )

• Barbara Spohn-Lillo 10 months ago

  

  I so agree. I was 50 when I won, and had been in business for almost 30 years. Competing forced me to look at my business differently. What a gift!