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Business plan competition offers $25K prize
McCOOK, Neb. — The deadline to enter in this year’s Hormel Entrepreneurship Competition and a chance to win $25,000 is approaching. The application deadline is Nov. 30.
Through a partnership with McCook Community College and Southwest Nebraska area business sponsors, the Hormel Entrepreneurship Competition helps local business startups or expansion using business plan writing and a business grant. This competition is open to new business development or business expansion in seven Southwest Nebraska counties including Chase, Dundy, Hitchcock, Hayes, Frontier, Red Willow, and Furnas Counties.
Some former winners of the competition include Citta’ Deli, Loop Brewing Co., and Game On Games & Comics.
“If it is something you are passionate about you shouldn’t be scared of failure,” said Cody Dame. With a boost from the Hormel Entrepreneurship Competition, he opened Game On in 2007 and recently opened a fourth store, this one in Grand Island.
Perhaps more important than the money he won, Dame believes the most valuable thing he received from entering this competition was developing his blueprint for success.
“I was scared to write a plan, terrified to put it out there and feared something or somebody might tear it down,” he recalls. Today that plan – with a few refinements along the way – helps him make critical decisions in multiple areas of his business considerations.
Dame believes that getting applicants involved in the business plan by taking classes at MCC is a great benefit.
Another of the Hormel Competition’s previous winners agrees that when it comes to new business ventures, the more good information you have the better off you are.
“I believe that a lot of people out there think that starting a business equals making a lot of money which is usually the goal,” said Tyler Loop, whose business “The Loop Brewery Co.” won the Hormel Competition in 2010. “But it takes a lot of time to get there and a lot of sacrifices, so doing your research and understanding the business, the industry you're in, along with the risks involved are vital to success.”
“That is what a business plan does for you, it forces you to understand what you are getting into and if it wasn't for the Hormel Competition,” Loop said. “I'm not sure I would be open today without it.”
In addition to giving applicants a vital education on opening and running a business, Loop said the completion provides an incredibly valuable amount of free publicity.
During the 2016 competition two traditional students took the class and presented their business plan to the judges. One of those students was MCC graduate Bailey (Kool) Meissner, who has since opened up the McCook business – Head 2 Toe Spa, located in the Wild Beauty Salon, 512 East B.
“I took this business plan class as a student at MCC, and it became key to me being able to open my own business just out of college,” Bailey said. “The first time I applied for business loans and presented my business plan, I think the guy was prepared to walk me through the steps of what I needed to prepare one, but when I presented him my finished plan, he was surprised and said something like ‘Wow, this is a first -- nobody has ever come in like this with everything ready to go.’” It helped her get a business loan and begin her venture on a strong foundation before she reached the age of 21.
This year, the business plan program of the Hormel Competition has expanded into the MCC Youth Engagement Development/Entrepreneurship Program, helping young entrepreneurs like Bailey while they are in college or high school.
Through a grant from the Nebraska Community Foundation Fund and McCook Foundation Fund five students can earn scholarships to take this class and pitch their business for $5,500 in grants for student start-ups,” said McCook Economic Development Director Andy Long. If interested in applying for this scholarship, submit a resume and cover letter by Nov. 30 to andy@mccokne.org.
There are three options to participate in this program including attending the E-Day event on campus April 26, 2019; present a business plan to win business grants; take the Business Plan Writing Class and win business grants.
Following the Nov. 30 application, for the Hormel competition, a panel of judges will determine the finalists who will receive a scholarship to pay for tuition and fees (about $321 worth) to enroll in the mandatory eight-week on-line Entrepreneurship Business Plan writing course offered through Mid-Plains Community College for the Spring 2019 semester. Finalists will then have until April 5 to compile and present their business plan to the judges.
In 2016, more than $25,000 in business grants were distributed to multiple winners including: Citta’ Deli, McCook; Farkleberry’s, Hayes Center; KB Home Care, McCook; Lamp Post Coffee and Boutique, Benkelman; Myrtle Health LLC, Imperial; On the Spot Services, McCook; and Tornado Alley, Arapahoe.
Prize money can be used to develop business ideas or expand on current business with no strings attached.
The Hormel Family Foundation Their foundation is committed to education, entrepreneurship and business development in the McCook and southwestern Nebraska economic region. They believe that education and entrepreneurship are the strongest weapons against the population loss. This competition began in 2007
For more information about the competition please call the MCC’s Community and Business Education at 308-345-8122, email: HormelEntrepreneurshipCompetition@mpcc.edu
For competition rules, deadlines and complete details please visit the Mid-Plains Community College website and click on the “Hormel Entrepreneurship Competition.”