The Miami Herald recently announced the winners of this year’s Business Plan Challenge, and with over 200 entries, it can easily be said that the entrepreneurial spirit is alive and well in South Florida. The commentary provided by the various judges offers great insight into the local climate, and speaks not only to the for-profit sector, but to the non-profit as well.

“Most folks fall in love with an idea, then spend a great deal of time developing that idea. Early on, they need to start checking their assumptions and make sure that the idea can be a profitable business. Some ideas are great but they make a lousy business…A good idea is never enough, your business plan should explain how you will execute the good idea.” – Rafael Cruz, Florida Small Business Development Center, Broward

“Know your skills and how to use them effectively. Know your weaknesses and how to compensate for them. Find a mentor and heed his or her advice. Share your knowledge – be a mentor to others.” – Marjorie Weber, SCORE Miami

“Be very clear on what your core competencies are – and then outsource everything else. In order to conserve cash and resources, young companies need to define and focus on their strengths.” – Melissa Krinzman, Venture Architects (from the 2009 Challenge)

As we enter the “sleepy” summer season, it’s a perfect time to consider these ideas as we seek to improve the capacity of our own companies and organizations. QuarterCompany recognizes the need among the small business and nonprofit community to understand these areas, and focus on core competencies and programs to ensure success. For more information on how QuarterCompany can help your organization grow and be successful, call us today at (305) 791-1189.

 
Commentary provided courtesy of Nancy Dahlberg, The Miami Herald Business Section