$2,500 Prize Offered for Best Business Plan

Paducah - A key component of any entrepreneurial venture is a well-prepared business plan.  Many businesses and business start-ups, however, try to navigate their way through the business world with no plan and, ultimately, no clear direction.

EntrePaducah® wants to not only educate entrepreneurs on business plan writing, but reward this area's best business plan!  The entrepreneurial support agency is teaming with Paducah Bank to award a $2,500 cash prize to the winner of the first EntrePaducah-Paducah Bank Business Plan Competition. 

EntrePaducah Executive Director/Concierge Terry Reeves says many of the agency's clients either have no knowledge of business plan preparation, or are intimidated with the process.

"We constantly encourage the business planning process through educational programs and one-on-one counseling," said Reeves.  "Conducting an actual competition with a substantial prize will help demonstrate how serious we are about the importance of business planning."

As financial sponsor of the competition, Paducah Bank CEO Joe Framptom recognizes the correlation between business planning and business stability.

"The latest research indicates that 70 percent of new small businesses survive for at least two years," Framptom said, "but less than half survive for more than five years.  The opportunity for success is greatly enhanced if a formal business plan is created and followed."

EntrePaducah will accept entries beginning Thursday, February 3, 2011, although entrants may begin preparing their entries at any time.  Contest rules and the official entry form will be available soon at www.entrepaducah.com  Deadline for entries is March 31, 2011.

EntrePaducah is the local source for entrepreneurial support and development.  The agency's strategic and financial partners are the City of Paducah, McCracken Fiscal Court, Paducah Area Chamber of Commerce, and the Greater Paducah Economic Development Council.  EntrePaducah's tech-business support program is a partnership with Murray State University and the Kentucky Department of Commercialization & Innovation.