If you asked him two years ago if he'd ever consider entering the Business Plan Competition, he would have flat-out refused, but that all changed.

"Before I ever even thought about entering the competition I watched some of the competitors present," said Jake Tanner, recent BYU graduate and co-founder of KAM Coach Inc. "I thought, 'Who are these guys? What kinds of people have this much time to run a business during school? There's no way I'll ever do this.' But one thing led to another and we ended up entering the competition."

One thing certainly did lead to another, as evidenced by the oversized $50,000 check and 2006 grand-prize winner's plaque hanging on a wall inside his Dallas-based business.

That grand prize is up for grabs once again as this year's Business Plan Competition is on its way, with the main kick-off event happening this week.

To compete in the Business Plan Competition, students who have an interest in running their own business have to create and present a detailed outline of a business idea, also known as a business plan, said Diego Carroll, director of the Business Plan Competition.

"The business plans students need to produce include providing a look at what their business idea is, what the market potential is for the business, what the financial needs and opportunities are and any other factors that are needed to convince somebody that their business would be successful," he said.

Though writing the business plans might take some business know-how, the competition is not just for business students.

"Anybody can get involved," said Gary Williams, faculty adviser for the Business Plan Competition. "If you've got an idea, you can come and develop it into a business. Even if you don't have an idea, you can come join a team and provide input from your perspective and educational discipline."

Participating in the Business Plan Competition helps students, especially those with non-business majors, "round out" their education, he said.

The final Business Plan Competition, which will be in early 2007, is just the last in a succession of warm-up meetings and workshops designed to help get students prepared to present and be judged on their business plans.

The first of those meetings is the kick-off event this week.

In addition to being a "high energy" event open to all BYU students, Carroll said, the kick-off is going introduce students to resources that will help them get started in the competition.

"There's going to be a video introducing the Business Plan Competition, some presentations that will outline our process and timeline and we'll have a couple of our past winners tell their experiences," he said.

The experience and exposure students get from the competition are only part of the reason they participate.

"The grand prize is $50,000-$25,000 in cash and $25,000 in in-kind services," Williams said. "For a student, that's a lot of money."

In addition to the grand-prize winner, other finalists will also receive prizes; though they have yet to be determined.

The prize money and services have definitely been a good thing for Tanner and his business, but above all else, the experience was the best part.

"That experience was the best education that I could have received at BYU," he said. "I learned more in those five months than I did with any other experience at BYU."

What: BYU's Business Plan Competition kick-off

When: Oct. 12, 6:00 to 7:30 p.m.

Where: Room 3220 WSC

Copyright Brigham Young University 10 Oct 2006