I was a judge at an entrepreneurship competition this weekend and i listened to the 8 finalists. So I asked the orgnaisers how many people entered the competition. 1000! Jeez thats a lot of entries. I happened to be sitting next to the founder of The BIG Break TV program that is also a competition. So i asked him the same question. He said that 12,000 people entered his show and of course there is only 1 winner and 12 finalists. Then i looked around at the many many competitions that are now available to entrepreneurs across the world. Thousands of people enter these competitions, a few are finalists and the rest?? My opinion is that no one should be a loser in an entrepreneurship competition. So How would i run an entrepreneurship competition?
1. All the entrants are looked at as possible entrepreneurs rather than there ideas alone.
2. Everyone must receive feedback that will encourage them to keep trying...as perseverance is so important being an entrepreneur.
3. Everyone should be encouraged to come back and pitch again and again and again....until they get it!
4. The databases of all the losers should be compiled into one massive database and this should be the foundation for training, encouragement and motivation for wanna be entrepreneurs.
So at the moment we have winners and losers.
In my system i want only winners and winners.
I will begin by compiling a list of all the "losers" and start the long process of getting them up to speed, Who knows the judges may have missed quite a few diamonds on the way.