Manama, Bahrain: - The Entrepreneurship Training Center (ETC); an initiative led by the Bahrain Small and Medium Enterprises Society (BSMEs) in partnership with Tamkeen, which was launched last year in February 2020 announces its new edition of the Business Plan Competition 2021. The competition is open to all students part of the ETC program accepting applications until Monday, 10th May.
The Entrepreneurship Training Program Business Plan Competition aims to stimulate global entrepreneurship among young individuals in the Kingdom of Bahrain. Participants are challenged to conceive of a viable new product or service, and then prepare a business plan and video aimed at convincing potential investors to invest in the business.
Post registering for the Business Plan Competition, students will go through a qualifying round which consist of submitting a written business plan. Entries with a weighted score of 60/100 or higher will progress to the second round where they will submit a 5-8 minute ‘pitch’ video describing the market opportunity and proposed product / service. Finalists will be selected for the final round and will present their business plan to a panel of judges.
By participating in the competition, students will gain experience in several areas such as Identifying business opportunities, developing a business model, and writing a formal business plan, performing market research and feasibility studies using primary and/or secondary data, pitching their idea to an international panel of business professionals and academics developing communication and organizational skills and working as part of a team. Additionally, students will get access to mentorship workshops that will support them in developing their business plans, perfecting their pitches and presentations and much more in partnership with various organizations.
President of the Bahrain Society for Small and Medium Enterprises Development; Ahmed Sabah Al Saloom commented, “The Entrepreneurship Training Centre serves as a stepping stone for future entrepreneurs, especially in a critical time, where initiatives such as this are needed for the Kingdom. The Business Plan Competition allows students to be part of a vigorous practical experience where they will get to experience the entrepreneurial journey firsthand learning all the necessary elements to creating successful and sustainable ideas. We look forward to the new ideas and plans being presented to us this year, and hope they can inspire others to take the same path, and create alternative sources of income and potentially a business they can run that will contribute to the economy and its various sectors.”
The Entrepreneurship Training Centre is in cooperation with the Ministry of Labor where a total of 50 Bahraini jobseekers registered with the Labour and Social Development Ministry are trained to become owners of entrepreneurial projects as an alternative option to employment. The Training programme is held in cooperation with Tamkeen which focuses on the basics of entrepreneurship, including operational, marketing and developmental skills.
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© Press Release 2021