MIDLAND, TX (KWES) - Has starting your own business always been your dream? Do you already have an idea? Well, you might need a whole lot more than that.
The Small Business Development Center is looking for people with plans with exactly on how they plan to achieve their business goals.
Enrique Moreno has been a business owner for 15 years. But one thing he's good at is helping other people become successful businesses owners.
"Entrepreneurship isn't about knowing business," said Moreno. "It's about having an idea that's developed."
As part of the Midland Entrepreneur Challenge, the Small Business Development Center is looking for those ready to compete and ready to start to go from employee to employer.
"This is another avenue to provide funding for start ups or existing businesses that otherwise couldn't obtain funding through conventional methods which is banking or investors," said Moreno.
Whether it be a start-up or expansion, entrepreneurs will compete against each other to develop a model for their growing business. The business would hopefully impact their city and would eventually grow outside the Tall City.
"The goal is to provide new monies coming into the area," said Moreno. "That's the whole goal of this challenge and the Midland Development Corporation."
Got an idea? Not so fast. It's more than that. It involves six things you must know that would give you the best opportunity to win.
- Who exactly is your target audience?
- What's your selling price?
- How much is it going to cost?
- How much do you plan to sell?
- So how much money will you need?
- But also, how are you going to spend that money?
The challenge is within a six month period and the winners will get the opportunity to have $50,000 - $75,000 to start or expand thanks to the Midland Development Corporation.
The business must be headquartered in Midland and after three years, 50% of what they make must come from outside the city.
"You're giving one of the biggest challenges entrepreneurs face is start out capital," said Moreno. "This is the opportunity to fill that gap to help people achieve the dream they've always wanted to achieve to become that entrepreneur business owner."
It's a way not to make your ideas realities but make realistic plans come to life.
All you need to do if you have what it takes is to attend orientation. The first session is May 1 and the second session is May 3. Both are at the UTPB CEED building from 6 - 7:30 p.m. Anyone and everyone can attend.