The way to go about the financial problems we have today would have to be to turn to entrepreneurship. With most companies choosing to stop hiring and lay off workers, one good recourse is to go into business by themselves. Though risky, it seems to be the feasible way for now if you are to weather the financial difficulties brought about by this economic problems we are facing today.

Understanding the strain that the current financial market has placed on small businesses, the Washington, DC Economic Partnership’s BusinessPremier program has launched a new initiative, PremierPlan, a business plan competition. The program, which will award $100,000 in investment capital and a package of pro bono services, is funded by DC Certified Capital Company participants, and is held in conjunction with the DC Coalition for Capital. Additional pro bono business services are provided by Venable LLP and Preferred Office. The goal of the competition is to “promote entrepreneurship and the development of early stage companies in the District of Columbia.”

Businesses who meet the requirements, DC-based, operational for at least one year, a small business as defined by the SBA, and satisfy employee residency minimums are encouraged to apply. Applicants must also show that they have failed to obtain conventional financing.

To assist businesses in developing the most compelling business plans, the Washington, DC Economic Partnership will be holding workshops taught by industry leaders and renowned faculty from local MBA programs concluding in May. The orientation program will be held on March 11.

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