What is the purpose of the FBLA business plan competition?

The purpose of the FBLA business plan competition revolves around developing entrepreneurial skills and a solid understanding of business planning. Participants engage in this competition to cultivate their abilities in strategic thinking, market analysis, and financial forecasting, all of which are crucial components of creating an effective business plan. By participating in this competition, students learn to articulate their ideas for a new venture effectively, assess risks, and identify potential for success in the market.

While demonstrating product knowledge, promoting teamwork, or enhancing public speaking skills may be valuable skills fostered during the competition or through participation in FBLA activities, the primary focus of the business plan competition itself is to immerse students in the principles of entrepreneurship and the intricacies of developing a comprehensive business plan. This aligns with a core objective of FBLA, which is to prepare future business leaders through practical experiences.