West Virginia college students who want to be their own boss have until Oct. 1 to register for the third annual Statewide Collegiate Business Plan Competition sponsored by West Virginia University .

The WVU Entrepreneurship Center within the College of Business and Economics began the competition for WVU students only in 2003 before expanding it statewide in 2006.

Any student from a four-year, degree-granting West Virginia college or university is eligible to win one of two $10,000 first-prize awards. More than 70 business leaders throughout West Virginia assist in the competition, which gives participants a unique opportunity to network with contacts that can help get their business plan started.

As interest in entrepreneurship has grown across the state, so has interest in our competition,said Mindy Walls , Entrepreneurship Center director.We recognize the importance of reaching out to all areas of the state and giving students the opportunity to develop their business ideas.

The competition provides students the opportunity to submit a business idea to be evaluated by a panel of professors, venture capitalists, experienced entrepreneurs, high-tech industry leaders, certified public accountants and business lawyers. Participants can enter as individuals or a team, but all participants must be enrolled as a full-time student at a college or university in West Virginia. All entrants must also plan to locate their business in West Virginia.

Entries are divided into two categories: Innovation and Lifestyle, with a $10,000 grand prize awarded to a winning team in each category. Each grand prize also includes a bundle of services to assist the winners in starting their business.

The competition includes three rounds, and the first round consists of submitting a three- to five-page summary of a business idea. Oct. 1 is the deadline for this round.

The second round will take place on Nov. 12, with the semifinalists giving two-minute pitches on their business ideas. Judges will also conduct individual interviews with each team. Round two will end with the selection of five finalist teams in both the Innovation and Lifestyle categories.

The second round of competition is a critical one,Walls said.While having a solid business idea is the first step, the ability to sell the idea and demonstrate your passion for seeing it come to fruition is critical.

During the spring semester, finalists will take part in a comprehensive entrepreneurship education program, including working with business coaches who will also serve as mentors by helping the finalists. At this stage, each team will also receive $1,000 to help develop its plan.

The final round of the competition will take place April 18, 2009, with each team being judged on its submitted final business plan and an oral presentation.

The competition takes place over a seven-month period,Walls said.This gives finalists a wonderful opportunity to learn and develop a solid business plan that can set their business in motion. The support from the business communities is invaluable to the teams. In past years, we have had finalists who didnt win the grand prize but have successfully taken what they learned and the contacts they have made and used it to get their business up and running.

Competition registration and entries are due Oct. 1.

More on the Net: www.be.wvu.edu/bpc/