Brooklyn's Progress Express
April 2009

As the Brooklyn Business Library’s manager of programs and outreach, Maud Andrew is helping to promote this year’s PowerUP! Business Plan Competition. Given the history of entrepreneurs getting their start in a downturn, the library is anticipating more applicants than ever to compete this year, and is ready to offer the support and resources anyone who is interested in getting a business plan together. Last year, Brooklyn Chamber Member Amanda Jones won the $15,000 grand prize with her business plan for Brooklyn Fudge, a thriving chocolate confectionary business. Could you be the next winner? Read on…

Brooklyn’s Progress Express: Can you tell us a little about the history of the PowerUP! Business Plan Contest and the Brooklyn Public Library’s involvement?
Maud Andrew: This is the sixth annual PowerUP!: Your Business Starts Here Business Plan Competition, a program that celebrates and rewards the entrepreneurial spirit and enhances the vitality of the local business community. Citi Foundation is the sole sponsor of the competition.  The competition introduces participants to the Library's resources and requires they attend classes on finances, marketing, and creating a business plan at the Library.  And they must get a Brooklyn Public Library card!  

BPE: Does this year’s competition have any added weight, given the economic climate?
MA: With unemployment on the rise, New Yorkers from Wall Street to Main Street are taking the plunge and starting their own small business in an effort to regain control of their lives and finances.  At a time when creditors are hesitant to lend, Brooklyn Public Library is providing these entrepreneurs with the money, skills and resources they need.

BPE: What kinds of business ideas have been popular throughout the years?
MA: Every year, we're excited to hear about new ideas from ambitious Brooklynites. The variety of ideas and talents reflect Brooklyn’s diverse community.  Some examples from last year’s finalists include Nzinga Knight whose eveningwear appeals to Muslim women and Elissa Olin who is opening "Green in BKLYN," a store dedicated to selling environmentally friendly organic products.

BPE: What are some of the hallmarks of a winning business plan? 
MA: The competition is looking for a clearly written and thoroughly researched business plan that describes a realistic business that is likely to succeed. Additionally the plan should demonstrate a need for start up money and show that the prize money will have an impact on the business.

BPE: What kinds of skills are new entrepreneurs starting out able to bring to economy?
MA: Equal parts of determination and creativity are important; entrepreneurs are problem solvers and self reliant.  In this economy, a new entrepreneur’s enthusiasm can be helpful and very refreshing, too. They’re excited and full of new ideas, and can get potential investors excited, too.

BPE: What skills are most useful in the planning/start up phase?
MA: You need to be ready to do your research and work hard.  Plan as much as you can, but don’t be afraid to take a risk.

BPE: What have some of the prizewinners gone on to do with their winnings?
MA: Winners have used the prize money to invest in everything from product inventory and rent, to more sophisticated computer programs and to marketing materials.

BPE: Is the library seeing an increase in people interested in writing business plans and working for themselves?
MA: Everyday the Business Library helps people explore the possibility of starting a business.  Unfortunately now, more people are coming in who have lost their jobs, whereas before many more were still working and starting the business on the side.  So far this year, we have had hundreds sign up for the orientations and it’s likely we will surpass the 513 individuals who attended orientations last year. 

BPE: What role does a library play in a recession?
MA: The Brooklyn Public Library is the fifth largest library system in the country, serving the 2.6 million residents of Brooklyn.  The Business Library plays an essential role in the economic life of the borough by providing free and easy access to the resources and information companies and individuals need to work and do business.  Whether helping job seekers prepare resumes and connect with training opportunities or helping individuals get the resources and assistance they need to develop a business idea, the library understands access to this kind of information is extremely important.

BPE: What resources does the Business Library have for would-be entrepreneurs?
MA: In addition to the PowerUP! Competition which provides a cash prize of $15,000 and two second place prizes of $5,000, the Business Library offers free classes, networking opportunities, access to all kinds of online marketing and company data, trade magazines, and regulatory and legal information, and of course books on all the aspects of starting and running a business.

BPE: Where can people go to learn more about the competition and BPL?
MA: They can go to the library's website http://www.brooklynpubliclibrary.org/ or biz.brooklynpubliclibrary.org.  All applicants must attend one orientation. You may register online or by phone. The orientation will give you all the details about applying to PowerUP! Following is a list of orientation dates (at BPL’s Business Library unless otherwise noted):
-  Tuesday, April 14, 2009, from 6:00 - 7:30pm
-  Thursday, April 23, 2009, from 9:00 - 10:30am
-  Monday, April 27, 2009, from 6:00 - 7:30pm (at Midwood Library)
-  Tuesday, April 28, 2009, from 6:00 - 7:30pm