A Business Plan Competition is an event where entrepreneurs present their business ideas to a panel of judges. Participants typically create detailed plans outlining their business model, market analysis, and financial projections. The goal is to showcase innovative concepts and attract potential investors or support. These competitions often take place in universities or entrepreneurial organizations and may offer prizes such as cash, mentorship, or resources to help launch the business. They encourage creativity and strategic thinking, providing valuable feedback to participants while fostering a spirit of entrepreneurship in the community.