I’ve always been a big supporter of people taking their ideas and turning them into a part-time business. For everyone out there that thinks they have a great idea, but have been afraid to act upon it for whatever reason, you have a chance to see how good your idea really is.

Microsoft is running a contest called “Idea Wins: The Ultimate Challenge” to promote their new small business accounting software. The contest is looking for the most creative small-business idea in the US and will be giving the winner retail store space in New York rent free for a year plus $100,000 to get the small business going.

Entering the contest is simple. All you need to do is submit an application. Each submission will be judged on a number of different factors such as marketing approach, financial & logistic feasibility, originality and public interest. The deadline for submitting the application is January 31 with all finalists being notified on February 9.

If you do have any small business idea, I highly encourage you to apply. Going through the application process and putting together the material needed for the application will help you think through your idea in more detail which will benefit you even if you don’t win the challenge. Go for it and best of luck.