The YouWIN (Youth Enterprise with Innovation in Nigeria) business plan competition is getting tougher by the day. As more and more people get to know about the competition and apply, it is requiring some more effort to distinguish yourself and win the grant.
Obviously, whatever needs to be done to win the competition is well worth it. There are 3 reasons I’m saying this:
- First, as an SME whether your business is a new one or an existing business, the addition of N10 million will make a huge difference.
- Secondly, working with YouWIN monitoring team will force you to upgrade the way you do business. Having to report to YouWIN Mentors for an entire year will help you standardize how you manage your business.
- Thirdly, the government is supporting YouWIN awardees with several other resources for their business. For example, registration with NAFDAC or SON has been made easier for YouWIN awardees.
Anyway, I did a little study and came up with these 5 ideas to help you correctly answer YouWIN! Questions for the 2015 competition.
5 Ideas to Help You Correctly Answer YouWIN! Questions
YouWIN! Questions might seem straight to the point but unless you provide the answers that satisfy the YouWIN team based on your business plan, being a winner this year might be a far cry.
I guess by now, you know that the most basic requirement for your business to win this competition is if your business is an answer to the problem of unemployment in Nigeria. That’s simply the aim of the YouWIN programme; and you must be able to show this as you answer YouWIN questions.
Also bear in mind that the questions are only meant to bring out your business concept. So you are not only answering YouWIN questions, you are indirectly creating a picture of your business idea in the mind of the reader.
1. Think About What Exactly Your Business is About
The first question you must be able to answer among the YouWIN questions is what exactly your business is.
You must be able to describe your business in simple terms and explain what you are doing or what you want to be doing.
How does your business work? Who are your customers and what’s the potential of your customer base? How do you want to go about your business in order to subdue the competition?
These are questions you have to answer to help you describe your business better.
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2. Think About Your Competitors and Describe Them Appropriately
There are several factors you can consider in evaluating your competitors and what differentiates you from them.
- Think about the market segments your competitors focus on.
- Do they have a brand or generic product?
- Do you consider them high or low technology?
- Which of the 4 P’s (product, price, place, promotion) of marketing do they focus on?
- Do they mostly outsource or develop their products?
- Do they use specialists?
Consider any of the factors that you can use to describe your competitors and then think about what differentiates you from them.
3. Write Furiously and Later Edit
As some point while answering YouWIN questions, you might want to think your business concept or writing style is not good enough. Do not worry if your first draft appears poor at first. The insight you will get from writing the remaining parts of the business concept will be very helpful in re-writing the entire plan.
Once you have decided what business to write about, answer all the questions (all the way to the last question). When you are done answering, then start editing to make your application stand out.
4. Consider your tone
The tone of the message in your business concept is quite important. Ensure every word is carefully chosen to enthusiastically convey your thoughts. Let the reader know that you understand your business and its potential.
5. Think About Your Target Market Segment
Every business targets a market segment. Can you clearly define your target market segment? Does your business address a real market need of that market segment? Is there another company already meeting the need? Is this target market segment large enough to birth the dream of your business?
Your business should be able to offer clear, compelling benefits at a price your target market is willing to pay for; and you must have a differentiator from the competition.
These are some of the things you should think about as you write your YouWIN business concept for the 2015 competition. Treat every YouWIN question with a determination to impress the reader with your grasp of your business.
Next step – Get Our FREE YouWiN Video Training
This YouWiN Video Training answers all the YouWiN questions from ‘description’ to ‘additional information’. It also offers additional tips for writing a winning YouWiN Application. The training was facilitated by Mr. Omotunde Adeyemi who is a business consultant, entrepreneur and YouWiN awardee.
Also download our Application Toolkit
You can also download our Application Toolkit containing Business Model Canvas, Value Proposition Canvas and YouWiN 4 questions in Ms Word format. The business model canvas and value proposition canvas are strategic management tool that you can use to develop a winning business model.
Get everything FREE.
- Go to beyondyouwin.com
- Enter your email address and get FREE access.
Profile of YouWiN Video Training Facilitator
Ron Adeyemi Omotunde is a business consultant and entrepreneur with broad experience and outstanding business insight. He is a Founding Director of Ron Boanergers Company, a telecommunications company he manages with his wife, Mosun, in partnership with EMTS (Etisalat Nigeria). He is also the director and principal consultant of Mel Mellis Farm Resources and Agric Consulting Firm.
These two companies have benefited from the YouWIN initiative (YouWIN 2 and YouWIN 3 respectively).
Having being in business for over 10 years, he has trained and mentored several young entrepreneurs using both formal methods and apprenticeship. He has won several awards including the recent award of excellence, in the just concluded MSMEs summit, given to his company, Ron Boanergers Company which reflects his profound and continuing business impact.
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