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Stats: 1225668 members, 1604392 topics. Date: Friday, 22 August 2014 at 10:52 AM
|Re: Youwin Business Competition 2013 by Patiladwonder(m): 11:10am On Dec 07, 2013|
newacca: Patiladwonder: You write there names one by one.
You state your customer base on so many factors. They can be individual or organizations. For individuals, they can be grouped based on age group, gender, class, education and social status. E.g, learned or unlearned, undergraduate, graduate, corpers, market women, male between
the age of 20-50. For organization, name the organization you are rendering your services for now or you intend to reach out to. E.g,Obafemi Awolowo University-suppying of stationery materials,ministry of education. If you are a fish farmer, you customers are Hotels, restaurant, market women, individuals and family. The question now says name five of your customers. So, you put them in groups.
300 will be selected base on merit and 150 will be selected from the six geo-political zones. The criteria still remain the same which is uniqueness, innovation and a good business plan. Divine factor is also part of it because no matter how good the 6000 business plan are, they must reduce them to 1200. So start writing good business plan and start praying. So, if you don't know how to write good business plan, please consult.
Click this to know the 27 THINGS YOU MUST DO BEFORE THE 27TH DEC 2013 DEADLINE FOR YouWiN 3 BUSINESS PLAN COMPETITION
Preciouskc: Pls guys, when and how do a biz reach profitability and what is minimum capital equipment cost?The minimum capital equipment cost is 40% of the grant money. This has been stated in the YouWiN question. When and how do a business reach profitability depends on the type of business you are doing e.g, a trading business will reach profitability earlier than a school business that is just starting. Everything depends on your sales and profit margin. So, to calculate it, you have to look at your projected expected sales in relation to how much grant money you requested for.
|Re: Youwin Business Competition 2013 by blink182(m): 11:43am On Dec 07, 2013|
Patiladwonder:Very informative, I hope you will be there for those that make the 6k list.
|Re: Youwin Business Competition 2013 by favourume(f): 5:20pm On Dec 07, 2013|
Please for most of us outside the country, is there any hope for us?
|Re: Youwin Business Competition 2013 by Fomaxcool: 5:26pm On Dec 07, 2013|
Please who will help me to consider this question.
* What is the minimum equipment cost that is necessary to commence trading or expanding your business ?
please, am afraid when I realised that the presiding amount I wanted YOUWIN to award is less than the minimum equipment cost above.
Or my minimum equipment cost is far more greater than the amount YOUWIN asks to award me
|Re: Youwin Business Competition 2013 by Fomaxcool: 5:31pm On Dec 07, 2013|
favour ume: Please for most of us outside the country, is there any hope for us?
Yes, there is hope , if only you could bring or set up your business idea here Nigeria
thereby, you could write it over there and submit it online.
|Re: Youwin Business Competition 2013 by favourume(f): 5:52pm On Dec 07, 2013|
Its a Nigeria business. Thank you for that encouragement. So i need to finish up and submit
|Re: Youwin Business Competition 2013 by Patiladwonder(m): 5:53pm On Dec 07, 2013|
Fomaxcool: Please who will help me to consider this question.The question talks about minimum equipment and not equipments. That means, you are allowed to talk about one singular major equipment you either need to start or expand.
The following question says you describe this equipment and not equipments. So you are meant to describe just 1(one) equipment. Ensure you know the costs of your equipment and put it there or you research on the cost of the equipment.
Even though the equipment is more than the amount you requested from YouWiN, Youwin cannot give you more than 10 million. There is a space in stage2 business plan where you will discuss where you will get the remaining money. I will advise that you pick a cost that's within 10 million.
|Re: Youwin Business Competition 2013 by Fomaxcool: 6:24pm On Dec 07, 2013|
thanks so much, I didn't even notice that it was equipment not equipments.
Even at that I don't know how to answer it right because I have listed some of the materials need for the biz
please any hint
|Re: Youwin Business Competition 2013 by favourume(f): 7:31pm On Dec 07, 2013|
What kind of things are required in the last part of the online question-Additional Information
Please add any additional information / comments that you feel maybe relevant and useful with this application
|Re: Youwin Business Competition 2013 by stagger: 8:11pm On Dec 07, 2013|
The word "equipment" can be used as singular and plural. I don't even know that there is a word like "equipments" (I stand to be corrected though).
|Re: Youwin Business Competition 2013 by Godspikin: 8:24pm On Dec 07, 2013|
Any past winner should please help in the following areas where I have some challenges.
1. The total capital requirement (14.456m: total investment + 1 month operating cost) far surpases the maximum amount Youwin grants (10m), so I requested for 9.9m and indicated that I will spend 260k, family m friends (1.65m) and raise the remaining 2.56m from the bank. Is this a wise decision? What's ur opinion? Kindly note that I did this because I felt reducing the amount to fit in to the Youwin requirements does not represent the reality of d bizness n bliv it may backfire in d next stage. Pls advice.
2. Describe the benefit your proposed staff will bring to d business... Including expertise, TRACK RECORD IN THE INDUSTRY... I don't know how best to go about answering this, any help?
3. What are your expected sales within the next 12months... For a business that is just starting a lot of factors could affect sales, is it wise to just use the projections of output per month without putting into consideration that output may not automatically translate to sales in reality... any advice.
Please I will really appreciate critical but positive contributions, especially from past winners.
|Re: Youwin Business Competition 2013 by obiscolly(m): 9:32pm On Dec 07, 2013|
Patiladwonder:Thanks very much brother. I was expecting such reasonable answer all the while. Bless!
|Re: Youwin Business Competition 2013 by stagger: 9:59pm On Dec 07, 2013|
Godspikin: Any past winner should please help in the following areas where I have some challenges.
Someone I know requested for N10m, but said she will bring a certain amount from her own money. Guess what?
She was given the sum of N10m minus the amount she said she will contribute. Nuff said.
|Re: Youwin Business Competition 2013 by fagin1982(m): 10:05pm On Dec 07, 2013|
Godspikin: Any past winner should please help in the following areas where I have some challenges.
- I am not a past winner , am just hopeful like everyone
For your budget which is above 10m , I suggest you find a way and trim it down to 10m on paper for now ...Reason , I spoke to a past winner ,and the first thing he said to me was always follow ins
tructions , -YouWin has asked you to limit you budget to 10m unless you have a verifiable source to make up for the balance ... You can never say u expect to raise money from Bank ..Pls wch Bank - Na your Papa get the Bank that you re so sure you ll be granted a loan...If you say. From Family and Friends - It sounds better
So for your proposal of 14m - trim it to 10m only on Paper ( For your mind its still 14 ) or state clearly that you will raise the Balance thru Friends,Family, Investor.....This will help you cross the first hurdle ....The 2nd Stage is whr we re expected to show all working - Then you can come up wth Balance from Frends and co
But the Final answer He gave was cut ur budget in line with 10m or Be sure u can show evidence of the Balance , and pass the first stage , during the training you can make clarifications ...A lot of us are having the same issues - Choose your answers wisely , don't mention you will get the Balance from Bank please --
For your 2nd Question - They just wana know how prepared you and your Team are to manage the said Biz...Oridinarly any biz u claim you wana do , u shld have little experience to put you thru ...Simply tell them Based on you so years experience on so and so , you have the basic knowledge to carry you along in the business ,If your BSc degree relates to ur biz , also cite it - Inform them too that your team will be based on expertise ands experience , maybe you will employ an MBA holder to head your management team and all....
My 10kobo advice o ..Some oda people will surely help out
For the 3rd Question - Go thru the thread , that Question has bin answered
|Re: Youwin Business Competition 2013 by Patiladwonder(m): 12:50am On Dec 08, 2013|
favour ume: What kind of things are required in the last part of the online question-Additional Information
Godspikin: Any past winner should please help in the following areas where I have some challenges.
It has been amazing how people are using this article to write there YouWiN3 business plan. You can also maximize it by visiting this link.
|Re: Youwin Business Competition 2013 by blink182(m): 7:24am On Dec 08, 2013|
fagin1982:well said, mentioning a bank kills the whole thing, if he must source then let it be from friends and family and we know how this people can promise and fail.
Honestly, now that he still has the chance he should review the whole plan to under N10m, the youwin judges will use their own discretion to increase your award after all it is assumed we will all ask for N10m while the reality is different. For example, I am asking for under N4m and I know I'm not the only one asking for far below N10m. In the end there should be floating funds to take care of those that need over N10m.
|Re: Youwin Business Competition 2013 by Preciouskc: 8:48am On Dec 08, 2013|
Pls guy hw d u go abt dis question, how much money have you already spent on capital equiptmen? Or is it 4 existing biz only.
|Re: Youwin Business Competition 2013 by newacca: 9:07am On Dec 08, 2013|
Fomaxcool:Actually,I dnt think there is anything like equipments,but only equipment(singular&plural). So,Youwin expect u to list d materials(equipment) mostly needed by u to get d biz started or expanded(which are minimal in cost bt r very effective and determinant in d activities of ur biz). They aint saying it shld b one machine or equipment. Just d few ones dat are needed according to ur scale of preference to make things happen in ur business. For instance,minimum equipment to start a fashion outfit are sewing machine,whipping machine,pressing iron,scissors and generator(in Naija situation).
Those r d minimum equipment as there r lot of machines n equipment required.
|Re: Youwin Business Competition 2013 by fagin1982(m): 10:45am On Dec 08, 2013|
The Question Says :
What is the minimum equipment COST that is necessary to commence trading or expand your businesss...Amount in Naira , enter numbers only ...
Ans - ( amount in Digits ) not list of Equipments
2nd Question :
Describe this Equipment. ( In 30words )
I think we are expected to pick the most essential equipment here and do a 30word description and not listing everything you need ...If we are to list everything we meed as equipment , 30words won't be ebough to do that , the list will be endless and YouWin knows that
Pick up your most essential Equipment and describe it ...simple
NB: DESCRIBE according to an English dictionary. Says ......... Give an account in words of (someone or something), including all the relevant characteristics, qualities, or events
The Questions says ----- Describe THIS equipment ....THIS in that sentence says a lot ...
List and Describe are not same ...
EQUIPMENT here means singular not Plural
|Re: Youwin Business Competition 2013 by Patiladwonder(m): 2:24pm On Dec 08, 2013|
fagin1982: The Question Says :Well said!
|Re: Youwin Business Competition 2013 by Promhize(m): 11:42pm On Dec 08, 2013|
There is nothing like 'equipments' Equipment has no plural.
fagin1982: The Question Says :
Like seriously? Only one equipment to commence trading? Using 'this equipment' for more than plural, is totally right.
Anyway whatever rocks ur boat.
|Re: Youwin Business Competition 2013 by blink182(m): 12:04am On Dec 09, 2013|
Promhize:honestly that question is just a stumbling block, I put 0 in my value and let them know my minimum equipment can't be covered with a 30 word explanation. My sector is like power generation, generating power at a station won't get it to the end user, you need transmission and distribution. Everything in the power generation chain is minimum equipment, omit just one fuse and you render the whole power station useless.
My most important tool is my website but then I need a secured connection to access it, an office for me and my staff, desk and chairs to work from, generator to power the office, airconditioners/fans to cool the office, laptops and so on, omit one of these things then me and my staff will be working under duress and that is the last thing we need because my business involves making concise decisions fast.
This is part of the reason I submitted early because you will be amazed at how people will be changing their answers until they finally have to submit at the deadline.
Honestly, I still believe that question is directed at real sector plans.
|Re: Youwin Business Competition 2013 by Promhize(m): 12:16am On Dec 09, 2013|
blink182: honestly that question is just a stumbling block, I put 0 in my value and let them know my minimum equipment can't be covered with a 30 word explanation. My sector is like power generation, generating power at a station won't get it to the end user, you need transmission and distribution. Everything in the power generation chain is minimum equipment, omit just one fuse and you render the whole power station useless.
Its not that difficult really. See, these guys would be reading 100s of thousands of applications. They won't give you 200 words to write and write.
What I think it is just what you need to get ur product ready for the consumer. Its kind of tricky but I think they are trying to find loop holes in ur initial financial statements.
One thing I know for sure is that it cannot be as low as 40% of the amount you require from youwin, if it is then why would you need a whooping 60%, when u could start with 40%.
Anyway about the description, you don't need to talk story. Just list the equipment and put short notes in front.
For example, transformer - generating and converting "so, so and so", if it won't take it then list without description.
I might be WRONG, but that's just my opinion on it.
|Re: Youwin Business Competition 2013 by Geniro: 2:12am On Dec 09, 2013|
What about someone going into a restaurant and bar business .Hope they wont classify the bar as liquor business which may lead to a bad score rating
Please i need your candid advice. Than you
|Re: Youwin Business Competition 2013 by newacca: 4:01am On Dec 09, 2013|
Geniro: What about someone going into a restaurant and bar business .Hope they wont classify the bar as liquor business which may lead to a bad score ratingIMO,Restaurant biz alone looks better,but 'bar' business may slim ur chance cos mention of 'bar' alone to some individual means a place where all kind of Alcohol(beer+liquor) is served. We wont b there when our applicatns r treated,d online questns may not be enough to express our thought or defend sections of our apps;the examiner feel n knw things abt us thru our response n draws conclusion 4rm it.
Who knws d kind of person dat 'll examine our app? If it's someone that jst hate to hear or mention anything alcohol?
Yes,I agree,Alcohol bar may not sell liquor but is there adequate room 4 u 2 xplain dat ur bar no dey serve liquor?
|Re: Youwin Business Competition 2013 by blink182(m): 7:10am On Dec 09, 2013|
Promhize:I agree with your view
|Re: Youwin Business Competition 2013 by fagin1982(m): 8:18am On Dec 09, 2013|
@ PROMHIZE ..so what are you advising ?
|Re: Youwin Business Competition 2013 by utimatedes(m): 11:41am On Dec 09, 2013|
Obummalachy:I think you are wrong here. Why do you want to take money personally out of the business? You only pay yourself salary and it should be included in your cash-flow and you discipline yourself to only your salary. If you must take money from your business, it should be in form of loan and you deduct it from your salary when you want to pay.
Even though you are the owner of the business, you must see yourself as a different entity. The moment you start dipping your hand and take money out of your business, mismanagement set in.
During YouWIN1 2nd round training, that was thoroughly explained and is not even right.
newacca: What amount of sales, in Naira per month, must you achieve to reach profitability?Please do cashflow analysis to know your break even point first. anything above that is profit. It will depend on the amount of your profit you want to make.
chizzybee: Mine is a service biz. Have problems with structuring the productn cost to get expected sales and profitability? Can anyone help?Whether it is service or production, you must incur cost in the course of running your business. These costs are fixed and variable cost. To it right, start by list all the office equipment, rent, asset, salary, utility, taxes etc and do cash flow analysis.
Try look for existing business and get the cost of those equipment from them, you can ask suppliers. Be realistic please.
|Re: Youwin Business Competition 2013 by utimatedes(m): 12:08pm On Dec 09, 2013|
j.tenna:For the fact that you wrote last year and you did not win doesn't mean that the idea is a bad one. Magazine production is never and will never be a bad idea. Is just that it is capital intensive and I guess you where unable to demonstrate your ability and capacity to succeed in the business. There are many people that wrote on agro base idea and never made it and agro base idea get top priority, it doesn't mean that because the person was not selected, the idea is a bad one.
For you to be success with this idea, your background matters a lot, what you have achieve matters a lot and your understanding of the market which is very competitive also matters alot.
Someone in YouWIN! 1 submitted an idea on football coaching and to scout Nigeria talents abroad. During the validation in Abuja, the guy was drilled by the lady was reviewing his document asked him is this what you submitted and they approved N10m for you, the guy said yes. The lady was so curious that she invited the YouWIN project coordinator and the guy told the lady if YouWIN sees sense in his idea and awarded him the maximum amount and all his documents are complete, please clear him.
I myself I was curious and after my validation, I made him and since he was from my state, Akwa Ibom, but based in Lagos, he was so delighted and happy to share with me. At the end what I realized and what helped him was that his sport was registered with Lagos State and other necessary agencies and he has being in business for a long time and was able to convince them that the idea will create employment opportunity and further develop the economy.
As bad as that idea may sound, demonstrating that you under what objective of the programme and your idea is inline with this objective will take you there.
For me, you did not demonstrate you understand what you re doing and it wasn't convincing enough. If you choose another business, if you can demonstrate you understand what you are doing, you will still fail.
|Re: Youwin Business Competition 2013 by Tayeni(m): 12:15pm On Dec 09, 2013|
@utimatedes....good to hv u back on this thread. Where u been? I saw on your site that u had fun at the presidential launch. Dont u think drawing money personally means the same thing as paying yourself salary? I think u dont include yourself in the staff list because u are not a staff but the proprietor even though u have to function as one. Yes you have to record it in your cashflow but not as salary. i think the confusion here is just a matter of semantics. Infact, u are expected to make a fixed monthly personal withdrawals to avoid indiscriminate spending.
|Re: Youwin Business Competition 2013 by brighter: 12:41pm On Dec 09, 2013|
Please blink182 I tried sending you pm but it keeps saying I should do that latter. I need ur urgent attention, pm me or just alert me on 08038050323. I'll be glad u did.
|Re: Youwin Business Competition 2013 by blink182(m): 12:44pm On Dec 09, 2013|
brighter: Please blink182 I tried sending you pm but it keeps saying I should do that latter. I need ur urgent attention, pm me or just alert me on 08038050323. I'll be glad u did.I've sent you a pm, if it doesn't work I will call you.
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