1. Lack of Awareness
There are so many people with very good business ideas. They can write a very good business package but are not aware of what the Federal Government of Nigeria is doing. Once you don’t know, you don’t know. We have to develop an eye, ear, heart, and feel for information. If you need to buy a book and read, do so. If you need to attend seminars, attend it. If you need to follow a blog or read newspapers regularly for information and ideas, Just do it. Statistics have shown that the difference between successful and unsuccessful YOUWIN applicants are the information they have access to. To get more information on YOUWIN, visit www.youwin.org.ng
2. No Idea
That sounds funny, but it will surprise you that many people registered for YouWiN and have no idea of the possible businesses they can do. As a result, they do not submit their business plan. In YouWiN 1, 110,000 registered, only 25,000 submitted their business plans.
3. Good Idea But No Market Need
Many people do not scrutinize their ideas before submitting it to YouWiN!. The question is how many people will patronize your idea. Do you think the market need this idea or simply, do you think there is a market for your idea? People do not do their market research well.
4. Poor Business Plan
Writing a business plan is a skill you can develop. That is the reason YouWiN! will request that you attend the business development training before you write for the second stage of the competition. Many people have a unique idea but a poor business plan presentation.
5. No Experience
Some people have a good idea, but no experience in the industry. I will rather give my money to a lady with 10 years experience in food business than to the one that is just starting out and has no experience.
6. Location Competition
There are six (6) geopolitical zones in Nigeria. The total number of winners must be 1200. 300 of these are picked on merit, and 150 from each zone. During the competition, close to half of the contestants are from the South West. So the competition is very high and keen in the region. Your idea might not be selected, not because your idea is not good or is not well written, but because of location competition. That is where the divine and consultancy factors come to play.
7. Unrealistic Financial Projection
Too many people have not developed skills of being able to project their cash flow, income statement, and balance sheet well. If you gamble in this area, it will show and might lead to your not winning in the competition.
8. 1200 Ideas Must Be Selected
When people hear of this, they are discouraged. For you to win in YouWiN!, you must have a positive mind set. Believe you can win YouWiN!3. Believe that God will arrange and re-arrange things in your favour. There were some people that were favoured in the YouWiN!1 competition based on their gender, not their idea per say. Females are given priority. Please, don’t do YouWiN! 3 ALONE, carry other people along into the competition, especially females. They have potentials. Most of the time, the selection is 50:50 ratio by gender, but there are few ladies with good ideas to fill in these position.
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To talk to an expert on how to write your YouWiN! 3 business plan competition, Call me on: 08105636015, 08076359735 or Send me an email at: dayohub@gmail.com .
As a leading business development service provider in Nigeria, Dayo Adetiloye Business Hub has been recognized and certified by Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) in Conjunction with Enterprise Development Centre (EDC), Pan-Atlantic University (PAU) of the Lagos Business School (LBS).
Our solutions are designed for MSMEs and are supported by deep insight into various industries and extensive experience acquired from over the years by supporting our clients as partners in their business transformation.
Through our services and business activities, we help individuals/entrepreneurs transform their business ideas into a business venture, and support existing business to scale or expand their operation. We also connect startups and MSMEs with opportunities and resources for their business growth.
We have Consulted for more than 5000 MSMEs in the last 6 years in various industry including Agro-processing, Consulting, Training and Education, Financial Services, Waste Management, Renewable Energy, Oil and Gas, Construction, Real Estate, FMCG, Digital Marketing, Personal Branding etc.
Our Vision:
To become the leading grassroot business Hub that provides Business
Development Services in the global online community
Mission Statement:
- Provide bespoke management and business planning consultancy
- To connect MSMEs with opportunities and resources for their business startup, growth and expansion through trainings, seminars, coaching, consulting, mentoring, and Angel investing.
- To inspire, empower and champion entrepreneurship in the global online community.
Business Goals and Objective
- Engender national prosperity by contributing to the creation of at least 100 new businesses every year
- Become a go-to brand for outstanding business development services for MSMEs
- Strategic partnership with local and international organization to empower start-ups
- Continuous innovation to serve our clients better
Core Values:
Integrity
Opportunity Maximization
Digitalization
Personal Development (Capacity Building)
Excellent Customer Satisfaction
Timeliness
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