2017 Tony Elumelu Foundation Entrepreneurship Programme Application Form Guide

Question guide:

• Q34. How many people have a need/want for what you are selling?
• Q35. What will you have to do to earn an income from your business?
• Q36. How do you find/target/engage potential customers for your product/service? How do you achieve sales? How do you spread the word about your business?
• Q37. Who do you compare your business/idea with? Who owns the market share already? Who will you be/are you competing with directly? Who is already doing what you plan to do?
• Q38. Of those you mentioned in Q37. How is your product/service different? Better? Bigger? More innovative? More targeted? More consumer friendly?
• Q39. What is your short-term goal for your business? What are you planning to accomplish/achieve within the next 6months-1 year?
• Q40. Following from Q39. Once you have achieved the short-term goal, what will your next big achievement be?

Section 8: Financials (if not applicable, please enter 0)
This section is to test your financial understanding of your current/target market, and how well your business is doing/will do. It is important to do thorough research (for idea stage) or to be totally honest (for those already in operation), as Financial Knowledge is not only a deciding factor, but a crucial element of the 12-week training. Many questions relate to those who have begun operations, therefore those with idea stage businesses will answer $0 for some questions.

• Q41. How much have you spent in starting/running your business since inception? This includes personal money utilised, loans, grants and other money put into developing the company.
• Q42. How much money do you spend to cover operational/fixed costs each month? E.g. rent, raw materials, salaries, etc.
• Q43. How much money have you made from sales since you began operations?
• Q44. How much money will you need to make in order for …
• Q45. BER in sales dollars can be calculated by dividing your company’s fixed expenses by the company’s contribution margin ratio

Section 9: Business Impact

• Q46. Describe the social benefits your company will provide, in addition to the revenue you plan to make.
• Q47. List the 3 most difficult aspects/problems in running your business
• Q48. What benefits will you get from this programme?
• Q49. Select an area where you need more training/development

Section 10: Attestations

• This section asks about how you got to know about the programme, your ability to dedicate time to completing it, any past experience on similar programmes, as well as two references who will be contacted to vouch for you.

Click the Link Below to View Details of the Program
Tony Elumelu Foundation $100 Million Entrepreneurship Programme 2017