How to Answer YouWIN 3 Questions Part2 (YouWIN Business Application)

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This is part 2 of these questions and answers. To read part 1, click here

YouWIN Business Application

YouWIN Questions

Description

1) Describe your business (20 Words)

2) Select your industry-sector

Marketing

3) What benefits of the product or service enables your business to stand out from your competitors? (50 words)

4) Does this meet a particular need or demand (your competitive advantages, if any)? (50 Words)

5) Name five of your existing or expected top customers, How will you attract these customers to your point of sale? (50 Words)

Management

6) How many new, full-time (or equivalent) staff will be employed in the business 12 months from receiving the first stage award?

7) Describe the benefit you and your proposed staff will bring to the business, including: expertise, track record in the Industry and management experience (50 Words)

 

Product

8) Name your three largest existing/expected competitors. Which, if any, have a localised presence or distributor network? (50 Words)

9) Describe the materials you will need to create your product or service. Are these materials readily available, at the right price and quantity, in your locality? If yes, please describe any relevant information (50 Words)

10) Is there an existing or expected lead time for manufacture, set-up, harvest or breeding? If yes, give estimated lead times for each product? (50 words)

11) What risks or challenges might affect the success of your business, including: licences and accreditations (what can stop you from making this business a success)? How will you reduce or mitigate these risks? (50 words)

 

Profitability

12) What are your current and expected sales within the next 12 months (units and income) ? If there is any seasonality, please explain. (50 Words)

13) What amount of sales, in Naira per month, must you achieve to reach profitability? Amount in Naira, enter numbers only; if none, enter: 0

14) When do you expect to achieve this (how many months after receiving your first grant award)?

YouWiN Award

15) How much money (Naira) do you want from YouWiN? (₦10m maximum)

Amount in Naira, enter numbers only; if none, enter: 0

16) Break this figure down into relevant categories. Note: a maximum 40% of the total award is usually allotted to Capital equipment, as the remainder of the award must be sufficient to fund operational expenses of a growing business.

16a) Capital equipment (e.g. machinery, land, building) Amount in Naira, enter numbers only; if none, enter: 0

16b) Operating expenses (e.g. wages, raw materials, stock) Amount in Naira, enter numbers only; if none, enter: 0

16c)Other (e.g. pre-start. set-up costs, accreditation) Amount in Naira, enter numbers only; if none, enter: 0

 

Financial

17) What is the minimum equipment cost that is necessary to commence trading or expand your business. Amount in Naira, enter numbers only; if none, enter: 0

18) Describe this equipment (30 Words)

19) How much money have you already spent on Capital equipment?

Amount in Naira, enter numbers only; if none, enter: 0

 

20) How much money do you require or expect to need from other sources (i.e.: investors, bank loans, etc)  Amount in Naira, enter numbers only; if none, enter: 0

21) State the progress of any loan application (20 Words)

22) Describe any existing finance loans related to the business (20 Words)

23) How much money will you or your family and friends contribute to the business in the next 12 months.  Amount in Naira, enter numbers only; if none, enter: 0

24) How much money do you plan to take out of the business personally (average amount per month)?  Amount in Naira, enter numbers only; if none, enter: 0

 

Additional Information

25) Please add any additional information / comments that you feel maybe relevant and useful with this application ( 50 Words)Bottom of Form

 

Let’s start by answering questions under the first section…

Description

The first question under this section is “describe your business” with 20 words limit.

1)      Describe your business (20 Words)

To some people answering this question is quite simple and easy and at the same time it’s very easy to fail.

There are few things to take into consideration when answering this question:

  1. The word limit is 20 and you need to convey the value and selling benefits.
  2. First impression matters
  3. It is highly technical even though is quite simple to answer, but very easy to fail.
  4. You need to be precise and concise
  5. Use your ELEVATOR SPEECH/PITCH

So to answer this question effectively, I enjoin you to adopt ELEVATOR SPEECH/PITCH approach.

What is Elevator Speech/Pitch?

It is a short speech or description you give about your business before the real one. Elevator pitches define your business in terms your prospective investors or customers want to hear.

Imagine if you step into an elevator at the top floor of a building to go down to the lobby. Someone you don’t know steps in with you. You smile, greeting each other. The other person asks what you do. How will you answer?  Would it take you much time or would you just beat around the bush?

Ofcourse you can’t beat around the bush because that could be very dangerous or send a very wrong signal to YouWIN that you are “Ofu”, meaning clueless.

So how do you answer that question? I want you to know that your marker does not have the whole time to read your jargons; therefore you have to sell benefits instead of features. You start by telling them the benefits your customers would derive from using your products or services. Nobody will buy your products or services if it will not add value or solve their problem and that is exactly what YOUWIN or the person that will mark your proposal is looking for.

If you cannot put what you do into clear and concise words, how will YouWIN, or rather, potential customers, know what you do?

What to Do: Specialize

Activity: State clearly the kind of service you provide or the products you sell. Be specific.

I don’t mean something like, “We do computer programming and system design.” That hardly gives insight into what you do best. I also don’t mean, “We develop software for database management, systems integration, network management, Windows applications, and other custom applications.” Small businesses that do everything under the sun lose credibility. You need to have focus.

Your Elevator Pitch Should Include:

  • The Problem Your Business Solves
  • Who Has the Problem
  • How Big the Market for the Solution Is
  • Your Qualifications to Run this Business

In my success guide, I provide 3 sample answers that you can use.

 

Click to continue to part three- It will be posted very soon

or read part one here

If you are finding it difficult to answer all the questions, I have a SUCCESS GUIDE that I have answered all the questions and also share winning tips

You can download the free copy of my success guide here

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