YouWIN! 3 Second Round Questions

1
Presidential launch of YouWIN
YouWIN competition Presidential Launch

As part of my goals to ensure I help as many aspiring entrepreneurs raise fund and also empower them, I was able to get all the questions.

I have decided to post the questions for my mentees and my visitors to start preparing ahead.

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You can download the questions in MS Word format here: YouWIN 3 2nd round questions

THESE ARE THE YOUWIN3 2ND ROUND QUESTIONS:

  1. Section 1: Type of Business

    1.1   Is this a proposal for a new or existing business? Please select from the drop down menu.

    1.2   When did your company start trading (Not required if new business)

    Section 2: Description of Business

    2.1 Select your industry sector

    2.1.1 Other sector (20 words)

    2.2 Explain the type of business you’re in
    Provide a short summary of your business and outline the products and services that you plan to deliver              (200 words)

    2.3          Describe your top 3 business objectives for the next 12 months                (200 words)

    Section 3: Management team

    3.1          Describe the benefit that you and your proposed staff will bring to the business including expertise (technical), track record (practical and any relevant training in the industry   (200 words)

    3.2          State any management experience gained, outlining areas of responsibility         (100 words)

    Section 4: Employees

    4.1:         How many full-time people will be newly employed in your business during the first 12 months after receiving a grant award?

    4.2     How many additional casual staff will be employed in your business during the first 12 months after receiving a grant award ?

    4.3:    How many “person-days” in total will be worked by casual staff during the first 12 months after receiving a grant award? Assume one person working full time for 6 months would work 125 person-days

     

    Section 5: Full time staff

    5.0.1:     You have indicated that you will not employ any full time staff. Update the number of employees

    For each new full time staff member

    5.1          Full time staff role

     

    Section 6: Operations Management

    6.1          Describe each step of operation of production process for your business              (200 words)

    6.2:         Describe the three main success factors necessary to thrive in your industry (e.g. suppliers, networks, low cost, diverse customer base, production capacity). Give examples for each..             (200 words)

    6.3          Do you need to hold manufactured product / prototypes prior to undertaking this process? If so, describe what is required. (50 words).

    • 6.4:         If you plan to manufacture or supply a product, state estimated loss of production (as a percentage of turnover) due to normal production wastage.
    •  Not applicable
    •  0-5%
    •  5-10%
    •  10-15%
    •  15%+

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

    6.6:      Describe the main materials, equipment or expertise that you will need to create your product or service. State their availability, location and price. Provide any additional relevant information.           (200 words)

    6.7:      Do you or your distributors need to hold finished product (stock) prior to sales being achieved? What percentage of your sales do you need to hold as stock, on average? (50 words)

    6.8: Do you package a product? If so, state if this is an in-house or outsourced operation. (50 words)

    6.9:    Which types of people will be selling your product or service e.g. sales, technical staff, agents, distributors, direct etc.?       (50 words)

    Section 7: Competitor analysis

    7.1:    Explain why your product or service is so good that people will buy from you at a price that will give you a sufficient return (your competitive advantage)? Give two examples.   (200 words)

    7.2:    Name your three likely competitors and state their strengths. Which, if any, have a localised presence or distributor network?  (100 words)

    7.3:    Describe three weaknesses that might affect the success of your business. How do you plan to minimise the effect of these risks?              (100 words)

    Section 8:   Market analysis and marketing plan

    8.1:    Describe how you intend to achieve knowledge of the market place for your products and service.             (50 words)

    8.2:    What are your marketing costs as a percentage of sales.

    8.3:    What makes each type of customer important to your business?          (50 words)

    8.4:    Name six of your existing or expected top customers. State if you have an existing business relationship with them.     (100 words)

    8.5:    Describe how you will market your products and services e.g. through sales, technical staff, agents, distributors, direct etc.        (200 words)

    8.6:    Detail any marketing activity that you are planning to undertake and provide two specific examples of the methods employed to reach key customers.   (100 words)

    8.7:    State how you plan to measure the effectiveness of your marketing activity if applicable.      (50 words)

    8.8:    What incentives have you offered, or plan to offer, to distributors / sales agents to encourage them to do good business for you (e.g. commissions, discounts)? State if this is industry normal for a business of your size and age.  (50 words)

    Section 9:   Sales and revenue targets

    9.1:    After receiving the grant award, what level of sales will you achieve over the next three, six and then twelve months? Ensure that you consider set-up, lead times and seasonality effects.

    9.1.1:  three months (Amount in Naira, enter numbers only; if none, enter: 0)

    9.1.2:  six months     (Amount in Naira, enter numbers only; if none, enter: 0)

    9.1.3:  twelve months         (Amount in Naira, enter numbers only; if none, enter: 0)

    9.2:    State your annual turnover in Naira for the past three trading years (if applicable). If none, enter 0

    9.2.1:  last year(Amount in Naira, enter numbers only; if none, enter: 0)

    9.2.2:  two years ago (Amount in Naira, enter numbers only; if none, enter: 0)

    9.2.3:  three years ago (Amount in Naira, enter numbers only; if none, enter: 0)

    Section 10:            Costs targets

    10.1:   Outline Capital equipment required and associated cost (e.g. machinery, land, building)          (100 words)

    10.2:   What are the Operating expenses (e.g. wages, raw materials, stock) for the first year after receiving the award?    (100 words)

    10.3:   Outline any set-up cost needed for new start / expansion (e.g. pre-start, installation, accreditation, training).       (100 words)

    10.4:   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)

    10.5:   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)

    Section 11:            Operational capital targets

    11.1:   What is the average value (in Naira) of raw materials needed in the business to support production?          (Amount in Naira, enter numbers only; if none, enter: 0)

    11.2:   What payment terms from your customers are you likely to have for the next 6 months? Is this the Industry Normal for a business of your size/age. If not, explain why?   (50 words)

    11.3:   What payment terms have you negotiated or expect to achieve from your suppliers for the next 6 months? Is this the Industry norm for a business of your size/age. If not please explain why(50 words)

     

    Section 12:            Breakeven

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

    12.2:   How many months after receiving your first grant award do you expect to achieve this?

    Section 13:            Financing

    13:     What amount of grant funds are you seeking from YouWiN? (Amount in Naira, enter numbers only; if none, enter: 0)

    13.1:   What percentage of this will be Capital Expenditure?

    13.2:   What percentage of this will be Working Capital? Note that the amount of working capital must be sufficient to fund operating expenses for a growing business and is typically 30% of available funds (including personal and external funding)

    13.3:   How much additional funding do you require or expect to need from other sources (e.g. Investors, bank loans, etc.)?   (Amount in Naira, enter numbers only; if none, enter: 0)

    13.4:   State the progress of any loan application  (50 words)

    13.5:   How much money will you or your family and friends contribute to the business in the next twelve months?        (Amount in Naira, enter numbers only; if none,)

     

    Section 14:            Financial planning

    14.1:   As part of this application you must upload the standard financial summary sheet provided (Excel based).

    1. Before inputting any information in the summary template (white boxes only), it is essential that you read the instructions thoroughly
    2. The headings in the template cover the majority of business expenses that are likely to occur. However, should additional expenses be relevant to your specific business, please insert the amount in the space provided under Other costs.
    3. Remember your YouWiN! award is disbursed in stages. As a guide, up to a maximum of 70% of the total grant is typically awarded for the first two stages with the residual disbursement linked to your business performance.
    4. Complete the previous 12 months Profit and Loss data (Enter zero if a New Start).
    5. Complete the opening and closing stock figures (Enter zero if a New Start)
    6. Complete Prepayment and Accruals figures so adjustments can be made for business costs/expenses relating to other financial periods.
    7. Complete the adjustment boxes which will calculate the sales turnover in the 12 month accounting period for the Profit and Loss forecast.
    8. The Profit and Loss figures are populated directly from the summary template and can therefore be used to cross-reference and check both your data inputs and the expected performance of your business.
    9. Remember there is a difference between profit achieved and cash generated – attention must be given to ensure that the cash position in your business must always be positive!

    Download the template spreadsheet

    Attach your completed financial planning spreadsheet below or skip to the next page and attach the spreadsheet later

     

    Section 15:            Additional information

    15.1:    Add any additional information / comments that you feel may be relevant and useful with this application          (100 words)

     

    Section 16:            Appendix: More about your business

    16.0:   This page is intended to collect some additional details about your background and past experience, which will be useful for us to understand better who is applying for the YouWin competition, and how to better serve your needs. It is important that you answer these questions.

    More about your business and business background

    16.1:    Business Name

    16.2:    Date in which the business was set up (MM/YYYY)

    16.3:    Business Location

    16.3.1:City (20 words)

    16.3.2: State

    16.3.4: Local Government Area

    • 16.4:   Which stage did you reach of last year’s competition?
    •  Not applicable – I did not take part last year
    •  I applied for round 1, but was not selected for business plan training
    •  I was selected for business plan training, but did not attend
    •  I attended business plan training, but did not submit a business plan
    •  I attended business plan training and submitted a business plan, but was not selected as a winner
    •  I was selected as a winner

    Before the You Win competition, have you ever attended a course which covers any of the following information?

    1. Business accounting  Yes  No
    2. Marketing  Yes  No
    3. Computer skills  Yes  No
    4. Vocational training (e.g. training to be a hairdresser, builder, etc.)  Yes  No

    16.5:   Please select from this drop-down menu the sector that your current business (for existing owners) or planned business (for start-ups) will be in:

    Section 17:            Appendix: Business & employment status

    This page is intended to collect some additional details about your background and past experience, which will be useful for us to understand better who is applying for the YouWin competition, and how to better serve your needs. It is important that you answer these questions.

    17.1:    Your Employment status

    17.1.1:Are you currently employed outside of your proposed business?  Yes  No

    17.1.2:Part time or full time?       Part time Full time

    17.1.3:What industry are you employed in?

    17.1.4:How many years of work experience do you have?

    17.2:    Your Business Status

    17.2.1:Do you currently own a business?Own a business  Yes  No

    Who works for you?

    17.2.2:             How many full time workers does your business currently employ?

    17.2.3:How many temporary and casual workers does your business currently employ?

    17.2.4:How many workers with the following qualifications does your business currently employ?

    • No education
    • Primary education
    • Secondary education
    • Tertiary education

    17.3:    List any co-owners, if any, and the ownership distribution (e.g., percentage ownership).        (100 words)

    17.4:   Business RegistrationIs your business currently registered with the Corporate Affairs Commission?  Yes  No

    If Yes, which of the following category best describes your business registration status:

    •  Limited liability company
    •  Business name
    •  Other:

    17.5:    Business Finance

    How much tax did you pay last year?Amount in Naira, enter numbers only; if none, enter: 0

    Does your business currently have a loan from any of the following?

    Bank  Yes  NoMicrofinance organization  Yes  NoCooperative society  Yes  No

    17.6:    Challenges to your business

    What are your major challenges to running your own business?

    Lack of funds to start a business  Yes  NoLack of the required skills  Yes  NoLack of business experience  Yes  NoLack of interest in business  Yes  No

    17.7:    Other challenges (250 words)

     

    Section 18:            Appendix: Family details

    This page is intended to collect some additional details about your background and past experience, which will be useful for us to understand better who is applying for the YouWin competition, and how to better serve your needs. It is important that you answer these questions.

    About Your life

    Marital Status:           Married or Living Together with a Partner Divorced/Separated Widowed Never Married and Never Lived Together

    How many children do you have?

    How many brothers do you have?

    How many sisters do you have?

    What is the main language you speak at home:

    •  Hausa
    •  Yoruba
    •  Igbo
    •  English
    •  Other (specify):

    Standard of Living

    How many of the following items does your household own?

    Sewing machines
    Gas cookers
    Stoves (electric)
    Stoves gas (table)
    Stoves (kerosene)
    Fridges
    Freezer
    Air conditioners
    Washing machines
    Electric clothes dryers
    Bicycles
    Motorbikes
    Cars and other vehicles
    Generators
    Hifis (sound systems)
    Microwaves
    TV sets
    Computers
    DVD Players
    Satellite Dishes

    Does your household have an internet connection in the house?  Yes  NoDoes any member of your household own any agricultural land?  Yes  NoForeign Travel

    Have you ever worked or studied abroad? Yes  No

    How many years have you spent living abroad?

    What is the country you have spent most time abroad in?

     

    Section 19:            Appendix: Personality profile

    This page is intended to collect some additional details about your background and past experience, which will be useful for us to understand better who is applying for the YouWin competition, and how to better serve your needs. It is important that you answer these questions.

    Personality Profile

    We are interested in why you want to run your own business instead of being in salaried work. For each of the following, tell us how important it is for you wanting to run your own business rather than being employed for a salary

    1. The possibility to care for children or other family members while I work               very important important somewhat important not important don’t know not applicable
    2. To be my own boss and not have to rely on others               very important important somewhat important not important don’t know not applicable
    3. Flexibility in hours of work               very important important somewhat important not important don’t know not applicable
    4. The possibility to earn more money               very important important somewhat important not important don’t know not applicable
    5. Difficulty in finding a wage job               very important important somewhat important not important don’t know not applicable
    6. The possibility that my business will grow in the future              very important important somewhat important not important don’t know not applicable
    7. Running my own business is less boring/more exciting than salary/wage work               very important important somewhat important not important don’t know not applicable

    How confident are you that you can carry out the following tasks:

    1. Sell a new product or service to a new client               not at all confident somewhat confident quite confident very confident don’t know not applicable
    2. Find and hire good employees to expand your business               not at all confident somewhat confident quite confident very confident don’t know not applicable
    3. Obtain a good price for buying business inputs               not at all confident somewhat confident quite confident very confident don’t know not applicable
    4. Persuade a bank to lend you Money to start your business               not at all confident somewhat confident quite confident very confident don’t know not applicable
    5. Estimate accurately the costs of a new Project               not at all confident somewhat confident quite confident very confident don’t know not applicable
    6. Manage an employee who is not a family member               not at all confident somewhat confident quite confident very confident don’t know not applicable
    7. Correctly value your business if you wanted to sell it               not at all confident somewhat confident quite confident very confident don’t know not applicable
    8. Resolve a difficult dispute with a business client in another city               not at all confident somewhat confident quite confident very confident don’t know not applicable
    9. Identify when it is time to stop making or selling a product that is not selling well

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