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.
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.
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.
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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Serial Entrepreneur - International Business Planning Consultant - Speaker - Trainer - Author - Blogger - Network Marketing professional
- Fellow, Inspire Africa Train-the-Trainer sponsored by US Consulate Lagos
- Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
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