Summary of Business Plan
This week you are taking the most important parts of your business plan and condensing them to a one-page document for review. This information will be used to help us assess your progress so far, and how we can best support your business. After you have finished answering each of these questions in no more than three sentences, please share with your mentor and in the community page - https://community.tefconnect.com/t/summary-of-business-plan-activity-for-week-12/
What is the problem you are solving?
How does your solution create and capture value?
Why is your solution better than anything else?
Who exactly is your customer?
How much is your customer willing to pay?
How will you reach your customers?
Who do you need to help you create this business?
What can you do to rapidly scale up production?
Why will the necessary individuals help you scale up your business?
[View the Template for Financial Model] [View Business Plan Guide] [View Template for Business Plan] [Watch Financial Model Video]
Seed Funding Challenge
As you complete the 12-week training Programme, you should be thinking about the Boot Camp and Elumelu Entrepreneurship Forum next month. We are excited to have you and the other entrepreneurs collecting in one location to build relationships, get inspired, and continue building your businesses.
One of the important events during this period is the $5,000 (in local currency) that you will receive as seed funding from TEEP. At this point you have been thinking seriously about the important steps that your business must take to be successful, so we would like to know how you plan to use the seed funding.
Please complete the following questions to help us understand the way your business will grow.
What will be the primary use of the seed funding?
a. Building the product
b. Hiring more people
c. Paying for stuff, including office and materials
d. Paying myself
e. I am not sure
Answer: a. Building the product
Are there any important milestones you will reach because of this funding?
a. Yes - I will build a prototype
b. Yes - I will ship an product
d. Yes - I will develop my customer base
c. Yes - I will hire my next employee
e. Yes - I will finalize a partnership
f. I don't think so
Answer: d. Yes - I will develop my customer base
Do you have any additional funding from other sources?
b. Yes - local investors
a. Yes - friends and family
c. Yes - banks and other formal groups
d. Yes - other
e. No
Answer: e. No
As you complete the 12-week training Programme, you should be thinking about the Boot Camp and Elumelu Entrepreneurship Forum next month. We are excited to have you and the other entrepreneurs collecting in one location to build relationships, get inspired, and continue building your businesses.
One of the important events during this period is the $5,000 (in local currency) that you will receive as seed funding from TEEP. At this point you have been thinking seriously about the important steps that your business must take to be successful, so we would like to know how you plan to use the seed funding.
Please complete the following questions to help us understand the way your business will grow.
What will be the primary use of the seed funding?
a. Building the product
b. Hiring more people
c. Paying for stuff, including office and materials
d. Paying myself
e. I am not sure
Answer: a. Building the product
Are there any important milestones you will reach because of this funding?
a. Yes - I will build a prototype
b. Yes - I will ship an product
d. Yes - I will develop my customer base
c. Yes - I will hire my next employee
e. Yes - I will finalize a partnership
f. I don't think so
Answer: d. Yes - I will develop my customer base
Do you have any additional funding from other sources?
b. Yes - local investors
a. Yes - friends and family
c. Yes - banks and other formal groups
d. Yes - other
e. No
Answer: e. No
Forum Survey
During the upcoming Boot Camp program you will meet many other inspiring entrepreneurs from all across Africa. We will place you in groups for certain exercises that will help you think about your business in a collaborative way. It will also let you learn from other TEEP entrepreneurs as they come up with creative solutions for their customers.
Please
Which language are you most comfortable speaking?
a. English
b. French
c. Portuguese
Answer: a. English
What major industry does your company serve?
a. Agricultural goods and services
b. Digital goods and services, including ICT
c. Retail, wholesale, fashion, media, entertainment, tourism, hospitality
d. Construction, transportation, telecommunications, energy/power, waste, oil & gas
e. Other [include a response box to fill in the blank and sort more similar teams together]
Answer: b. Digital goods and services, including ICT
How experienced are you as an entrepreneur?
a. Still learning a lot
b. Ready to apply what I have learned
c. Already started one or more companies
Answer: c. Already started one or more companies
What stage is your company?
a. Idea
b. Prototype
c. Offering a Product or Service
d. Making profit on a Product or Service
Answer: c. Offering a Product or Service
During the upcoming Boot Camp program you will meet many other inspiring entrepreneurs from all across Africa. We will place you in groups for certain exercises that will help you think about your business in a collaborative way. It will also let you learn from other TEEP entrepreneurs as they come up with creative solutions for their customers.
Please
Which language are you most comfortable speaking?
a. English
b. French
c. Portuguese
Answer: a. English
What major industry does your company serve?
a. Agricultural goods and services
b. Digital goods and services, including ICT
c. Retail, wholesale, fashion, media, entertainment, tourism, hospitality
d. Construction, transportation, telecommunications, energy/power, waste, oil & gas
e. Other [include a response box to fill in the blank and sort more similar teams together]
Answer: b. Digital goods and services, including ICT
How experienced are you as an entrepreneur?
a. Still learning a lot
b. Ready to apply what I have learned
c. Already started one or more companies
Answer: c. Already started one or more companies
What stage is your company?
a. Idea
b. Prototype
c. Offering a Product or Service
d. Making profit on a Product or Service
Answer: c. Offering a Product or Service
