In my previous blog, I shared 5 reasons why I failed 2016 TEF application and how making the corrections helped me to scale through the 2018 Application. You may want to take a look at it here.
In this post, permit me to share with you how four basic things you should know about TEF application and how you can leverage on the Knowledge to position yourself to stand out in 2019 application.
1. Avoid Unnecessary Grammar
Go straight to the point and give what is required. Remember they are several applications to be reviewed, make the work easy for the judges by giving them exactly what they ask for upfront.
If you must use stories, let it come after the main point. Don’t forget to make your points within the first two paragraphs.
2. Focus on How to You can Make Profit
TEF is designed to fund profit-making enterprises. Focus your answers more on the profit you will generate rather than on the social impacts.
As a TEF Alumni, I feel obligated to let the aspiring TEF entrepreneurs know what I think makes an outstanding application.
A lot of people will focus on how they want to reduce unemployment, hunger, malnutrition, poverty etc. These are awesome, but the most important thing is that you are a business, not a government if you can’t demonstrate how you will make money, there is no way you will be able to make this impacts. I made the same mistakes too in 2016
3. Numbers are your greatest assets.
Not just for TEF but for any business pitching. Make sure you have your statistics and financials handy and accurate.
Know who your target market is and their estimated sizes.
It shows that you have done your homework well and you know what you
4. Start Small
Except you are looking for expansion funds, I will strongly counsel that your required capital should not exceed what the TEF is giving.
Avoid the temptation of white elephants project. It doesn’t make any sense that you’ve never run any business successfully before and you are looking 10 million naira to start-up.
The thing is, there’s no money that is too small to start a business
Let me not forget to say, that you are responsible for your own success.
Even when 1 million people applied and you were not picked. It is not because of the numbers that they didn’t pick you. But simply because there are things those who were picked know and do that you didn’t.
For those applying for the first time, put in your best this time around and if you were not selected, learn the lesson and try again next year.
I wish to see you guys at TEF summit in October. All the best.