TEF2021: 10 Tips on How to Get Your Application to the Top 10% of All 2021 TEF Applications
#1. Be Really Interested in Your Business or Idea
The top 10% of TEF entrepreneurs painted the bigger pictures of
their business/idea in their application.
You must pply for the BUSINESS, not for the MONEY. Let your language be realistic and
futuristic, not opportunistic. Don’t sound like an opportunist, or use languages
that give you away as someone who's just in for the money. You need to be really passionate
about your business or the idea you are presenting, and use every opportunity to demonstrate this throughout
the stages in this process.
#2. Make a Solid Business Case
Think through every aspect of your business.
Feasibility; Is the idea viable, is it doable or is it a
mere fantasy? Are there local or national policies that will hinder the smooth
operation of your business? Are the claims realistic or are just too bogus?
Honestly go through each of these questions and be sure your
business will pass the feasibility test.
Scalability and potential growth; is the business solving a serious problem? is the problem a one-time issue, induced by a condition that
can change, or is it a problem that will always remain? For a business to have the potentials to
scale, it must be solving a serious problem that’s not going away anytime soon.
Market potential; this talks about the number of potential
customers… your business shouldn’t just be solving a serious problem, there
should also be enough people who have/suffer that problem, and who are willing
and able to pay for your solution.
Financial understanding; you as an entrepreneur must be able
to demonstrate a good understanding of your business finances. Your costs
components (what takes money from your business’ purse), your revenue model
(how does your business generate money), and your profit margins.
Leadership potential; the experts evaluating your
application would need to be convinced that you have the capacity to provide
the leadership needed to run your business. You can demonstrate this by citing
past experiences as an employee, a trainee, an apprentice, or whatever
experiences you have that are relevant.
How to Easily Scale-Through the TEF2021 Psychometric Test
#3. Register & Start Your Business
Many funding organizations prefer to fund registered businesses. Shows commitment to do business, and every funding institution recognizes it. If you are NOT REGISTERED YET, quickly do that and report the same.
And if you have NO FUNDS, somehow start the business and generate paying customers. For instance, if you are applying for the TEF to start say a bakery, while you are going through the different stages; which will take months, by the way, you can go to bakeries in your locality, collect bread from them (on credit if you can), then re-sell, and pocket the margin.
This way, you will not only be showing commitment, but you also will
also, be gaining vital insight into the industry you are about to fully launch
into, and be generating revenue.
CLICK HERE If you are in Nigeria and would like to register any form of business with the CAC.
#4. Be Visible
Website, Facebook, Twitter, LinkedIn, Instagram, etc are all
free or very affordable platforms that you can leverage to make your business
and your business activities visible.
Use one or more of these platforms to demonstrate that you are already
working on your business. This could represent your edge and the difference
between you and some other applicant in
the pool with you.
#5. Be Accountable
Accountability is very important for business survival and growth. The evaluating judges at TEF know this. So keep track of your numbers & use them smartly throughout your TEF journey. Transactions, invoices, receipts, contracts, etc. Keep a record of these numbers and use them generously in your application
Are you confused about the TEF2021 Tests? Here's your solution
#6. Consult past winners
Past winners have the best insider info about the program. Ask specific questions that relate to your application, read success stories from the TEF website.
How do find past winners?
- Look at your area; business groups and clubs, attend entrepreneurship events, industry-specific events etc.
- Attend entrepreneurship-related and industry-specific webinars, network extensively and keep asking questions. You will soon find what you are seeking.
- Use social media (LinkedIn); many past TEF winners are most likely going to include "TEF Entrepreneur", "TEF Alumnus" or "TEF Winner" in their profile on LinkedIn. All you need to do is search LinkedIn using any of these keywords, and you are most likely to find one. When you do, send them a connection request and accompany the=at with a short message that says something like this, "Hi, I am ABC, an XYZ entrepreneur. I am currently applying for the TEF 2021. I see from your profile that you have won the TEF in the past. I would love to connect with you here so I can learn a few things from your experience, that will help my journey in the TEF this year.
#7. Study application questions
Read and carefully adhere to application instructions. Application
instructions are the basic rules for selection. Many applications are rejected
because applicants did not respond based on instructions. How sad would it be
if you don’t get this grant not because you failed to follow instructions? It
would really be unfortunate.
#8. Use facts and figures
Numbers matter a lot in business because they the basis for
growth. Throughout this period, show that you have researched your market and
business numbers well. Use every opportunity to drive home your point with
figures.
Simple google searches will help you get industry facts and figures.
10 Tips That will Move Your Application to the Top 10% of TEF Application
#9. Tell a compelling story
The most successful entrepreneurs have stories behind their
business. Your story is what would make you fight for your business when odds
are against you, and INVESTORS KNOW THAT. so they are very much interested in
your story. Your story can make you the winner.
#10. Review your application
Get someone else’s view on your application. Typographical errors, logical flow, facts and figures, and feasibility are things a reviewer can be looking for in your application. You can consult a professional, a mentor, a family member, or a friend who you trust to be more experienced.
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