The people who invest in a business or lend money are looking basically at two factors: First, at whether or not, within a reasonable period, the business will earn more money than its costs to run. Second, whether the business will enable it to meet each demand for payment as it arrives. In other words, they are looking for profitability and cash flow.
Those who will manage the business on a day to day basis will need to be assured of its financial viability, the same basic data as that required by investors and lenders. They will also need to know from the plan, what are the key indicators of performance, which expenditure figure to monitor closely, how to judge sales performance, which target are crucial to success, how sensitive the business is to fluctuation in the business environ, etc.
This Business Plan Workshop will include;
- Lecture on the process of planning, the elements of a successful plan and presentation that can attract funders.
- It will equally deliberate on key successful factors that can be used as tools to implement a business plan.
- Selected entrepreneurs will present their business plans to a panel of judges (funders, angel investors and individual donors) and receive real time feed-back on how to improve their businesses.
- Business Plan Competition will be held during The African Network Entrepreneurship Conference (TANCon Africa) in Lagos between Oct 17-18, 2014
- This Competition could attract between $10,000 and $15,000 cash by the winners. More information about the prizes will be announced in Oct 2014
If you are an entrepreneur with an existing business idea that qualifies for this great opportunity, what are you waiting for?
Submit on-line an outline of your Business Plan on OR before the 10th of September, 2014 for consideration.
Criteria for selection as presenting entrepreneur:
- Clarity of business model. How does the business make money?
- Clear market or impact qualified by market research.
- Quality of the founders & the management team.
- Proof of market traction. Entrepreneurs who can show successful proof of concept or business growth will be preferred.
The workshop does not, provide direct access to funding sources or guarantee funding.
Aug 28 to Sept 15: Submission of Business proposal for inclusion in workshop.
Sept 15 to Sept 31: First Screening/Notification to successful entrepreneurs.
Sept 31 to Oct 10: Mentoring of Candidates.
Oct 12: Dry runs of Candidates
Oct17: TANCon Conference - Business Plan Presentation to the panel of Judges.
Oct 18: TANcon Conference: Announcement of winners of Business Plan Competition and presentation of awards.
Entrepreneur wishing to be considered for inclusion in the workshop should send their Business Plan Outline and submit to firstname.lastname@example.org by September 30 2014.
Business Plan Competition Moderators:
Bowale Odumade African Finance Corporation.
Taofik .O. Azeez MD/CEO Tao-khem Chemical Company Ltd.