FACT: It’s easier to get into Harvard than to succeed in the Tony Elumelu Entrepreneurship Program. Hopefully this TEEP Cheat Sheet, will help you beat the odd to success.
The Tony Elumelu Entrepreneurship Program Application Portal was opened on January 1, 2017. The highly competitive program will select only 1000 out of over forty-eight thousand plus applications they will receive between now and March 1st. This leaves the success rate at roughly 1:45 or 2.2% – for context, Harvard application success rate is 5.9%
we believe a lot of the applications that were rejected weren’t necessarily because the applicants’ business idea were awful. We think that the organisers were overwhelmed and had to strictly look at the ability of the founders to provide the answers in the form as required. To succeed therefore, it’s important to pay attention to what information is required and ensure you’re providing same.
Interestingly, this Teep cheat sheet is right inside the portal – but we doubt a lot of people will find it. This year the portal was completely overhauled and it’s rich with resources – including one that details what each section entails and the type of answer required. You can find the teep cheat sheet as a PDF once you login under resources. We have reproduced it below though – goodluck!
TEEP CHEAT SHEET: APPLICATION FORM GUIDE
SECTION 1: PERSONAL INFORMATION
This section asks about key personal information such as your name, date of birth and language proficiency. Please fill in the questions accurately, and where possible use your official government name (e.g. on your passport). This will ensure your information remains accurate, and can be utilised for registration to attend the Elumelu Entrepreneurship Forum (if selected). You must also upload a form of official identification (e.g. passport, driver’s licence) for our due diligence purposes.
SECTION 2: CONTACT DETAILS (MANDATORY)
This section requires you to fill in your personal contact details such as home address, email address and phone numbers. It is important to be as accurate as possible, as addresses will be verified; your email address and phone number will be used as the primary and secondary mode of communication
with you. If this information is inaccurate, it may mean that you will not receive essential information. One of the eligibility criteria is for applicants to be resident in Africa. Non-African
addresses will be considered ineligible.
SECTION 4: SOCIAL MEDIA
Your social media accounts will be used for engagement with the Tony Elumelu Foundation where applicable.
SECTION 5: BUSINESS PROFILE
This section requires you to detail information about your business or idea. While your business may not yet be operational and you may not have registered a name or address, it is important to fill in this information, which selected applicants may change once official paperwork has been
Q17: E.g. you may speak of a personal experience, an issue you faced which led to your decision.
Q18: E.g. you may speak about an incident/position of leadership you held in a previous job.
Q19: E.g. you may speak about an innovation you created, or goal you attained.
Q20: E.g. focus on the core aspects of your business idea – what you are
making/selling; who it benefits.
Q21: E.g. expand on Q20. And give more detail.
Q22: E.g. What is new, exciting, innovative, different, uncommon, about your
business/idea. How does it solve existing problems in a new way?
Q23: Why do people need the product or service you are providing?
Q24: What is your business stage?
- IDEA – your business is still a concept, and you have not begun operating
Research & development – you have begun to conduct research into
best practices, and may have begun minor operations
- MARKET ENTRY – you have successfully entered the market and begun
operations on a small scale.
- GROWTH – at this stage, your consumer demand is established and
Q25: Please select the ONE industry (and sub-sector) that most closely captures your idea, e.g. Agriculture – Animal husbandry Please ensure you give enough detail while sticking to the word limit.
SECTION 6: COMPANY STRUCTURE
This section asks about the formal structure of your company, and majority of the questions are for those who have officially registered. It also asks about your role/position in the company, and how many staff you currently have working for you (full and part-time).
SECTION 7: MARKET POTENTIAL
This section focuses on the market/demand that exists for your product/service.
Q34: How many people have a need/want for what you are selling?
Q35: What will you have to do to earn an income from your business?
Q36: How do you find/target/engage potential customers for your product/service? How do you achieve sales? How do you spread the word about your business?
Q37: Who do you compare your business/idea with? Who owns the market share already? Who will you be/are you competing with directly? Who is already doing what you plan to do?
Q38: Of those you mentioned in Q37. How is your product/service different?
Better? Bigger? More innovative? More targeted? More consumer friendly?
Q39: What is your short-term goal for your business? What are you planning to
accomplish/achieve within the next 6months-1 year?
Q40: Following from Q39. Once you have achieved the short-term goal, what will your next big achievement be?
SECTION 8: FINANCIALS (if not applicable, please enter 0)
This section is to test your financial understanding of your current/target market, and how well your business is doing/will do. It is important to do thorough research (for idea stage) or to be totally honest (for those already in operation), as Financial Knowledge is not only a deciding factor, but a crucial element of the 12-week training. Many questions relate to those who have begun operations, therefore those with idea stage businesses will answer $0 for some questions.
Q41: How much have you spent in starting/running your business since inception? This includes personal money utilised, loans, grants and other money put into developing the company.
Q42: How much money do you spend to cover operational/fixed costs each month? E.g. rent, raw materials, salaries, etc.
Q43: How much money have you made from sales since you began operations?
Q44 How much money will you need to make in order for
Q45: BER in sales dollars can be calculated by dividing your company’s fixed expenses by the company’s contribution margin ratio
SECTION 9: BUSINESS IMPACT
Q46: Describe the social benefits your company will provide, in addition to the
revenue you plan to make.
Q47 List the 3 most difficult aspects/problems in running your business
Q48: What benefits will you get from this programme?
Q49: Select an area where you need more training/development
SECTION 10: ATTESTATIONS
This section asks about how you got to know about the programme, your ability to dedicate time to completing it, any past experience on similar programmes, as well as two references who will be contacted to vouch for you.
Having read to this please go here and apply. Goodluck!
Also published on Medium.