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Tony Elumelu Entrepreneurship Application 2020 Made Easy.

The TEF Entrepreneurship Programme is now open to startup entrepreneurs, with innovative business ideas or businesses that have been in existence for less than 3 years, in any sector, from across Africa however, unlike the previous years, this year’s process looks like GMATHS.

The year’s application system has both psychometric & personality tests in addition to business and financial knowledge assessment, unlike the other years. To help you navigate around the platform as well as make your application process fun, we have analyzed it to suit your reading needs.

This guide has information on psychometric, personality & financial knowledge assessment.

Now, let’s begin:

Timeline

· Applications (Jan 1 — Mar 1)
· Onboarding (Mar)
· Training & Mentoring (April — May)
· Pitching (June)
· Selection Announcement & Forum (July)
· Submit ID, Business Reg & Bank Details (Aug — Sep)
· World-Check & Seed Capital Disbursement (Aug — Dec)

Assessment

The assessment gives the Foundation an indication of your personality type. It gives them a better indication of how best they can make an impact in your start-up journey. The assessment will take approximately 1hour to complete. You can stop and save the information of your personal details online and continue later but you cannot save and continue your assessment later.

There are 2 sets of assessments i.e.

  1. Psychometric / Personality tests
  2. Business and Financial knowledge assessment
    After taking the assessment, the system scores you and highlights your segment/path for training. All entrepreneurs that apply will go through a set of training. Training is delivered based on the entrepreneur segment. During this training, you will take tests/quizzes at the end of each module. Your assigned training path will determine whether you will have a chance to get seed capital or not.

Assigned training path: Based on your answers to the assessment questions, the system profiles you and places you in the appropriate training path as follows:

Greenhorn (Level 1)

This means you are a starter according to the business start-up profiling. You will go through the general training on TEFConnect. You will, however, not be eligible for mentorship or seed capital.

Innovator (Level 1)

This means that you have been profiled to be an intermediate entrepreneur. You have good potential to be a successful entrepreneur. You will go through the Intermediate training modules and you will be assigned a mentor during the program. Based on your performance through the training program, you will stand a chance to pitch your business in person to the set of judges for final selection to receive seed capital.

Disruptor (Level 2)


This means that you are or identified to be natural or a seasoned entrepreneur. You will go through the Advanced training modules and you will be assigned a mentor during the program. Based on your performance through the training program, you will stand a chance to pitch your business in person to the set of judges for final selection to receive seed capital.

Pls Note
· Innovators and Disruptors stand a chance to receive the same value of seed capital.
· Assessment can only be taken once. Do not take it if you are not ready.
· If you are unable to complete the assessment before the time is up, the assessment will be made based on the answered questions.

Configured scoring module (100)

· Test Questions (weight: 40)
· Interaction on TEFConnect (weight: 50)
This includes attendance to webinars, response to surveys, activity on TEFConnect
· Mentor Engagement (weight: 10)

Pitching

Top-performing entrepreneurs (based on the configured scoring module) will be shortlisted to physically pitch their ideas to a panel of judges
Entrepreneurs may be allowed to send in video pitches in approved geo-locations.

Pitching will happen in all 54 African countries (may be refined based on management’s decision)

Pitching can be done in English, French, Portuguese or Arabic

Selection

Selection will be based on aggregated scores from Application, Training & Pitching phases.

Top performers will be selected for the seed capital.

Getting to Know you: Business Details

This section captures your business idea and experience. Most of the questions here are yes/no.

The most important question here is: Tell us about your startup idea (minimum 50 words. Maximum 500 words).
I suggest you combine your elevator pitch with differentiation. Here is what this looks like:

ELEVATOR PITCH
Here, you are expected to talk about the problem, talk about the solution and make a proposition.

Let me cite some examples here:
For learners who wish to improve their learning skills as well as earn extra income while tutoring, Extraclass.ng offers a digital platform that connects learners to expert tutors within their location as well as helps you earn extra income.

With the inevitable need for clean clothes, Beclean Laundry provides an affordable and convenient service that alleviates the chore of laundry. Beclean targets upwardly mobile professionals who are too busy to do their laundry themselves or drive to the laundromat and dry cleaners.

Analysis: First, talk about your target audience. Are you targeting pregnant women or teenagers? Next, talk about what you do. Then throw shade at your competitor and mention why they are ineffective. Then, talk about how you do what you do. And finally, always end with a slogan or something catchy. You want to leave a massive impression in the mind of the reviewer. Your pitch should be so clear that the reviewer can pitch on your behalf.

DIFFERENTIATION
Do you know the difference between a brand and a commodity? Commodities are easy to substitute and hard to differentiate but brands are hard to substitute and easy to differentiate.
Think about the Indomie or iPhone. Can you easily replace them? But can you easily differentiate them?
Now compare the above with other products like tissue paper, razor blade, pencil. When was the last time you checked the maker of your Polybag?

You can’t just do fish farming, there are too many fish farmers. You must add a twist. Imagine if you were connecting fish farmers directly to sellers.

If I was pitching an employability training business, I could say
1) Our students get access to internship opportunities from inside and outside our client base
2) 90% of our students secure jobs afterward.
3) Our training is very affordable ($15 — $50) unlike other actors who charge a minimum of $170
By the time you are done with both, you should have clocked 250 words.

Section 2: Personality Assessment

Here, you have questions like:
“I can easily guess what others are thinking”
“I prefer working on realistic ideas”
“I prefer being with people who hold similar values”
Here are 4 tips to help you pass the personality test
1) Be yourself

A personality test is a two-way assessment. The purpose of this particular test is to assess whether your personality is suitable for entrepreneurship. If you don’t have entrepreneurial DNA, you probably should not be applying in the first place.

2) Avoid extreme answers

Selecting highly agree or highly disagree in every response may bracket you as inflexible and robotic.

3) Answer questions with an ethical and professional mindset

Try to avoid selecting answers which could portray you as an unethical or unprofessional person. There are incorrect answers in personality tests and choosing an answer that is unethical or unprofessional is likely to be incorrect.

4) Mind the time

Keep one eye on your stopwatch as you take the test. The only thing worse than not taking the test is ending halfway.

To further help you pass the test, here are 5 personality traits identified to be compatible with a prosperous entrepreneurial career:


1) Achievement Striving

This is an individual’s intrinsic motivation and efficiency of work completion. Entrepreneurs will usually be responsible for their own work hours and set their own deadlines meaning it would be easy to underachieve if they lack initiative, as there is no one to answer to when tasks are not completed.

2) Industriousness

This is considered to be an indicator of levels of persistence and hardiness, the ability to overcome difficulties and to remain functional in stressful situations. It can also convey the willingness to work hard and to offer additional efforts when required. Due to a number of challenges and disappointments associated with building a successful business from the ground, it is important that the individual is able to persevere with various efforts or attempts in order to achieve success.

3) Passion

This refers to one’s enthusiasm, personal commitment to achieving goals and the extent to which they will go in order to get ahead. More often than not, those who possess an emotional affinity with their career of choice are more likely to succeed.

4) Taking Control

This is linked to how far the individual believes themselves to have control over a situation and its outcomes, thus affecting their perception of positive and negative events. This idea originated from the psychological theory known as “Locus of control” which describes the way in which someone might credit certain events to themselves or to other external factors. For example, those who believe to have high levels of control are likely to attribute successes to their own abilities as opposed to luck.

5) Creativity


This is indicative of how effectively one might generate new ideas, which is vital to an entrepreneur wishing to establish themselves within a niche market. The ability to continually revolutionize and build upon pre-existing concepts may help to produce a vast number of successful business models.

Section 3: Cognitive Assessment

This section contains some basic business questions. It aims to test your financial knowledge.

There are straight forward questions, calculation based questions, pattern recognition questions & scenario-based questions.

Asides from the straight forward questions, the best way to prepare for the other type of questions is to take free online GMATH tests.

In addition, you will need the formula for profit & loss, profit markup.

MSRP means Manufacturer’s Suggested Retail Price.

https://www.investopedia.com/terms/m/manufacturers-suggested-retail-price-msrp.asp

You can Download the Sample Questions here.

Wishing you the best of luck!

1 thought on “Tony Elumelu Entrepreneurship Application 2020 Made Easy.”

  1. Pingback: Writing a Winning Grant Application | Masterclass | Pascal Okeke

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