This levels of competition is an initiative of the CBN as aspect of its company social responsibility and in consonance with the theory of the National Financial Empowerment and Enhancement System (Desires). It is developed to unleash the entrepreneurial spirit of the youth corps customers for the duration of their services yr and to motivate them to imbibe entrepreneurial principles and ideas. The Yearly Undertaking Prize Levels of competition is majorly aimed at lowering the dependence on white collar positions which would stimulate financial progress, enhancement of community technology and technology of employment.
It is open up to only serving corps customers in every batch of a supplied yr. The Award is in two categories (Condition/National) and it handles all authorized enterprise principles apart from commerce. Fascinated corpers are envisioned to submit a enterprise proposal to the point out level for important examination by the point out Inter-Agency Assortment Committee where a few winners typically arise. The prize revenue for the point out awards is
– 1st Prize: N200,000.00
– 2nd Prize: N150,000.00
– 3rd Prize: N100,000.00
10 most effective proposals from each and every Enhancement Finance Office are sent to the Department and subjected to additional examination by the National Assortment Committee to find the nationwide winners which has the pursuing prize revenue tied to it.
– 1st Prize: N1,000,000.00
– 2nd Prize: N750,000.00
– 3rd Prize: N500,000.00
All winners will be supplied Certificates of Benefit, linked to banks to sponsor their jobs and invited to take part at a training course at any of the Entrepreneurship Enhancement Facilities (EDCs).
Yearly Undertaking Prize Levels of competition draft procedure.
Identify a Need or Challenge
For you to be a participant of this millionaire making award you need to have a enterprise concept or strategy. There need to be a want or marketplace you are eager to satisfy. Your enterprise strategy could be ground breaking or an improvement on an existing problem which would incorporate value to the existence of the people.
Carryout an In-Depth Organization Investigation
You need to have interaction in a important investigation of the enterprise. The profitability, toughness and legality of the enterprise need to be ascertained. You need to have a excellent knowledge of the proposed enterprise.
Produce a Marketable and Remarkable Organization Prepare/ Feasibility Report
Immediately after you have ascertained that the enterprise strategy is viable and lucrative, compose a successful enterprise program. The program need to be composed according to the statutory format. The format is as follows:
1. Organization Prepare and Company Directive ( Eyesight, Mission and Aims, and so forth)
two. Operational Strategies ( Uniqueness of the Organization)
three. Strategic Prepare and Aims
4. Projected Outreach, Current market Share and Advertising System
five. Money Projection/ System
six. Sustainability System
7. SWOT Investigation
8. Risk Identification and Mitigation Strategies
9. Financial and Social Justification – Organization Advantages to the Modern society
10. Environmental/ Infrastructural Investigation (Assessment of the likely Impact of Environmental Things of the Proposal)
eleven. Administration Structure, and so forth.
Your enterprise program is your agent. You will not be there when it will be examined. In point, your passport to the award course of action is your feasibility report. Hence you need to make sure that you enterprise program is outstanding.
If you never know how to write a single, get hold of somebody that is entirely skilful in composing enterprise options. If you are hiring a professional to assist you in composing the program, make sure that you are aspect of the preparing course of action. That is be aspect of the preparing course of action. This is to permit you learn and comprehend every thing in the report.
It is not sensible to use a professional that is significantly from you. This is true due to the fact, he will just give you a finished function without the need of educating you. You could be requested to defend the proposal prior to the Committee.
You can also make your enterprise program special by introducing photos, PowerPoint slides and audiovisual CDs to make your enterprise points clearer.
Guarantee you submit your proposal in just the stipulated time. It should be submitted to either the Head, Enhancement Finance Office, in the branch of the CBN in the point out of services or to the Director, Enhancement Finance Department, Central Financial institution of Nigeria, Company Headquarters, Abuja. Also make sure that the proposal have your NYSC connect with-up range, get hold of tackle and telephone range. Make guaranteed you follow-up the proposal by checking out the Committee workplace to get information. You need to also listen to every day information and examine current dailies to get new hints as regards to the Yearly Prize Levels of competition.
Elements of a Winning Proposal
– The enterprise starting off cash need to be from a single hundred thousand to a million naira: Offered that the cheapest prize revenue is N a hundred,000.00 and the optimum is N1, 000,000.00 permit your enterprise be the sort that can be began with the least of the the very least prize revenue and the most of the optimum prize.
– The enterprise need to be authorized: There are firms that are illegal in Nigeria. Guarantee you go to Company Affairs Commission to get the whole lists of authorized enterprise. Also there are some goods that are contraband in Nigeria.
– The enterprise need to be resident in Nigeria: The sole purpose of this programme is to boast the economy of Nigeria and not international countries. Hence, the enterprise need to be situated in Nigeria.
– The enterprise need to have the inclination of using Nigerian citizens: The enterprise need to have the ability of using you and other unemployed Nigerians
– You need to prove that you will not abandon the enterprise for a white collar task: This levels of competition is exclusively for business owners. Therefore, if you have the intention of starting off the enterprise with the intention of abandoning it immediately you protected a white collar task, this programme is not for you. It is strictly for passionate business owners.
– You need to prove that the enterprise would be lucrative. One of the targets of this initiative is to Promote financial progress. Hence, the proposal need to demonstrate that you enterprise has the ability of making income.
– Your proposal will obtain large consideration when it is geared in the direction of making use of and create community technology.
– This programme handles all enterprise principles apart from commerce. Industrial routines are very dangerous. Your enterprise strategy need to not be to get and promote of finished goods. Rather it should be ready to develop much better goods at a aggressive rate and time.
– The price of your merchandise need to be aggressive: Your goods or products and services need to be fantastic but affordable.
– Your enterprise strategy need to contain one thing excellent that your competitor are not executing or are not executing effectively.
– Your proposal will scale-via if your enterprise is making use of locally produced uncooked components