tef business plan template

Tony Elumelu Foundation Entrepreneurship Programme (TEEP) 2024 for young African Entrepreneurs

Application Deadline:  1st March 2024

Applications are now open for the Tony Elumelu Foundation Entrepreneurship Programme (TEEP) . The 2024 TEEP intervention prioritises the economic recovery of small and medium scale enterprises (SMEs) and young African entrepreneurs, following the Covid-19 disruption to economic activities.

The Tony Elumelu Foundation, which celebrated ten years of impact in 2020, is empowering a new generation of African entrepreneurs, through the TEF Entrepreneurship Programme.  Successful applicants receive a world-class business training, mentorship, non-refundable seed capital up to $5,000, and global networking opportunities.  The Programme is open to entrepreneurs across Africa, both new start-ups and existing young businesses, operating in any sector.

Eligibility:  

• The Entrepreneurship Programme identifies outstanding African entrepreneurs who have start-ups or business ideas with the potential to grow.
• Eligible Countries:  African countries
• The training has been tailored to educate and capacitise you in starting or growing your business to overcome the challenges faced by entrepreneurs across the African continent . 
• The curriculum focuses on  practical, iterative learning  that is useful even long after the training period.  

Programme Phases

The TEF Entrepreneurship Programme TEEP 2024 will be delivered in different phases as listed below: 

• Application Phase 
• Training &Mentorship Phase 
• Business Plan Submission Phase 
• Pitching Phase 
• Seed Capital Phase 

THE  A PPLICATION PHASE  

This will take place from the  January 1 to March  31 .  Once applications are closed, eligible applicants will be placed in the appropriate training path as follows: 

PREPARATORY  

This means you do not have the skillset needed to start a business. You will go through the general training on TEFConnect. You will, however, not be eligible for mentorship or seed capital. 

START-UP/ BEGINNER  

This means you are a starter according to the business start-up profiling. You will go through the beginner training modules and you will have access to world class mentors during the programme.  

INNOVATIOR/ INTERMEDIATE  

This means that you have been profiled to be an intermediate entrepreneur. You have a good potential to be a successful entrepreneur. You will go through the Intermediate training modules and you will have access to world class mentors during the programme.  

DISRUPTOR/ ADVANCED  

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 have access to world class mentors during the programme.  

THE TRAINING AND MENTORSHIP PHASE  

Once shortlisted and placed in the appropriate training path, you will be eligible to take part in our rigorous business training and mentoring sessions. There will be multiple choice questions to track your performance. You will attend a virtual orientation program to learn more about the process and we will share timelines and resources available for you to succeed. The shortlisted entrepreneurs will be given access to join the peer-to-peer support groups. 

• Shortlisted entrepreneurs will be expected to complete the business training, answer the quiz at each end of each module. 
• The shortlisted applicants after the training will be given the opportunity to develop a  BUSINESS PLAN   

THE BUSINESS PLAN AND FINANCIALS SUBMISSION PHASE  

At the end of the TEEP 2024 training, you will be required to combine all the learnings from the training into a single cohesive document. You will be given a business & financial plan template; this will be in the online resource library. This template will help you create a first draft of your business plan. write a business plan. After the  BUSINESS TRAINING & BUSINESS PLAN SUBMISSION,  only successful candidates (who complete the MCQs and score above cut off mark and submit a business plan) would be eligible to move on to the next stage: the  PITCHING COMPETITION.  

THE  PITCHING  PHASE  

This is an opportunity to demonstrate your business knowledge and convince the judge about the feasibility of your business. At the pitching stage, entrepreneurs will pitch their ideas before a panel of judges. Only the successful candidates from the pitching competition will receive seed capital funding and access to the Alumni network to support their business ambitions. 

If you successfully completed all required training requirements and submitted a business plan, but was unsuccessful after the pitching competition, you will receive a training completion certificate and can reapply next year.  

Please note that this phase is another key outcome of this training programme and all shortlisted entrepreneurs must go through this phase to be eligible for  SEED CAPITAL.  

THE  SEED CAPITAL PHASE  

All entrepreneurs who have successfully completed all the above steps will be required to open business accounts and seed capital will flow into these accounts created. An entrepreneur who is eligible to receive seed funding will be given a  CERTIFICATE OF COMPLETION AND ACHIEVEMENT  from the Foundation.

For More Information:

Visit the Official Webpage of the Tony Elumelu Foundation Entrepreneurship Programme

Connecting Africans to the latest life changing Opportunities around the Globe. [email protected] | [email protected]

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Hi, please while submitting the business plan, can the template be edited and used or do I have to use a clean page?

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More From Forbes

Business plan template: a step-by-step guide for entrepreneurs.

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What should be in your business plan?

Creating a business plan is a key part of starting any business venture. Even if you’ll never use it in this format for attracting investors and raising capital, it can be vital for helping all entrepreneurs to ask and think through essential questions.

Nowadays business plans are used as an internal roadmap for the execution of the company since pitch decks have taken over when it comes to fundraising required materials.  For a winning deck, take a look at the pitch deck template created by Silicon Valley legend, Peter Thiel ( see it here ) that I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. Moreover, I also provided a commentary on a pitch deck from an Uber competitor that has raised over $400 million ( see it here ).

Don’t skip this part of the process. Though, do not let it become a distraction and slow you down from creating an actual business either.

For key insights on the why, when and how to create a business plan, and emerging alternatives for startups versus small businesses, see my Forbes article on How To Create A Business Plan .

There are many variations of business plans today. Especially, with the rapid growth of lean startups. A few minutes on Google will provide plenty of free business plan template options. The following is adapted from the SCORE Association’s recommended outline of categories, which covers most of the bases for exactly what to include in your business plan.

Executive Summary

This is the most critical part of your business planning. If you never flesh out a full business plan, make sure you create a fantastic executive summary. This brings together all of the key elements of your plan and will often be the make or break document which decides whether commercial lenders or investors will have any interest in seeing the rest of your documentation or pursuing a relationship with you. For additional guidance, you may want to review the Executive Summary Template that I recently covered on Forbes as well.

Company Description

This section provides a further overview of your company now.

• The company purpose, mission and vision
• Company formation information
• Who the founders are
• Location and geographical markets served or where you have a presence
• Current status and stage of business
• Any notable achievements so far

Products & Services

List what products and services your company has been formed to create. How are you solving the main problem and are serving the community with your business?

• Definition of the core product or service
• Development stage
• Screenshots or diagrams
• Current pricing
• Past test results
• Anticipated future products and services you hope to develop and roll out

Marketing Plan

This is another section which is an absolute must-have, even if you never develop a fully fledged business plan in its entirety. This holds key information that all financiers and potential investors are going to want to know. Even if you hope to just get away with using a pitch deck to raise the capital you need.

This is also a vital guide for yourself as a founder, and for your growing team as to what needs to be done and how.

Every minute invested in this section can pay great dividends over the longer term.

• Competition and market research
• SWOT analysis (Strengths, Weaknesses, Opportunities & Threats)
• Target market research (total market size and total addressable market (TAM))
• Brand and product positioning
• Elevator pitches and tag-lines
• Target customer personas and profiles
• Results of any testing conducted so far
• Marketing channels to be used
• Marketing budget
• Estimates of cost per action (CPAs)

For further guidance on this section, you may want to review the piece on Forbes with the title How To Create A Marketing Plan . 

Operational Plan

This is your opportunity to organize and demonstrate your understanding of this industry and business.

• Facilities and space needed
• Technology needs
• Equipment needs
• Supply chain management
• Logistics and distribution plans
• Order and fulfillment processes
• Quality control checks
• Legal and accounting needs

Management & Organization

This section of your business plan will help you to identify your own needs, and demonstrate to investors and other licensing bodies and agencies that you are the team to get this job done.

It basically shows your management and industry experience and who will do what.

• Founders and executive team
• Any owners and shareholders
• Board of directors
• Consultants and special advisors
• Key team members and department heads

Financial Plan

Provide an honest snapshot of where you are and where you reasonably hope to go, providing you secure the funding you need.

• Current balance sheet
• Past 2 years’ financials if applicable
• Financial projections for 12 months, and annually through year 5
• Break even analysis
• Cash flow projections
• Income and expenses

In this section you may also be including startup cost and capitalization requirements, or funding and loan requests.

Startup costs should be thorough, have some additional cushion built in, and focus on development of physical product or intellectual property and growth. Not what you want to pay yourself as a salary.

If fundraising, be sure to include a repayment schedule for any loans, use of funds, runway to follow up fundraising rounds, and the milestones you expect to achieve by then.

Include all other information, references and required documentation here.

This will typically include:

• Articles of incorporation and status
• Resumes of founders and key team members
• Copies of insurances
• Trademarks and patent registrations
• Deeper research data or links to references

Stay Flexible

Just like your first attempt at coding a website, practicing your pitch, or riding a bike, it’s not going to be perfect. Do your best. Get outside input from an expert. Just don’t wait until you think your business plan is perfectly polished and cannot possible go any further in depth. Otherwise, chances are you will have missed your window of opportunity by a long way.

It is also crucial to understand that nothing in this document is set in stone. Pretty much everything will absolutely change over time. Roles will change, marketing will change, financial projections will change, and your product and service menu can change.

Having raised money for startups, exited them, and after interviewing many of the most successful founders and angel investors on the DealMakers Podcast , I’ve got to experience both the struggles and wins in startup life. Things change rapidly overnight and for this reason you need to adapt quickly to the market and change whatever is required. 

This is a great guide and exercise. It’s a gateway to getting to the next step. Get it done, start taking action and stay flexible.

Creating a business plan remains a valuable part of launching any new business venture. Formats and business plan templates may have evolved, and new documents like pitch decks are becoming even more important.

Though without going through this process many entrepreneurs will find they have huge gaps in their ideas and may fall short when it comes to fielding questions from serious investors. Using this template you will cover most of the bases and will be able to take the next steps with confidence.

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Empowering African Entrepreneurs: Apply Now for $5,000 in the 2024 Tony Elumelu Foundation Entrepreneurship Programme 

The Tony Elumelu Foundation (TEF) is calling on all aspiring African entrepreneurs seeking to turn their business dreams into reality to apply to the TEF Entrepreneurship Programme ( TEF2024 ), for the opportunity to receive a non-returnable seed capital of $5,000.  

A Legacy of Empowering Entrepreneurs 

Since its inception in 2010, the Tony Elumelu Foundation has been at the forefront of empowering African entrepreneurs, and since the launch of its flagship Entrepreneurship Programme, the Foundation has partnered with numerous organisations to support entrepreneurship across the continent. These partnerships include collaborations with the International Committee for the Red Cross (ICRC), the United Nations Development Programme (UNDP), Sémé City, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), and many others. Partnerships with regional and international organisations pave the way for collaboration and strategic networking, enhancing market access for entrepreneurs across Africa. 

In 2021 alone, the Tony Elumelu Foundation disbursed an impressive $24.75 million to 5,000 African entrepreneurs, making it one of the largest private sector responses to the economic challenges faced by African youth, women, and SMEs in the wake of the COVID-19 pandemic. Notably, beneficiaries of the programme have collectively created over 400,000 direct and indirect jobs, contributing significantly to the economic recovery and development of the continent. 

Testimonials: Voices of Impact 

The impact of the TEF Entrepreneurship Programme goes beyond statistics; it transforms lives and businesses.  

Here are a few testimonials from entrepreneurs who have experienced the transformative power of the programme: 

• Paul Depooter Kabeya  
• Business Name:  KPD Technology Pty Ltd
• Country: South Africa  
• Impact Area: Upskilling and Women’s Economic Empowerment

Paul’s Testimonial

Paul Depooter was passionate about impacting his community and how he could bring a positive way of attaining financial freedom to the most vulnerable in South Africa. 

“I wanted to change the mindset of the African, by not looking at jobs as the only way of surviving but to believe in their own ability in order to let their talents express themselves into manufacturing of garment and fashion accessories made in Africa by Africans.”  

Paul believes the TEF program did not only bring a financial boost to his business but has been a game changer in terms of personal development. Through the garment and fashion accessories he makes in South Africa, he has empowered 20 women who, through their businesses, can use their skills to make a difference in their respective communities in South Africa.   

“Through the TEF Entrepreneurship program, networking has been the most valuable opportunity I have explored in this journey. I have been able to meet with different entrepreneurs learning from them to see things differently.”  

Paul believes the only way to enable gender balance in his society is to upskill the women and empower them to become independent. Through his fashion line, he produced not only garments but tailors and female fashion designers. 

2. Freddie Shava  

• Business Name:  African Heritage Clothing  
• Country: Ghana 
• Impact Area: Poverty alleviation for young people through training and employment  

Freddie’s Testimonial

“ My vision was to create wealth and social impact for Africa which l could not do while full time employed. l could only earn a living for myself and family on a full-time job but without impacting the wider community. l measure success on social impact-profitability model. First impact then profit later”.

So far, the enterprise has impacted 120 youths, trained and released to start their own business. They currently employ 20 workers directly. They service a client base of over 120 corporate clients buying from them through local production for import substitution.  Also, they have generated revenues of $600,000 over a six-year period. In line with their business model, they have created more impact than profitability, but are on course to wealth creation now with the business more stable and readying itself for expansion to expand the market to AfCFTA. Currently, they are serving the local market in Ghana and their strategy is to go for the intra-Africa business back riding on AfCFTA. 

“We (AHC) have created a name for ourselves as a leading producer of uniforms in fulfilment of our tagline “The Uniform People”. We are known for quality and efficiency. On the back of this our business comes through referrals (indirect opportunities) from satisfied customers without much advertising. The bulk of our business comes from indirect opportunities which builds our success.”  

Freddie Shava has attributed the successes of his business to the training and mentoring he received on the programme. 

“The training was a game-changer for me as it equipped me with the necessary skills to survive the business turbulence for example the Covid-19. Without the training and the grace of God l would not have survived Covid-19. Training and mentorship is important for upstarts. The USD5,000 was a bonus to support my start-up. Training first – capital later. This matches my business model of impact first – profitability later. TEF really put me on the right path and changed my life. Thank you TEF. Thank you, boss Tony.”  

3. Mechi Amaah

• Business Name:  Black and Natural Cosmetics
• Country: Cameroon
• Impact Area: Production of organic and eco-friendly cosmetics

Mechi’s Testimonial

After losing her father in his early life, Mechi Amaah had to look after pigs and sell them under her mother’s supervision to provide for their necessities. Upon getting to the university, she did business selling various things to make ends meet and decided to settle on manufacturing and selling hair products solely.

Mechi founded Black and Natural Cosmetics, a 100% organic cosmetic manufacturing company aimed to encourage the consumption of organic hair cosmetics, initially and subsequently, skin cosmetics. To join environmental protection and sustainable development, Black and Natural Cosmetics derives all its ingredients from plants, some of which are organically processed. 

Mechi Amaah was about expanding his business when COVID-19 pandemic hit the world and everywhere was under lockdown. However, the seed capital she got from the foundation enabled her to diversify and employ 2 more workers, thereby saving her business from liquidation. Coupled with the training received on the programme on business management, she has been able to take her business to another level and created a high level of impact in her community. 

“The training the program offered, helped me to keep tabs on my mission, vison and most importantly, my finances. Ever since the program, I can proudly say the books of my businesses are in order.”  

Since getting the grant, she has employed 4 more staff to help with her business and now has 7 employees working directly under her. Also, her annual revenue has increased by 70%, with her opening two other companies and awards to her name.  

“To give back to my community, i have created jobs and am currently working on an accelerator program to train young girls with vocational training skills that can enable them gain employment or start up their own business. This will go a long way to reduce unemployment in my community and country.”  

These testimonials showcase the tangible and lasting impact of the TEF Entrepreneurship Programme, demonstrating its effectiveness in empowering entrepreneurs across Africa. As the Programme considers its future, it is poised to continue changing lives and catalysing economic growth. Be part of this transformative journey— apply now for the 2024 Entrepreneurship Programme and unlock the potential within you! 

A Glimpse into the Future: Coalition for African Entrepreneurs 

Looking ahead, the Tony Elumelu Foundation is set to enhance its commitment to empowering African entrepreneurs. In a groundbreaking move, the foundation has announced its Coalition for African Entrepreneurs. This initiative aims to support 100,000 young African entrepreneurs, including 50,000 women, by 2033. The focus will be on fragile states, women’s entrepreneurship, and green entrepreneurship. 

The Tony Elumelu Foundation’s Coalition for African Entrepreneurs invites collaboration from development agencies, the private sector, philanthropic organisations, and governments, reinforcing its role as a leading philanthropy dedicated to eradicating poverty, catalysing job creation, and increasing women’s economic empowerment. 

Assessing TEF’s Impact: A Resounding Success 

To assess the Programme’s impact, expert researchers focused on its contribution to local entrepreneurship ecosystems across Africa and the UN’s Sustainable Development Goals. The analysis demonstrated that the TEF Entrepreneurship Programme was highly effective at providing multi-sector support to diverse groups of new entrepreneurs, addressing barriers such as funding and knowledge. Findings suggest that TEF and its partners are successfully providing inclusive, multi-sector support that maximizes the potential of African entrepreneurs, regardless of sector. 

As the Programme considers its future, there is a renewed focus on sustainability and policy advocacy. The emphasis is on finding the best ways to allocate funding, ensuring the continued success of the TEF Entrepreneurship Programme and its pivotal role in empowering the next generation of African entrepreneurs. 

Apply Now for TEF2024 – Seizing the Opportunity:

As the flagship TEF Entrepreneurship Programme nears the end of its 10-year lifespan, it is an opportune moment to reflect on the organization’s remarkable accomplishments. The Tony Elumelu Foundation, building on this success and its robust delivery process, will deepen its commitment to reach across sectors and geographies to identify and support young African entrepreneurs, targeting female empowerment and growth in fragile states, through its soon-to-be-launched Coalition for African Entrepreneurs. 

Apply now and be part of a transformative journey towards entrepreneurial success! 

About The Tony Elumelu Foundation


The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and ensuring inclusive economic empowerment. Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on its digital hub, TEFConnect , and disbursed nearly USD$100 million in direct funding to 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs. The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

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