At Seeds of Fortune Inc. we consider you the next generation of leaders. The Girls Start Up Global Entrepreneurship Accelerator Competition will assist you in setting up and growing your business that will impact the community in which you live and the world around you.
Businesses are created to meet a need in the world, usually these needs come from problems that everyday people want/need solutions to make their lives more productive.
Join our 3-week online accelerator in April designed for young women ages 16-22 from Ghana, Nigeria, Kenya, UK, Canada, & Caribbean. Take the leap toward becoming a global change-maker & submit your business. Develop entrepreneurial skills, refine your business ideas, and pitch your venture for a chance to win $1,000.
Directions:
Please review every section of the article at the end submit your responses via our apply link to enter the competition to be considered for $1000 USD.
Step I: Starting Your Business Idea
Adenike Ogunlesi is the Founder and Chief Responsibility Officer of Ruff 'n' Tumble, a leading designer and retailer of children's clothing based in Lagos, Nigeria. Established in 1996, Ruff 'n' Tumble today has stores across Nigeria and is known as an indigenous premium brand with designs inspired by African print fabrics.
Starting Your Business
1b. Name 3 problems you would like to solve in the world, community, or neighborhood.
1c. Narrow the 3 problems you listed above to ONE problem you would like to solve.
Step II: Building a Solution
When solving a problem you have to decide if your solution will come in the form of a product or service.Â
Product: A good, idea, method, information, object or service created to serve a need or satisfies a want. It has a combination of tangible and intangible attributes (benefits, features, functions, uses) that a seller offers a buyer for purchase. For example a seller of a toothbrush not only offers the physical product but also the idea that the consumer will be improving the health of their teeth.
Service: A product overall is an object or substance that is up to sale where as a service is more of system supplying a public need such as communications or transport.
2a. Select if your business is a Product or Service
Step III: Statement of Purpose
Please include the below:
The aims and objectives of your business
The services you provide or product.
The needs your service meets.
Your contact details.
The places where services are provided.
Step VI: Competition
Who are your competitors?
a. Please list at least 3 competitors: Direct, Indirect, and Replacement
Step V: Resources
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Entrepreneurs Highlights
Step VI: Financials
How much will it cost you to make your particular product or conduct your service as well as the amount of profit you will make from your business?
(All businesses have fees and cost associated with them - so conduct research from similar businesses).
Terms to know
Expense:Â The cost required for something; the money spent on something.
Item: The materials needed to make your product or service occurÂ
Quantity:Â How much of that item you will need
Costs: The price of each item  quantityÂ
Total cost:Â The sum of all cost required to create your product or service
Financial Example
Example:
Rene sells body butter, in order to make body butter she must buy:Â
2 Shea Butter Stick - $5.00
1 Vanilla Oil - $5.00
1 Lavender Oil - $2.00
Total Cost Equation:
​2 Shea Butter Sticks X $5.00 = $10.00
1 Vanilla Oil =Â $5.00
1 Lavender Oil = $2.00
​ Total Cost = $17.00
(Continue d)
Pricing:
Total Cost ($17.00) *1.25 = $21.25
Therefore, Rene should price her body butter at $21.25​
Profit:
$21.25 -Â $17.00 (Total Cost)Â = $4.25
Rene makes $4.25 off of each body butter
Step VII: Marketing is all about the 5 W's
​​Who...needs your product or service?
Ex: women, girls, men, boys, teenagers, moms, or babies
What...do you have to explain to people what your product or service accomplishes for them?
When... is the time and place your business is open as well as launch date*?
Where...is the focus(es) of your product or service location-wise?
Why...was your business established?Â
How...will customers find your product or service?
Step VIII: Build Your Website
If you don't have a website, build Your Website: https://www.wix.com/ What your website must have:Â
Home Page
About Section
Product/Service Description Section
Pricing Section
Contact/Location Section
Submit Responses Below for the Chance at up to $1000.00