It is widely recognized that a abounding tiny and medium-sized business zone led by entrepreneurs is essential for mercantile enlargement in building countries. In many grown economies, such as those of a US and Europe, tiny businesses are a engines of mercantile growth, pushing origination and capability while ceaselessly generating new jobs. The deficiency of such “developed small- and medium-sized enterprises sector” in building economies continues to frustrate a expansion of a colourful private sector.
All over a world, entrepreneurs share some common characteristics: they are confident, warning to new opportunities and doubtful to be stopped by fear of failure. These notwithstanding, entrepreneurs in building economies, Nigeria for instance, face larger obstacles, generally accessing capital, including anticipating adequate business support that has continued to militate opposite entrepreneurship expansion in a country.
A rarely successful member in entrepreneurship expansion efforts is a Business Plan Competition, an incentivised business expansion programme to assistance entrepreneurs spin their business ideas into fundable and implementable business plans. The proceed catalyses a origination and enlargement of essential and rival small- and medium-scale (SME) enterprises – a critical engine of growth, jobs and income in a building world.
Business Plan Competitions are rarely effective, high lapse proceed to SMEs ability building. They also emanate a car for internal financial institutions to yield entrance to capital, and build movement for SME development. Recognising a Business Plan Competition as an effective programme to build entrepreneurship ability and flog start Small Medium Enterprise (SME) development, a President Goodluck Jonathan on Oct 11, 2011, launched a Youth Enterprise with Innovation in Nigeria (YouWiN) programme in Abuja, a Business Plan Competition for Nigerian Youths, in line with a Federal Government’s expostulate to emanate some-more jobs for Nigerians.
YouWiN, a partnership of a Ministry of Finance, a Ministry of Communication Technology, and a Ministry of Youth Development,