FREQUENTLY ASKED QUESTIONS
For a really quick overview of Getting Down to Business, go to www.gettingdowntobusiness.com.au
Getting Down to Business is a Victorian Government funded initiative to support business development by young people. Getting Down to Business is delivered by Enterprising Partnerships from February to November each year.
If you are aged 16-25 years at the time of applying, live in Victoria, Australia and you have an idea to start a business or you have a business in the start up stage or you operate a business that you want to expand, then you are eligible to apply.
It doesn't matter which type of industry your business (or idea or stat up) works in - hair and beauty, construction, tech, retail, food, hospitality, fashion etc are all eligible for application.
Getting Down to Business is an equal opportunity initiative. Every eligible person is welcome to apply regardless of your Victorian regional or rural location, gender, ethnicity, religion, income level, employment, university, technical studies or status or, as long as you meet the age requirement, if you're still at school.
Yes as long as your team does not consist of any more than 3 members all of whom are 16-25 years at the time of applying.
When you apply with your team, all applicants are considered as a team. That is, if one of your team is not successful, none of your team will be successful. Each of the two or three members in the group must apply separately to allow the judges to assess the individuals making up part of the group.
Idea Only: Early Thinking
You have an idea for a business but don't know if the idea has a market to get customers or to be profitable. Your idea hasn't started to trade.
Start Up: Validation
You are in your early stage of operation but are not sure how to lay down the structure of your business for it to be successful.
Scale Up: Expand
You have an existing trading business that you are seeking to develop and grow.
Yes as long as you apply for EITHER Idea Only and Start Up OR Start Up and Scale Up.
Unless you have two different enterprises, one of which is only an idea and another that is operating, no single enterprise can be at the Idea Only stage AND able to Scale at the same time.
Yes. Either by yourself or with your team, you can apply with as many ideas or businesses you want.
Your team members can also apply as individuals with as many ideas or businesses they want.
You (or your team) can also apply for more than one enterprise in more than one category. For example, you can apply to the Scale Up stage with one enterprise and with a second (different enterprise) you can apply to the Idea Only stage.
If you apply with one or two other people, each member of your team needs to complete an application. You can submit as many enterprises as you like – but remember that in a team, you will be judged as one group, not as two or three separate individuals.
It's important to note that you may not know the answers to every question - even if you are currently running your own business. Via coaching, mentoring, skills development and peer support, Getting Down to Business is about assisting you to answer those questions in 2016.
If you don't know the answer to a question, just add 'Don't know yet' or N/A into the text box.
The following is for your information only. To apply, you need to register and complete the questions online
GETTING DOWN TO BUSINESS – APPLICATION FORM
This is a list of questions that you will find in the application form.
Thank you for applying to be part of the 2016 intake of Getting Down to Business (GD2B).
The following questions will help us to understand more about your business or business idea, you, and your aspirations for starting your own business.
Some of the questions are open ended in your own words whilst others require an answer on a scale of 1 to 5.
There are four parts to the application form:
PART A: DEMOGRAPHICS (15%)
What’s your closest regional centre or town?
Your business facebook page – please put N/A if you don’t have one
Your personal facebook page – please put N/A if you don’t have one.
Your Twitter address – please put N/A if you don’t have one
Your Instagram account – please put N/A if you don’t have one
Your Linked In address – please put N/A if you don’t have one
Any other social media addresses you may have
Are you applying as an individual or as part of a team? Yes/No Remember that each team member must also completed and application.
If as a team, will they apply too? Yes/No
If yes, what are their names? (names)
What are your personal interests? (Please describe in 25 words or less)
PART B: ABOUT YOUR BUSINESS (15%)
If you are unable to answer as you are not currently running a business, please state N/A.
Description of the Product/Service Business (no more than 100 words)
What is your business or service? (Please describe in no more than 50 words)
What problem will your business / service solve? How does it solve it?
Description of the market (no more than 100 words)
For whom will your idea / service solve a problem? (Describe the customers will you be targeting?) How many people do you think are in this market? Is this market growing or shrinking? In case of multiple markets, which one are you planning to target first?
Customers (no more than 100 words)
What value will you / do you deliver to your customer?
How do you reach, keep and grow customers?
What customer relationships have you already established?
Competitors (no more than 100 words)
Who are your competitors?
What is unique about your product / service business?
Intellectual Property (no more than 50 words)
Is there intellectual property behind your product / service (something that you can claim as being entirely or partly your own idea, product or service)?
Key Activities (no more than 50 words)
Briefly outline your growth plan for the next 12 months, if you have one
Key Resources (no more than 50 words)
What resources do you expect to need in the next 12 months?
Revenue and Costs (no more than 100 words)
Is there a product /service business similar in the market? What do customers pay for that idea/service?
What do you think customers be willing to pay for your product / service? How will you make money?
What do you think will be your costs over the next 12 months?
Governance of your business (no more than 50 words)
How will you manage your business? (You alone, an Advisory Board, shared ownership by a team?)
PART C: ATTITUDE TO ENTREPRENEURSHIP (15%)
To maintain consistency across all of the applicants we are using a standard scale for our questions:
1 to 5 where 1 = Not at all like me and 5 = Very like me
How well do these statements describe you? [Scale 1 to 5]
|I am always thinking about owning or operating a business|
|When I think about it, I would describe myself as “entrepreneurial”|
|When I am confronted with a problem, I can usually find several solutions|
|I am confident that I could deal effectively with unexpected events|
|I find it easy to get others to identify with and believe in my vision and plans for a business|
|I am often distracted from what I’m working on by new ideas and projects|
PART D: ASPIRATIONS FOR STARTING OR GROWING YOUR OWN BUSINESS (35%)
In 50 words or less, tell us a bit more about the background that led you to want to start your own business.
In 50 words or less, tell us what you have done to progress your business so far, including what problems have you had to solve and how have you dealt with them?
In 50 words or less, tell us about people or organisations you have had to convince in order to progress your business.
In 50 words or less, outline ideas for other businesses.
In 50 words or less, tell us about teams you have worked in where you have contributed to the learning of others and the success of the team (this could be sporting, school, community groups, university, religious organisations or work).
In 50 words or less, tell us about what you have learned from others in relation to your business.
In 100 words or less, please tell us what you will be focused on achieving for your business by the end of 2015.
PART E: ABILITY TO COMMIT TO ENTIRE PROGRAM (20%)
Do you have any other commitments or plans that may conflict with your commitment to Getting Down to Business in 2016? YES/NO
If YES, please explain. These include any plans for 2016, grants, scholarships or internships you have applied for or sporting commitments on Saturdays or overseas travel etc. Anything that may impact on your ability to commit fully to this program.
"Getting Down to Business isn't a course. You don't have to attend lectures, write assignments or sit exams. There is no study involved. It's an initiative where we want you to draw from your experience, the experience of your peers and of successful entrepreneurs. In order to do this, you will need to make a commitment to:
- attending 3 ‘Stretch Days’ which challenge and focus your approach to your enterprise – the dates for the Stretch Days are: 27 February, 2015; 16 July, 2016; 26 November 2016;
- attending half day Roundtables on 14 May and 10 September, 2016;
- participating in monthly business coaching (in person or by skype at a time agreed by you and your business coach);
- participating in monthly mentoring (in person or by skype at a time agreed by you and your mentor);
- developing a Plan to assess your training and mentoring requirements throughout 2016;
- attending webinars on the last Tuesday of each month at 7.00pm (this is by internet not in person)
- participating in networking; and
- accessing a range of other resources that will be made available.
What happens at the 27 February ‘Stretch Day’? You will:
- meet your business coach;
- meet other Getting Down to Business entrepreneurs;
- meet well know and experienced entrepreneurs who share their stories about their journey so far; and
- find out about Getting Down to Business and what’s in store for 2016
There are no set number of hours you are expected to be involved in Getting Down to Business but to get the most out of it, we estimate an average of 4-6 hours a month.
This would be made up of:
- one hour for business coaching (face-to-face, by phone or skype);
- one hour for a volunteer mentor to meet with you (face-to-face, by phone or skype);
- one hour to attend a monthly skype webinar;
- one hour to go through the resources folder you will have access to;
- one hour to do some focused business planning or business reading.
All of the coaching and mentoring times are negotiated between you, your coach or mentor. That’s to make sure there isn’t additional pressure on you at times when you need to be working or studying or spending time at sport, family or religious activities.
We encourage you as an entrepreneur to spend as many hours working on your business as you are able. We don’t expect that you will spend more time on your other business or life commitments. You need to be able to balance Getting Down to Business with the other parts of your life.
All applications must be submitted by 5.00pm Friday 29 January, 2016 via this website.
We don’t accept any applications by email or snail mail.
In February, your application is sent to a panel of judges who have experience in creating and building businesses.
The panel will also include one representative of the Department of Human Services which is the department of the Victorian Government that funds Getting Down to Business.
Once the selection process is complete, whether or not you have been successful, you will be informed of the outcome in mid-February.