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UFS Business School helps young people become entrepreneurs

12 December 2022 | Story Kekeletso Takang | Photo Supplied

web read more — Through the New Venture Creation Programme, the UFS Business School aims to equip unemployed youth with the skills needed to identify and assess entrepreneurial opportunities, design a basic business model, and write a business plan.

The University of the Free State Business School (UFSBS) recently hosted a New Venture Creation programme aimed at mitigating unemployment among the youth. Through this programme, the UFSBS aims to equip unemployed youth with the skills needed to identify and assess entrepreneurial opportunities, design a basic business model, and write a business plan.

The unemployment rate in South Africa was 33,9% in the second quarter of 2022, with youth remaining particularly vulnerable in the labour market. The New Venture Creation programme, funded by the Education, Training and Development Practices Sector Education and Training Authority (ETDPSETA), provides the opportunity for 100 unemployed youth in the Northern Cape and 100 unemployed youth in the North West to be part of the programme.

In addition to the UFSBS, the ETDPSETA has also partnered with the Office of the Premier in the Northern Cape, the Sol Plaatje Municipality, and the Department of Social Development. These partners assisted with the identification and recruitment of participants in order to ensure the right people were included in the programme.

“For me, the programme was informative and practical,” said Paseka Tlali, one of the top achievers taking part in the New Venture Creation programme. “It allowed me to learn about developing a business plan. Since completion, I have registered a business focusing on media consultancy. Through my business I can educate others on the importance of developing a personal brand.”

David Gool, another participant from the Northern Cape, said, “I have now become a social media ambassador working with Herbalife as their brand ambassador, thanks to the programme.”

Participants were taken on a practical journey to identify an idea and turn it into a profitable small business. Not only were they taught about new venture creation, but they were also taken on a journey to understand themselves better. The four-month programme saw participants go from attending classes to presenting their business plans to a panel that was also referred to as “The Circle of Elders”. This panel consisted of the ETDPSETA, the UFSBS, the National Youth Development Agency (NYDA) and the Small Enterprise Development Agency (SEDA). They provided each participant with practical feedback and guidance on how to make their planned venture a reality.

The New Venture Creation programme includes the following study units: Entrepreneurship Journey, Marketing Plan, Operations Plan, Business Model, and Business Plan Framework, among others.

Graduation ceremonies were held at the completion of the programme in De Aar and Kimberley, sponsored by Standard Bank.

Read up on more programmes offered by the UFS Business School here

News Archive

Prof Prakash Naidoo appointed as Vice-Rector: Operations

2017-09-13

Prof Prakash Naidoo has been appointed
as Vice-Rector: Operations
Photo: Stephen Collet

The Council of the University of the Free State (UFS) approved the appointment of Prof Prakash Naidoo as Vice-Rector: Operations, during its quarterly meeting held on the South Campus in Bloemfontein on 8 September 2017.

Prof Naidoo is a former Deputy Vice-Chancellor: Resources and Planning at the Vaal University of Technology (VUT). He has also been the Executive Dean: Faculty of Management Sciences at VUT. Prior to this, he was a lecturer in the Department of Accounting at the Durban University of Technology (DUT), and Vice-Dean and Acting Dean of the Faculty of Commerce at DUT.
“Prof Naidoo is a seasoned senior manager and an excellent appointment in this vital position. He understands the higher-education sector, and the Council is satisfied by the quality and extent of experience which he will bring to the position,” said Mr Willem Louw, Chairperson of the UFS Council.

He holds a PhD in Management Accounting, MComm in Management Accounting, Honours in Accounting, Honours in Economics, BComm (Acc), and a University Diploma in Education.

Prof Naidoo is a registered professional accountant with the South African Institute of Professional Accountants (SAIPA), an associate of the Chartered Institute of Business Management (CIBM), and an Internationally Certified Fraud Examiner (ACFE). He was also an international associate of the American Institute of Certified Public Accountants (AICPA).
He served as member and chairperson on various boards and forums, including the Investment Committee of the National Tertiary Retirement Fund (NTRF); Audit Committee of the National Institute on Higher Education in Mpumalanga (NIHE); Audit Committee of the Higher Education Purchasing Consortium (PURCO), and other task teams in higher education. He also served as a former director of ACFE (SA Chapter), where he received a commendation for his work in fighting fraud and corruption in the country. He has written and published numerous papers, supervised research, presented papers at conferences, and published one book.
Prof Naidoo is currently the Campus Principal of the university’s Qwaqwa Campus. He will start in the new position as from 1 January 2018, following the subsequent retirement of Prof Nicky Morgan, current Vice-Rector: Operations at the end of December 2017.

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