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12 December 2022 | Story Kekeletso Takang | Photo Supplied
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

UFS hosts the 2017 SAIMS Conference
2017-09-21

Description: SAIMS confrence Tags: SAIMS, Kopano Nokeng, conference, research, Prof Francis Petersen, business, Kovsies, St Dairy, Mushrooms House 

The hosts of the 2017 SAIMS conference:
Dr Jacques Nel
(UFS:Business Management), Prof Francis Petersen
(UFS Rector and Vice-Chancellor),
Dr Werner Vermeulen (HOD of UFS: Business Management),
Dr Habofanwe Koloba (UFS: Business Management),
and Prof Hendri Kroukamp
(UFS: Dean of Economic and Management Sciences).
Photo: Supplied



The University of the Free State’s (UFS) Department of Business Management recently hosted the 29th South African Institute of Management Scientists (SAIMS) conference at Kopano Nokeng in Bloemfontein. This year’s theme, ‘Management Research: Science Serving Practice’ focused on the importance of sharing our results and making it relevant and usable to different communities.

Prof Petersen motivates researchers to become part of the business cycle 
On the first day of the conference, the Rector and Vice-Chancellor of the UFS, Prof Francis Peterson, welcomed 148 delegates from 18 different institutions (academic and professional) to the City of Roses. He motivated them to keep on doing highly scholarly research by being part of the business cycles.

Prof Adré Schreuder, founder of Consulta (Pty) Ltd, was the keynote speaker of the conference. He highlighted four personas needed to further enhance and develop the science-practice alignment in market research and business. “The first skills persona is called a Social Media Maven, which is in line with the rapid growth of social media networks and the growing need for social media analytics. Then there is the Data Synthesiser that supports the growth trend in Big Data and Advanced analytics, which are both driven by technological innovation and the enormous volume of available data. The third one is Marketing Strategist, which has strong representation in brand and advertising research in our industry. Lastly, we have the ‘Business Consultant’ which aligns with the industry trends towards deeper insights and consultative skills required to move beyond mere reporting, but rather getting involved in the design and implementation of recommendations.”

Conference to collaborate academics and business
Dr Werner Vermeulen, SAIMS 2017 Conference Chair, says, “This conference will underpin the need for collaboration and cooperation of individuals from the academic environment and the business world itself.” He says the conference will also provide a wonderful forum to refresh knowledge and explore contemporary trends and future-based business research.
 
Delegates were also given the opportunity to dress up to the carnival theme and were entertained by a fire dancer and magician. They had the honour of indulging in two Kovsie-produced food products, the St Dairy organic cheese and exotic mushrooms by Mushroom House

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