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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

RC members of Armentum not expelled from residence

2009-05-29

According to a memorandum of agreement that was concluded between the University of the Free State (UFS) and the Residence Committee (RC), the Senior Bond Committee and seniors of the Armentum Residence, the parties involved agreed, among others, that the RC members of this residence would not be expelled from the residence.

This follows an incident during which a first-year student from Armentum, Alex Marais, was injured because of alleged initiation and admitted to the Bloemfontein Medi-Clinic.

According to the agreement, the RC members will resign from their positions and not make themselves available for the next RC election, with the exception of Mr M.J. Pretorius, the RC member for Rag. He will stay on as unelected member of the interim RC. The UFS undertook to pay the RC that is stepping down their honorariums honorariums in August.

The UFS also gave permission to the Residence Head of Armentum, Adv. Bradley Smith, to appoint an interim RC for the remaining period of office of the current RC.

The Senior Bond must also undertake to submit the current rules of the Senior Bond Committee to the Acting Rector, Prof. Teuns Verschoor, before 1 June 2009. The Senior Bond Committee undertakes to comply strictly with these rules, also during Senior Bond activities.

In addition the Senior Bond Committee and the current Residence Committee must submit the following information to Prof. Verschoor before the reopening of the UFS for the second semester :
- The current orientation practices with regard to first-year students.
- Proposals on how the practices can be adjusted to render them enforceable within humane, reasonable, fair and humanitarian limits in order to implement and comply with the objectives of orientation, the exercising of control and the laying down of rules.

The compensating fine that was levied against the tuition fees accounts of senior students of Armentum, which would have been used to contribute to the medical costs of Alex Marais, is now cancelled.

This settlement is final and the parties will not lay any claims against each other as a result of this incident in future.

Media Release:
Mangaliso Radebe
Assistant Director: Media Liaison
Tel: 051 401 2828
Cell: 078 460 3320
Email: radebemt.stg@ufs.ac.za
29 May 2009

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