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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

Golden Key International Chapter again receives prestigious award for service

2011-05-04

The management team of our university's Golden Key (GK) International Honours Society
Photo: Gerhard Louw

Our universities chapter of the Golden Key International Honours Society is the proud recipient of the Golden Key International Chapter Service Award for the second consecutive year.

The chapter received this $1000 award in recognition of the services they deliver to the community of the Free State and the hard work each of their members put in to ensure that their community projects run smoothly.

Mr Ruddy Banyini, the chapter president, says they feel very privileged to know that the chapter’s work receives international recognition. “We feel so privileged that the work of our chapter is appreciated internationally and that it will serve as motivation to everyone to start giving back to their communities,” he said.

The UFS chapter adopted The House of Compassion, an orphanage on the outskirts of Bloemfontein, at the start of 2010. They have collaborated with associations such as the PSA and visit the house on weekends to play with the children. They have also donated food, clothing and shoes. “Our chapter’s motto is ‘It’s not how happy we are that matters, but how happy others are because of us’” Mr Banyini said.

The chapter was selected as one of the 10 most deserving chapters from a possible 390 university and college chapters worldwide, based on their community-service activities. The chapter was also selected to host the South African Regional Golden Key Summit from 06 - 08 October 2011, which means that our university will host the top 15% of achievers from all South African universities.

Mr Banyini said this is a dream come true, since their chapter’s main goal is to see our university as South Africa’s Golden Key reference point.

The GK UFS Chapter will soon be starting a “Together means Warm” campaign which will attempt to provide winter clothes, shoes and new school shoes to the children of the orphanage and also improve their living condition.

“I would like to urge everybody to keep in mind that the community is everyone’s responsibility,” Mr Banyini said.

Media Release
4 May 2011
Issued by: Lacea Loader
Director: Strategic Communication
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: news@ufs.ac.za

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