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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

UFS hosts Commonwealth universities

2005-08-25

The University of the Free State (UFS) in Bloemfontein will host delegates from 14 universities across the Commonwealth next week as part of a programme to measure and promote excellence in university management.

The workshop will be held from Monday, 29 August to Wednesday, 31 August 2005 as part of the Commonwealth University Management Benchmarking Programme, run by the Association of Commonwealth Universities (ACU).

It is the first time that the UFS will host the workshop and the second time that it is held in South Africa.

“The purpose of the programme is to promote and measure excellence in university management. Unlike other university benchmarking programmes that focus on matters such as research output, the programme run by the ACU follows a process benchmarking approach and aims to identify and promote best practice and quality assurance,” said Prof Magda Fourie, Vice-Rector: Academic Planning at the UFS.

According to Prof Fourie the programme runs on an annual basis and works on a quality improvement cycle. Every year certain areas of university management are evaluated by a panel of international assessors. This year it focuses on strategic planning, recruitment and retention of staff, and branding.
If weaknesses are identified, plans are compiled which should result in an upward spiral of continued quality improvement.

“The UFS has been taking part in the programme for the past five years. Last year we fared particularly well with the evaluation of our change management and engagement with the community,” said Prof Fourie.

“The ACU benchmarking programme is a useful forum in which we can measure ourselves against our peers. It will also help us to prepare for the audit of the effectiveness of our quality assurance policies and systems, which will be conducted in October 2006 by the Higher Education Quality Committee (HEQC) of the Council for Higher Education (CHE),” said Prof Fourie.

Other universities that will take part in the workshop include the Leeds Metropolitan University, the University of Glamorgan in the United Kingdom, the University of Northern British Columbia in Canada, the Central Queensland University, the Monash University in Australia, and the University of the Witwatersrand (Wits).

Media release
Issued by:  Lacea Loader
   Media Representative
   Tel: (051) 401-2584
   Cell: 083 645 2454
   E-mail: loaderl.stg@mail.uovs.ac.za
25 August 2005

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