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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

Student one of ten Google Young Minds

2012-04-23

Sibusiso Tshabalala is making strides as an international young leader.
23 April 2012

Third-year B.Com Law student, Sibusiso Tshabalala from our university, is one of ten of Google’s Young Minds for 2012. He made it to the top thirty from a pool of 1 700 applicants at the beginning of April 2012.

“The standard of other competitors and the panel of judges were extremely high. I was excited to receive the news that I had made it,” he says.

Annually, Google searches for ten students internationally who demonstrate strong leadership capabilities. This once-in-a-lifetime opportunity is given to students who also have an entrepreneurial drive and a commitment to social activism. Sibusiso was selected for his involvement in renovating libraries and training budding public speakers. His projects also involve encouraging literacy and critical thinking in poor areas in the Free State by establishing reading clubs.

Sibusiso will be attending the Google Zeitgeist in London from 20 to 22 May 2012.

At the conference, he will have the opportunity to meet some of the world’s greatest minds. Over 400 influential business leaders and visionaries from around the world will be hosted. Speakers include Prof. Stephen Hawking, former Lucasian Professor of Mathematics: University of Cambridge; Sir Richard Branson, Virgin Group; Eric Schmidt, Chairman: Google; Larry Page, CEO: Google; Angela Ahrendts, CEO: Burberry, and international musician will.i.am.

The ten winners will also take part in a series of ‘master classes’ with the aim of mentoring them to help further their future projects.

His achievements include the 2010 winner of the National SAGE Competition (Students for the Advancement of Global Entrepreneurship). He represented South Africa in Brazil that same year and was also National Winner of the Best Speaker Award at the 2011 South African National Universities Debating Championships. He was ranked as one of the top ten debaters in Africa at the Pan African Universities Debating Championships held in Bulawayo, Zimbabwe in 2011. Sibusiso recently chaired the committee that organised the first university based CANSA Relay for Life Event in South Africa. This took place at the UFS in February 2012.

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