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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 attracts excellent and diverse students

2015-08-20

Matshediso Mokoena and Thato Monkoe.
Photo: Thabo Kessah

When Thato Monkoe and Matshediso Mokoena sat for their final matric examinations in 2014, all they had on their minds was not just passing, but passing well. Little did they know at that time that passing well would place so much responsibility on their shoulders.

Both Thato and Matshediso come from rural and disadvantaged backgrounds. They are first-year students at the Qwaqwa Campus of the University of the Free State, and are the first in their respective families to study at a university.

Thato describes his situation as “sad and good at the same time”.

“It is good, because I am the first one at home to have completed my matric and to have gone on to study at a tertiary institution. At the same time, it is sad as I feel sorry for my siblings who, for various reasons, did not have similar opportunities when they opted out of school”, said Thato, a BEd student.

”Now my sister and brother, as well as the entire family, perceive me as the one with brains, and this makes me uncomfortable. However, I am up for the challenge to be the first one to graduate with a degree in my family”.

Matshediso Mokoena, a BSc student, who obtained distinctions in Mathematics, Physical Sciences, and Life Sciences last year, concurs with Thato.

”As much as my family is supportive, there is always pressure as they expect the best from me,” she said.

“The pressure does not only come from my family. My entire community looks up to me, and they can’t stop talking about my achievements”, Matshediso revealed.

Both Thato and Matshediso are, however, happy that the dark cloud of doubt about academic achievement in their families has finally disappeared.

“At least someone in my family is hard at work carving her future, and willing to set a good example. That person is me”, said Matshediso, who aspires to be a medical doctor, and has a younger sister in Grade 8.

Thato and Matshediso are just two of hundreds of students making good use of the University of the Free State’s commitment to attract excellent and diverse students at both undergraduate and postgraduate levels, as reflected in the Strategic Plan 2015-2020.

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