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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

Trading innovative ideas for academic bursaries worth R275 000

2015-11-09

The top three individual bursary winners with TATA and UFS representatives. From Left: Naquita Fernandes, Henrike Prinsloo, Lebohang Motsisi, Stefan Strampe, Dr. Johan van Zyl, Jehan van Vuuren, Sanjeeb Lahiri and Salomien Boshoff.
Photo: Lize Van Den Berg

Learning from industry experts is essential for students’ development. When that learning eases the financial burden of tuition fees, it is even better. TATA Africa has ensured that students from the University of the Free State (UFS) earn academic currency for displaying leadership and business skills.

Jehan Van Vuuren walked away with R40 000 in his student account, Hendrike Prinsloo earned herself R30 000, Stephan Strampe has R25 000 less to worry about when the 2016 academic year arrives, and seven other students managed to save their parents R20 000 each.

These top 10 Strategic Marketing students from the UFS Department of Business Management and Department of Communication Science took up the challenge of devising strategic concepts to be implemented by the Africa branch of TATA Group companies.

TATA Group is a multinational conglomerate which specialises in a wide range of products and services, such as automobile manufacturing, hotel accommodation, construction, textiles, food and beverages, amongst other enterprises operating under its banner. On 15 October 2015, the company’s Head Office representatives signed a cheque for R275 000 to reward the creative input of our students.

Lesle-Ann George won an academic bursary worth R20 000 for her individual effort, and was also part of one of the best four groups that won R10 000 each. She said the competition was an opportunity of a lifetime. The financial aid will be channeled towards the BCom Marketing Honours degree she intends pursuing next year.

The students’ ideas included market research for TATA motors, the development of a mobile application for the Taj Hotel, as well as innovative student-oriented social media, and guerrilla marketing strategies.

“This collaborative partnership between TATA Africa and UFS has provided the students with an opportunity to learn from key role-players in the industry and, in turn, to gain practical exposure to real-life industry happenings,” said Naquita Fernandes, a Business Management lecturer and the competition’s co-organiser.

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