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12 December 2022 | Story Kekeletso Takang | Photo Supplied
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

Vice-Chancellor’s Prestige Scholars Programme provides platform for next generation scholars
2015-12-08

Dr Rudo Ngara

“The PSP provides a platform for growth, where scholars get to interact with seniors and peers, giving much needed guidance as to where you are and what the next level of your work should be.” This is how Dr Rudo Ngara —a scholar of the Vice-Chancellor’s Prestige Scholars Programme (PSP)—describes the initiative.

For young scholars, such as Dr Ngara, it can be difficult to generate sustainable funding externally for their research. These researchers are not yet established in networks and collaborations independent of their doctoral supervisors, which makes procuring funding even more challenging. This is where the PSP makes an invaluable contribution.

Through the support of PSP, Dr Ngara was recently awarded a substantial NRF (National Research Fund) grant. Dr Ngara is currently a lecturer in the University of the Free State (UFS) Faculty of Natural and Agricultural Sciences on the Qwaqwa Campus. Her research is especially topical as it investigates how crops—particularly cereals—respond and adapt to a range of abiotic stress factors. These factors include drought, high salinity, and extremely high temperatures. Dr Ngara seeks to develop resilient crops that are better suited to produce under harsh environmental conditions. This research endeavour would have been far more complicated if not for the PSP.

Although the programme is not a funding agency, it does have an excellent record of support towards generating funding from outside sources such as Fulbright, the Commonwealth and, of course, the South African NRF.

 

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