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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

PSP rejuvenating the South African professoriate
2016-10-25

Description: Dr Olihile Sebolai  Tags: Dr Olihile Sebolai

Dr Olihile Sebolai (Microbiology) is
one of two Fulbright scholars the
UFS Prestige Scholars’ Programme
has produced. He was a Fulbright
scholar at the University of Missouri
(Kansas City) and before that
conducted work at the University
of Birmingham in the UK.
Photo: Anja Aucamp

Twenty years. That is the difference between the average age of a UFS Prestige Scholar (35) and the average age of a South African academic (55). Since its inception in 2011, the UFS’s Prestige Scholars’ Programme (PSP) has pro-actively addressed the ageing profile of academia and the need to transform the social composition of the South African academy. In doing so it has generated more than R67 million in research funding, including R10 million in student and post-doctoral funding.

The programme seeks to identify, cultivate and promote outstanding scholarship among “young” members of the UFS academic staff – those who have acquired a doctorate within the last five years. It provides support (funding applications, report writing, etc.) and helps with international placements in order to accelerate the establishment of an international footprint in expectation of the participants’ entry into the professoriate.

The programme mentors scholars from five faculties at the UFS. PSP scholars have conducted research and established collaborations in North America, Europe and Japan at institutions such as Harvard, UCLA, Cornell University, University of Michigan, University of Missouri, University of British Columbia, Oxford University, Cambridge University, University of Manchester, University of Birmingham, Basel University, University of Bologna, Leiden University, Uppsala University, Okinawa Institute of Science & Technology and Obihiro University of Agriculture and Veterinary Medicine.

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