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Fostering entrepreneurship among young people

02 March 2023 | Story Kekeletso Takang | Photo Supplied

EMS Entrepreneurship awards ceremony — The School of Accountancy hosted the award ceremony for attendance of the event in the Centenary Complex on the Bloemfontein Campus of the University of the Free State, issuing certificates of completion to the entrepreneurs who were part of the programme in collaboration with the National Youth Development Agency.

Concerns are constantly raised in South Africa that graduates do not have the requisite practical skills when entering the world of work. Along with this, the country grapples with a high youth unemployment rate that is higher than the national average. The University of the Free State (UFS) attempts to bridge this gap.

In partnership with the National Youth Development Agency (NYDA), the UFS School of Accountancy (SOA) recently held a training programme for approximately 100 Free State youth in need of entrepreneurial upskilling. The training, aimed at developing entrepreneurial skills among the youth, took place on the Bloemfontein Campus over several sessions.

This comes at a time when the UFS intends to maximise its societal impact with sustainable relationships through its Vision 130.

On 22 February 2023, participants were awarded certificates of attendance at a prestigious event held on the Bloemfontein Campus.z

Addressing the participants at the event, Tumi Dithebe, Regional Manager of the Free State NYDA office, said he was impressed by the high level of commitment displayed by the participants during the training, and hoped that it would extend to how they manage their businesses. “Today, we are gathered here to acknowledge your achievement and to celebrate the partnership with the UFS.”

Meaningful partnerships

“The School of Accountancy has had a working relationship with the SETA for Finance, Accounting, Management Consulting, and Other Financial Services (FASSET) since 2015. FASSET introduced the SOA to the NYDA, which was looking for a public institution to assist with the training of entrepreneurs,” said James Veitch, Senior Officer in the School of Accountancy. “We are in the process of negotiating a mentoring process to extend the influence of the training.”

Entrepreneurship upskilling is a growing need in the business environment. While formal programmes offer hard skills development, training workshops such as this one provides an in-depth practical approach to support young people in mastering day-to-day challenges.

Partnerships with various stakeholders are critical to providing young people with the skills they need to succeed in entrepreneurship. No one institution can do it alone. Initiatives should be sustainable and adaptive to the constantly evolving business environment.

Vusi Peter, one of the participants with an information technology business, said the training has afforded him the opportunity to learn about financial management and business modelling. “Many times, we tend to neglect the management side of things when running a business. This training was a reminder to take care of the basics and to ensure that our businesses comply.”

News Archive

Research conducted on economic impact of recent international soccer and rugby matches for Bloemfontein

2004-09-09

The Centre for Development Support at the University of the Free State (UFS) recently conducted a survey on the economic impact of the international soccer and rugby games that were played in Bloemfontein earlier this year.

The research focused on the soccer match between Bafana Bafana and the Cape Verdic Isle and the rugby match between the Springboks and Ireland .

“The survey was done as a result of a research agenda about local economic development in Bloemfontein ,” said Dr Lochner Marais, researcher at the centre.

“We conducted the research by doing 402 interviews with soccer supporters and 376 interviews with rugby supporters from outside Bloemfontein ,” said Dr Marais.

The centre distributed questionnaires, collecting the following information on the soccer and rugby supporters: their age, gender and origin, the number of nights spend in Bloemfontein , their household expenditure in Bloemfontein and their rating on the quality of service.

“It is estimated that 10 800 soccer supporters and 27 000 rugby supporters came from outside Bloemfontein . Of the rugby supporters 14,4% were female and 85,6% were men. For the soccer international the percentage was 33% females and 67% males,” said Dr Marais.

The highest number of people who came to watch the soccer game in Bloemfontein (35,8%) was from the Northern Free State . The rugby supporters mainly came from Gauteng (21,8%) and the Northern Free State (18%).

When visiting Bloemfontein soccer supporters spend R912 per household, whilst rugby supporters reached deeper in their pockets and spent R1 807 per household.

“The survey indicated that the two international matches resulted in approximately R58 million been spent in Bloemfontein . Rugby supporters were accountable for the largest part (R48 787 205) spent. The largest chunk of the money spent was on accommodation (R14 593 279). On average soccer and rugby supporters from outside Bloemfontein spent 1,4 and 1,9 nights in Bloemfontein ,” said Dr Marais.

Rugby and soccer supporters were also asked to rate the quality of service received from amongst others hotels, guest houses, restaurants, and transport and entertainment facilities. Soccer supporters rated their satisfaction with services higher as rugby supporters. The rugby supporters gave the services at hotels a 3,9 rating, whilst soccer supporters awarded 4,6 rating out of a possible five.

Media release
Issued by: Lacea Loader
Media Representative
Tel: (051) 401-2584
Cell: 083 645 2454
E-mail: loaderl.stg@mail.uovs.ac.za
9 September 2004

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