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29 August 2024
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Story Anthony Mthembu
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Photo Harmse Photography
Ross van Reenen, CEO of the Toyota Free State Cheetahs.
The Business School at the University of the Free State (UFS) recently hosted the CEO of the Toyota Free State Cheetahs, Ross van Reenen, for a guest lecture. Van Reenen presented the guest lecture in the Business School Auditorium on the UFS Bloemfontein Campus on 21 August 2024.
Reflecting on Van Reenen’s address
In a lecture addressed to an auditorium filled with UFS staff and students, Van Reenen’s talk was divided into several sections. Firstly, he spoke about the concept of the ‘black swan’ in reference to the book written by Nassim Nicholas Taleb, titled The Black Swan: The Impact of the Highly Improbable. Referring to Taleb’s book, Van Reenen defined a ‘black swan’ as a rare event that has a severe impact, and the occurrence of which people try to explain. He used some examples to explore this concept as well as its implications, including COVID-19 and its impact on the world, and the tragic death of the people in the Titanic disaster. However, he delved deeper into 9/11 and the extent of its impact, saying that “9/11 was a major wake-up call in the world economy”. Van Reenen highlighted how some companies such as Barclays, for which he previously consulted, had to work to be up and running after the collapse of the Twin Towers in 9/11.
In addition, Van Reenen’s lecture also touched on the importance of the first ninety days of a job after an individual has been employed. “Those first ninety days are crucial, as you have to establish yourself in a company where you are paid less than you are worth,” Van Reenen said. As such, he gave the audience insight into what they could focus on in that time frame. This includes focusing on the small wins, as well as ensuring that you are working at keeping the team together, as the team is an integral part of an organisation.
Van Reenen concluded his address by speaking about his time as the CEO of the Toyota Free State Cheetahs, including some of the decisions he took to ensure the success of the organisation.
Team on the way to SIFE world cup
2007-07-16
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A team of students from the University of the Free State (UFS) has won a national competition in business skills and entrepreneurship, and will be representing South Africa at the Students in Free Enterprise (SIFE) World Cup in New York later this year.
The SIFE World Cup will be held in New York from 10 to 12 October, and will feature student teams from 40 countries.
Antonia Gumede, a UFS student, says the competition involves students developing sustainable business models based in the community, which are evaluated in terms of entrepreneurship, financial literacy, business ethics, market economics and success skills.
Gumede says the UFS entry won first prize in all five categories at this year’s national competition.
The UFS team consisted of seven students and two faculty advisers, and included a diverse group of students studying in fields such as accounting, psychology, social science and actuarial science.
The UFS won the national SIFE competition for three years in a row – 2002, 2003 and 2004. This year (2007), the UFS team emerged as the winner for the fourth time.
The Co-ordinator of Community Service in the Faculty of Economic and Management Sciences, Tessa Ndlovu, attributes the success of the team to the university’s policy of community service learning, which she says motivates students to get involved in academically grounded projects that contribute to the well-being of the community.
“The financial, academic and emotional support from the Faculty of Economic and Management Sciences, as well as the faculty’s contribution to community service learning on the campus, contributes to the success of the team,” added Ndlovu.
The UFS SIFE team has been sweeping the board nationally. They first won the competition in 2002 and went on to represent the country at the SIFE World Cup in Amsterdam (the Netherlands), where they came fourth out of 33 countries.
In the following year (2003), the SIFE UFS team was once again crowned the national champion and went on to represent South Africa internationally, coming second in Mainz, Germany.
SIFE teams spend the academic year conducting projects that specifically meet the communities’ unique needs. These efforts assist aspiring entrepreneurs, struggling business owners, low-income families and children by teaching them how to succeed in a global market economy.
“Teams have the tremendous asset of learning from business experts who serve on their Business Advisory Boards. These people not only provide mentorship and guidance to them in terms of their projects, but also introduce them to other leaders in the community and give them access to needed resources,” said Nldovu.
“It is an unparalleled feeling to know that the contribution we as students make in our communities actually matters,” added Gumede.
Media release
Issued by: Mangaliso Radebe
Assistant Director: Media Liaison
Tel: 051 401 2828
Cell: 078 460 3320
E-mail: radebemt.stg@mail.ufs.ac.za
16 July 2007
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