Entrepreneurs’ competition
JULY 31: YOUNGSTERS WITH A GOOD BUSINESS IDEA HAVE JUST OVER A MONTH TO ENTER
Grand prize is R25 000 in seed money, a tablet and access to a mentor.
According to the 2017/2018 Global Entrepreneurship Monitor Report, 43% of South Africans perceived good entrepreneurial opportunities, yet only 11% were engaged in total early-stage entrepreneurial activity and had taken steps to start a new business.
Further to this, 31% of respondents had reported to have a fear of failure when starting a business.
Christo Botes, executive director of Business Partners Limited (BUSINESS/PARTNERS), says this is something that can be remedied through accessible initiatives that equip aspiring entrepreneurs with the necessary knowledge, skills and support.
“It is imperative that young entrepreneurs have all the resources they need to confidently take their ideas and turn them into viable businesses,” he says.
With this in mind, the SME Toolkit BUSINESS/PARTNERS Business Plan Competition for Aspiring Young Entrepreneurs was developed eight years ago. The aim is to assist ambitious individuals (aged 18 to 35) who want to start their own businesses.
“The annual competition, which launched on June 16, consists of three phases, starting with a full-day workshop where entrants are taught the intricacies of developing a sound business plan,” explains Botes.
“The workshops, which will be hosted in different regions across South Africa, will also cover all the essential elements of starting a business, including business management, marketing, financial management and legal requirements.” Botes says the ability to develop a comprehensive business plan is the best way to improve an entrepreneur’s chances to succeed. “This plan should tell a clear story of why the business will be started and how the business owner plans to steer it to profitability and sustainability. The growth of a business can be difficult to predict and the business plan will also assist in identifying roadblocks and potholes along the way.”
Following the regional workshops, the entrants will draft their business plans and enter them as part of the second phase of the competition.
From these plans, eight regional winners will be chosen to receive a mentorship support voucher to the value of R6 000 each.
Utilising the skills and expertise of an experienced mentor is a great way to grow a start-up business, says Botes.
“A mentor can play any number of roles – sometimes that of strategic adviser, technical expert or business consultant, and sometimes all of them at once. But the key characteristic has to do with their experience, attitude and approach.”
The competition will culmi- nate in an awards ceremony, where a national winner will be chosen and awarded a mentorship voucher worth R12 000, a smart tablet and R25 000 in seed funding.
“It is crucial to equip aspiring entrepreneurs with skills, technical abilities, training, knowledge and guidance through such workshops and mentorship opportunities as this contributes to the sustainability of a small business,” conclude Botes.