Now in its fifth year, the national competition is open to South Africans between the age of 18 and 35 who aspire to start a business, but haven't started operating yet. The competition provides entrants with a springboard to succeed as an entrepreneur and the opportunity to win Business Partners Limited Mentorship Programme support, an iPad or similar tablet, as well as a R20,000 cash prize.
The free-to-enter competition identifies entrants from various regions of South Africa and, once selected, the entrants are invited to attend one of 12 regional business workshops on the intricacies of compiling a business plan and managing the many functions of running a business. Following this workshop each entrant will be invited to submit a business plan to the competition judging panel, and eight regional winners will be selected to compete for the national title. Regional winners will receive media exposure, and also win Mentorship Programme support.
According to Petro Bothma, group enterprise development manager of Business Partners, the competition provides aspiring entrepreneurs with a platform to develop their entrepreneurial skills and abilities, especially during the workshop sessions. "By producing a credible business plan, young entrepreneurs are able to significantly enhance their ability to start operating and undoubtedly contribute to the future success of their business."
Bothma explained that during the adjudicating process judges will be considering three key areas of each entry, namely: business skills and whether, with mentoring, the young entrepreneur could apply his expertise to the specific business; industry risk and whether his business plan addressed the various risks; and lastly, if the business plan and financial projections are realistic and achievable.
She said that the national awards ceremony will be held in Joburg during Global Entrepreneurship Week, an annual global initiative celebrated from 17 to 23 November, which recognises entrepreneurs who bring ideas to life and drive economic growth. "Similar to this initiative, the competition emphasises that a more concerted effort should be made to inspire entrepreneurship as a career path. We believe that celebrating entrepreneurship and equipping youths with the correct tools to succeed in the industry will have a significant impact on reducing unemployment and stimulating economic activity," concluded Bothma.
Entrepreneurs interested in entering the competition can download an entry form on the SME Toolkit website - http://southafrica.smetoolkit.org. The closing date for the competition is 18 August 2014.
