Topic of the week: Entrepreneurship.
Programme date: 20 March – 23 March 2017
The objectives of this programme are:
The entire programme runs for 30 minutes; which includes Public Services announcements (PSAs).
Opening Billboard: ‘This programme is brought to you by the Department of Higher Education and Training in partnership with SABC Education.
Presenter: Thank you for joining us for another informative episode of Khetha, brought to you by the Department of Higher Education and Training (DHET) in partnership with SABC Education. We are joined in the studio by our guest speaker from the Department, ******** who will enlighten our listeners on entrepreneurship and the importance of starting our own businesses. South Africa has a high rate of unemployed youth and graduates. Youth that is Not in Education, Employment, or Training (NEET) and unemployed graduates have skills, knowledge and opportunities to start their own businesses for self-employment and creating employment for others. Today we are discussing entrepreneurship to encourage our listeners to start their own business. We would like to show them where and how to access support for their business to be successful.
We encourage listeners to please keep a pen and paper ready to take down contact details and other relevant information later in the show.
It’s good to have you on the show ********.
Guest: Good evening ******** and a warm welcome to all our listeners. Thank you for having me on the show.
Presenter: What is Entrepreneurship?
Guest: Entrepreneurship is the ability and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses & combined with land, labour, natural resources and capital to produce a profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and increasingly competitive global marketplace.
An Entrepreneur is therefore an innovator of new ideas and business processes to make a profit. Unemployed graduates can use the knowledge and skills acquired through their studies to create employment for themselves. For example a graduate with an IT qualification can start a business in web designing and create employment for others.
Presenter: What is the importance of entrepreneurship?
Guest: The South African government has long recognised the vital contribution that entrepreneurs can play in economic development and the social upliftment of its people.
Entrepreneurs can change the way we live and work. They create wealth from their entrepreneurial ventures; they create jobs and the conditions for a prosperous society.
Entrepreneurs create new businesses in the form of new goods & services, this results in new employment, which can produce a cascading effect in the economy. The stimulation of related businesses or sectors that support the new venture adds to further economic development.The cascading effect of increased employment and improved earnings contribute to better national income in the form of higher tax revenue and higher government spending.
Presenter: Are there specific people who can become entrepreneurs or can anyone be an entrepreneur?
Guest: We don’t believe for one minute that an entrepreneur is a special type of person that is “one in a million” and a very rare breed. Most people have the ability to become entrepreneurs. Some however will be better at it than others but it is simply a skill that can be learned. You need to identify the important characteristics of an entrepreneur and work at improving these skills if they do not already come naturally to you.
Some of the typical characteristics of an entrepreneur are listed below:
Presenter: What are the advantages of being an entrepreneur?
Guest: First and foremost is that you are doing something you love and created yourself. An entrepreneur enjoys freedom of ownership to their work:
You get to contribute to the country’s economic growth and change lives. As an entrepreneur; you get the chance to employ others and improve their lives.
Presenter: Where does one begin? Is there a planning process that entrepreneurs undertake?
Guest: Entrepreneurs identify a business opportunity, plan for the identified opportunity; and implement the plans. The basic planning process include the following:
These are not the only steps of starting and running a successful business.
Presenter: What are the steps that listeners need to follow to start a business?
Guest: Entrepreneurs must invest time on research and planning during the early stages of their business development processes:
The business plan should also clarify roles and responsibilities; who is going to do what? What are their skills and experience? It is important to make sure that you have all the necessary skills to run the business.
Business plans are also required by bankers, investors and partners when they are approached for finance or for their services. A business plan may help in giving them confidence that you are well researched and professional when it comes to your business and that you are therefore not going to squander their money and that the debt will be repaid in a reasonable time.
Entrepreneurs need to have a financial management system which will enable them to plan and manage for different scenarios during the early years of their business. You need to come up with your expected future income statements, balance sheets and cash flow statements.
Presenter: Where and how can entrepreneurs access funding support services?
Guest: Listeners can search for special government loans and grants. Funding support is available but generally has specific requirements such as Black Economic Empowerment (BEE), employment conditions, rural upliftment, youth economic development, etc.
Funding institutions may only partly finance a venture or they will only refund money once the business is operational. You will need to spend plenty of time researching conditions and requirements; it is probably worth the effort. Begin with the following institutions:
Once you have identified the suitable funding options you will have to apply for funding at the relevant department. Details of how to apply for funding can be found on their websites or requested from their offices.
Remember: You can always start as small as possible according to your limited budget.
Presenter: What is the recipe for success as an entrepreneur?
Guest: The golden rules for being a great entrepreneur include the following:
Presenter: What can you share with interested listeners who would like to start their own businesses?
Guest: Learn as much as you can about running a business and about your product/sector. Invest time in planning your business. Entrepreneurship is a good platform to realise your vision. It is a path filled with rejection, re-evaluation and re-inventing of ideas and strategies. Successful entrepreneurs have met failure and endured, and revised their goals. Entrepreneurs should continuously innovate and never give up. Unemployed youth and graduates are encouraged to consider pursuing entrepreneurship as a way of creating self-employment.
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Presenter: There is so much that we can discuss about entrepreneurship, however our time is limited. How can one get in touch with you if they need further information?
Guest: For more information our listeners can reach us through:
Guest: For more information our listeners can reach us through: