July 25, 2024
Business Partners Co., Ltd.
In South Africa, entrepreneurship holds the key to addressing various economic, social and educational dimensions of sustainable development.
Entrepreneurship has great potential to drive job creation, innovation and social empowerment, and can make an important contribution to alleviating poverty and building more equitable societies. Platforms like 2024 can: Small Business Toolkit Business Plan Competition – Now Open entry – It provides aspiring entrepreneurs with a crucial opportunity to become part of this promising entrepreneurial ecosystem.
Now in its 15th year, the SME Toolkit competition welcomes applicants from across the country and gives applicants access to the tools and training they need to explore the feasibility of their business ideas. In 2009, Business Partners Limited, a small and medium-sized enterprise (SME) risk finance company, and its initiative, SME Toolkit South Africa, came together to create the competition, which was then called the Business Plan Competition.
Since its inception, the competition has provided a platform for hundreds of entries every year from aspiring entrepreneurs looking to develop their go-to-market strategies, develop their skills and gain foundational knowledge to realise their dreams.
For David Morobe, Executive General Manager, Impact Investment at Business Partners Limited, the SME Toolkit competition is a showcase for the talents of the country's most promising entrepreneurs. “Every year we are amazed by the calibre of ideas, creative thinking and business acumen that the competition attracts. Last year we had participants from a range of sectors including agro-processing, upholstery cleaning, interior design, retail and manufacturing.”
“These applicants are diverse, but they share one key commonality: a relentless drive to succeed, often despite extremely challenging circumstances. As specialist financiers, we are keenly aware of the challenges aspiring entrepreneurs face on the ground and hope that through platforms such as this, we can not only unlock their potential, but also provide them with much-needed training and professional development.”
Necessity is the mother of invention
For many aspiring entrepreneurs, the decision to start a business is driven not just by personal ambition but by necessity: according to the latest Global Entrepreneurship Monitor report, an increasing number of South Africans are choosing the entrepreneurial path as a way to make a living in a time of record unemployment.
Entrepreneurial motivations such as wanting to make a difference in the world, creating wealth, and continuing a family tradition all decreased among respondents from 2021 to 2022. In contrast, entrepreneurs' motivation to start a business due to a lack of jobs increased from 84.7% in 2021 to 89.5% in 2022.
As Morobe explains, in a socio-economic climate with high unemployment, platforms that promote entrepreneurship can play a pivotal role in transforming lives and livelihoods, which also ties into the United Nations Sustainable Development Goals (SDGs).
Towards a global goal
For example, the SME Toolkit Business Plan Competition helps address social inequalities by providing opportunities to members of society who are often overlooked, such as marginalized communities, youth and women, which is particularly relevant to SDG 10, “Reduced inequalities.”
Similarly, these types of programs are aligned with SDG 9 “Industry, Innovation and Infrastructure” by fostering a culture of innovation within local entrepreneurial ecosystems and supporting the creation of new ventures.
SDG 4 on quality education is also a vital part of the picture. Morobe explains: “Apart from the exhibition function of the competition, the programme also includes a workshop element for participants to take part in. These workshops will teach future business owners key skills such as how to develop a business plan, how to effectively manage cash flow and how to take their ideas to market.”
The mentorship and networking opportunities offered by the program also provide market access for entrepreneurs. This is how we have structured the competition as a holistic catalyst for creativity, innovation and growth.”
Applications are welcome
Morobe is therefore encouraging all aspiring entrepreneurs between the ages of 18 and 35 to participate in the 2024 Small Business Toolkit Business Plan Competition. The competition will begin with a series of in-person and online training sessions and culminate in a competition where participants will submit business plans for their selected ideas.
This year's grand prize winner will receive R50 000 cash and a mentorship opportunity worth R50 000. The second prize winner will receive R30 000 cash and a mentorship opportunity worth R30 000. The third prize winner will receive R20 000 cash and a mentorship opportunity worth R20 000. The remaining finalists will each receive a mentorship prize worth R10 000.
Entries are accepted online, https://www.smetoolkit.co.za/bpcomp
