Aspiring business owners often have no idea where to go or what to do when starting a new business.

The North-West University’s (NWU’s) School of Economics in the Faculty of Economic and Management Sciences (FEMS) hosted a seminar for young aspiring business people in Mahikeng and surrounding areas on 8 July 2019 on the campus in Mahikeng.

The main purpose of the seminar was to transform the lives of future young business owners by equipping them with the necessary tools for starting their own businesses.

The seminar specifically focused on everyday issues that arise when starting a new business.

The event was attended by 172 aspiring entrepreneurs, a team from FNB Bank and Helen Mmaseipati Rasego, deputy chief education specialist for programmes and projects at the Ngaka Modiri Molema district municipality.

Joseph Ndaba, the founder member of the Mahikeng Innovation Hub and commissioner in the Presidential Commission on the Fourth Industrial Revolution, spoke about the various types of businesses available, assessment and suitability, how to finance an idea, and identifying sales opportunities.  

Dr Volition Montshiwa from the School of Economics addressed the importance of transparency in businesses, and the team from FNB Bank gave a detailed explanation of the various types of bank loans available.

Prof Elias Munapo, the head of community engagement programmes in the faculty, encouraged the attendees to start working on their business proposals with the free help from the NWU.

“It is important for communities to equip themselves with the necessary skills and knowledge to start and run their own micro or small businesses. The NWU is there to help and will provide you with the necessary resources and support, for example to draft your business plans.

We will happily assist you until 31 August 2019,” he added.

*The NWU is also running an Enterprising Women Programme. During this eight-month programme female participants are taken through a comprehensive curriculum to assist them in identifying business ideas and markets, to develop a sound business model, finally equipping them with the know-how to successfully initiate their start-up venture. Along the journey the participants not only become part of a dynamic peer network, but also receive mentoring and assistance from seasoned entrepreneurs and knowledgeable members of academia.

These staff members from the NWU’s Faculty of Economic and Management Sciences are the drivers of the faculty’s community engagement programme and contributed to the success of the recent small business seminar on the campus in Mahikeng.