THE venue was Newtown Precint Building, which used to house Kaya FM and Cappello, now known as Absa Development Center, of which they’ve established nationwide.
Seminars are used as platform to engage with youth’s and future entrepreneurs’ on how to establish Small, Medium & Micro Enterprises throughout the country.
In his key address businessman and one of Economic Advisers’ to President Jacob Zuma cluster team, Sandile Zungu admitted that challenges are aplenty that small business could survive but only if they hit the right cord.
His theme was ‘How to compete with big Gorillas’ in the economy of our country.
“Firstly, we must get black participation in the expansion of our economy, particularly youths and SMMEs.
“Big businesses such Agfa went down and under because they did not adapt to economic changes which fortunately, you as SMMEs have the opportunity to avoid.
Any company’s down-fall is as result of you, but no one else.
80% of businesses globally fail because they lack financial capability.”
Its good to participate and learn and at the end get business from big ‘Gorillas’ without being arrogant, says Zungu, whose academic and business track record speaks volume.
Currently he serves on Black Business Council, amongst others.
Government is creating business and job opportunities in huge projects such as the Coal transfer from Mpumalanga to Richards Bay (KZN,) Coega (EC),etc.
In the past 10 years’ the economic growth was based at 8% as opposed to the Europeans who are still battling like Greece to recover from financial meltdown, etc, he said.
But he warned, “Government alone cannot do it. It needs you to be innovative and think out of the box. Also, importantly don’t focus on a tenders only because that might jeopardize your business as you wait for payment which could take weeks if not months to settle,” he said to an applause.
Second on his plate was financial accessibility and limitations to funding, lack of skills and education.
“I’m not saying go to University or FET but read and try by all means to share notes with your peers. Don’t only focus on the established business-people but also those still making strides for themselves.
Yes, we’ve said this before that funding is a mission to acquire. However, you should also do your homework in terms drafting proper business plan and seek advises. Also try and borrow from friends and relatives instead of waiting for a loan from the bank.
This will hamper your business prospects,” warned Zungu.
A Ministry for Youth is one of the ideas Zungu and other business gurus are discussing with the State and convince them to identify that portfolio.
According to him this, would be dedicated only to youth’s and SMME’s who battle to get their businesses off the ground.
“We’re at advanced stage with the talks but bear in mind the red-tapes, policies and frameworks involved.”
In his summation, Zungu throwed-down the gauntlet when he said he’s not in favour of the controversial National Development Plan (NDP).
“Don’t have one egg in one basket,” he concluded.
Andisa Ntsubane, Marketing Manager at Microsoft said technology has evolved and SMME’s should take advantage of such opportunities.
He said people now prefer people for marketing purposes, a new trend within the business sector.
“Initiative’s such as BizAfrika which is one of the company’s project to help graduates to enter the market has been well received.
Currently, we have over 400 students from varsities country-wide to be innovators every-day.
That’s their job,” says Ntsubane.
Cheekishly, he said there are ‘more mobile phones than toothbrushes’ globally.
