First-time entrepreneurs stand the chance to attend a workshop to learn critical business skills including, how to compile a business plan and manage a successful business with the Global Entrepreneurship Week’s Business Plan Competition, hosted by Business Partners Limited and SME Toolkit SA.
Now in its 5th year, the competition aims to identify young entrepreneurial talent in the country. With less than a month left to enter, it’s open to South Africans between the ages of 18 and 35 who aspire to start a business but haven’t started operating yet.
Springboard to success
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.
Once selected the entrants are invited to attend one of twelve 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 support.
“By producing a credible business plan, young entrepreneurs can significantly enhance their ability to start operating and undoubtedly contribute to the future success of their business,” Petro Bothma of Business Partners Limited said in a statement.
Selection process
Bothma explains 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 their expertise to the specific business; industry risk and whether their business plan addressed the various risks; and lastly, if the business plan and financial projections are realistic and achievable.
Entrepreneurs interested in entering the competition can download an entry form on the SME Toolkit website. The closing date for the competition is 18 August 2014.
