Global Entrepreneurship Week emphasizes financial literacy

Global Entrepreneurship Week emphasizes financial literacy

Global Entrepreneurship Week emphasizes financial literacy. Global Entrepreneurship Week (GEW) serves as a powerful reminder of the pivotal role entrepreneurship plays in fostering innovation, creating employment, and addressing socio-economic challenges. On November 14, 2024, the Tshwane University of Technology (TUT) hosted a transformative event titled “Entrepreneurship is for Everyone” to commemorate this global celebration. Organized by the Centre for Entrepreneurship Development (CED) in collaboration with Visa, the event highlighted the significance of entrepreneurship and financial literacy, with stakeholders and students uniting to explore opportunities for economic growth and personal empowerment.

This article delves into the details of the event, its purpose, key moments, and the broader implications for South Africa’s economic landscape.

Financial Literacy as the Cornerstone of Entrepreneurship

One of the event’s core themes was the integration of financial literacy into entrepreneurial education. Advocate Mikateko Joyce Maluleke, Director-General of the Department of Women, Youth, and Persons with Disabilities, emphasized the need for financial inclusion to ensure equitable participation in the economy. “We envision a society where everyone, regardless of gender, age, or disability, can participate fully and equally in our economy,” she remarked.

Sessions led by financial experts, including Mlamuli Mbambo, author of Winning the Money Game, and Dr. Frank Magwegwe, Head of Financial Wellness at Nedbank, provided practical insights into money management, budgeting, and accessing financial support. These discussions empowered attendees with tools to navigate the complexities of entrepreneurship.

Key Insights on Financial Literacy:

Topic Insights
Managing Business Finances Emphasis on budgeting, maintaining proper records, and understanding cash flow.
Accessing Financial Support Overview of grants, loans, and mentorship programs offered by institutions like NYDA and Nedbank.
Importance of Financial Wellness Building financial resilience and reducing stress through sound money management practices.

Empowering Students through the eWIL Programme

A standout feature of the event was the awarding of the R10,000 SEED Fund to ten Hospitality students who excelled in the Entrepreneurship Work Integrated Learning (eWIL) programme. This initiative, supported by the Culture, Arts, Tourism, Hospitality, and Sport Sector Education and Training Authority (CATHSSETA), underscores the role of targeted funding in fostering innovative student ventures.

Dr. Edgar Nesamvuni, Executive Dean of the Faculty of Management Sciences, outlined the university’s efforts to equip students with entrepreneurial skills. “When students complete their studies, they should graduate as entrepreneurs,” he stated, highlighting a curriculum reform designed to embed entrepreneurship at its core.

Features of the eWIL Programme:

  1. Experiential Learning: Students engage in real-world business projects during their third year.
  2. Mentorship: Access to entrepreneurship coaches across TUT’s campuses in Polokwane, eMalahleni, and Pretoria.
  3. Seed Funding: Financial support to transform innovative ideas into viable businesses.

Partnerships Driving Inclusive Entrepreneurship

Dr. Vathiswa Papu-Zamxaka, Deputy Vice-Chancellor: Research, Innovation, and Engagement, stressed the importance of partnerships in building a diverse entrepreneurial ecosystem. She lauded the collaborative efforts of Visa, the Banking Association of South Africa, CATHSSETA, and other stakeholders for their commitment to fostering inclusivity and excellence.

“Entrepreneurship is not just about profit; it’s about creating solutions, generating employment, and addressing socio-economic challenges. By embracing this vision, we can contribute to an economy where everyone has the opportunity to thrive,” she noted during her address.

Inspiring Stories: Entrepreneurs Who Beat the Odds

The event featured motivational testimonials from trailblazing entrepreneurs like Katlego Mogopodi of Mogopodi Adventures and Katlego Ngakane of KEK Adventures. Their stories of perseverance and innovative thinking inspired students to stay resilient in the face of challenges.

  • Katlego Mogopodi: Overcame financial constraints to establish a thriving tourism business, proving the importance of a positive mindset.
  • Katlego Ngakane: Focused on sustainability, integrating eco-friendly practices into her business model, setting an example for socially responsible entrepreneurship.

Promoting Equity through Entrepreneurship

Advocate Maluleke emphasized making entrepreneurship accessible to women, youth, and persons with disabilities who often face systemic barriers. The Centre for Entrepreneurship Development’s initiatives align with this vision, ensuring marginalized groups are equipped with the skills and resources to succeed.

Building an Entrepreneurial Ecosystem

The University’s Centre for Entrepreneurship Development plays a pivotal role in fostering a thriving entrepreneurial ecosystem. According to Dr. Patrick Ebewo, Head of TUT CED, partnerships and structured support systems have been instrumental in nurturing student entrepreneurs.

“Our mission is to create opportunities for students to build sustainable businesses, contribute to society, and achieve economic independence,” Dr. Ebewo stated.

Key Takeaways for Aspiring Entrepreneurs

  1. Leverage Available Resources: Utilize mentorship, funding, and training programs offered by institutions like TUT and CATHSSETA.
  2. Focus on Financial Literacy: Understand the basics of budgeting, saving, and accessing capital to ensure business sustainability.
  3. Embrace Continuous Learning: Attend workshops, connect with mentors, and remain adaptable in a rapidly evolving market.

Conclusion

The 2024 Global Entrepreneurship Week celebration at Tshwane University of Technology not only spotlighted the importance of financial literacy but also highlighted the transformative potential of entrepreneurship. Through partnerships, structured support, and a commitment to inclusivity, the event inspired students to envision a brighter future where everyone has the opportunity to contribute to and benefit from economic growth.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *