Entrepreneurs Require Business Skills To Generate Profit


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Entrepreneurship is often viewed as a means for young people to generate an income and improve their lives. However, starting a business requires a lot more than knowing which industry you want to work in.


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Statistics South Africa (StatsSA) revealed that 32.9% of South Africa’s working-age population is unemployed. The number of unemployed persons in the country now stands at around 7.7 million.

Many view entrepreneurship as a vehicle in reducing unemployment in the country. However, simply starting a business does not guarantee that it will generate an income.

Phindi Gule-Burley says young people are often encouraged to start their own businesses but are not equipped with the right skills needed to start a business.

They explain that many young people know everything about the business or trade they are entering. However,  they lack the understanding of how to ensure that their business remains profitable.

Gule-Burley explains that the YouthStar Entrepreneur programme teaches women about the considerations they need to make in order for their business to be profitable.

This includes upskilling them by providing them with an understanding and business skills required for profitable business. This includes sales, marketing, legal, human resource and finance.

There was a need there was a gap in the market to make sure that we upskill women and give them the necessary business skills

Mentorship is extremely valuable to young entrepreneurs. This as mentors can impart knowledge and expertise on things that young entrepreneurs may not fully understand.

Gule-Burley says the YouthStar Entrepreneur programme also aligns women to mentors who can evaluate the factors that can derail their businesses and address it.

They added that many businesses can be started with little to no capital, pointing to the rise in content creation on social media that can be created with limited resources and later generate money.

“As the world changes we cannot be thinking I'm starting a business oh I've got to go to the bank and ask for money…you need to be able to secure funding for yourself first to say I'm investing in my business before somebody else can believe in it” added Gule-Burley.

They believe that having an understanding of social media can be beneficial to entrepreneurs. This includes understanding how to build your personal brand.

 






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