This week, I had the privilege of attending the Young Africa Entrepreneurs Institute (YAEI) x Absa Entrepreneurship Week/Tour at the University of Witwatersrand in Johannesburg. Unfortunately, I could only participate in the session on Friday, 29 November.
As I approached this program, I made a conscious decision to refrain from overthinking or stressing about it, opting instead to discover its value upon my arrival, as this was my first exposure to this particular event. I acknowledge my initial ignorance regarding its significance for a young aspiring entrepreneur. However, having attended, I can confidently state that I gained valuable insights. I stepped outside my comfort zone to engage with both young and seasoned entrepreneurs. This experience taught me more about myself and reinforced the understanding that failure is an integral part of the entrepreneurial journey; in fact, it is essential, and I am well-acquainted with the lessons that come from failure.
It is essential to begin this discussion by acknowledging the remarks made by Ms. Nicolette Mashile regarding the challenges of funding that youth entrepreneurs encounter. Ms. Mashile, the Founder of Financial Fitness Bunnies an award-winning financial literacy content creator, and the best-selling author of ‘What’s Your Move? ‘ – A Collection of Ordinary Financial Lessons, expressed these views during a panel discussion on finance. This panel included notable figures such as Mr. Sanele Gumede, Manager of Portfolio Collaborative & Syndicate at Absa; Mr. Zwelani Nkomo, CEO of McGerlads Entrepreneurship Centre; Ms. Nondzuzo Makanda, Chairperson of SEFDA; Mr. Khaya Sithole, CA (SA) and ABSIP Treasurer; and Mr. Manyatsa Nkutha, Manager of Youth at Industrial Development Corporation (IDC) of South Africa.
“African entrepreneurs are over-trained as they are part of incubators. The same people who have trained you don’t provide access to funding and access to markets. The face of the people who are training on the forefront of youth entrepreneurship should change.” Ms Mashile said.
The remarks made were positively received by the youthful audience, and I, too, found myself resonating with them, much like many others present at the event. It has been over three years of attending various entrepreneurship workshops, and I must admit that I have not taken my business endeavors seriously until this year, following a series of failures in the business realm. However, Ms. Mashile’s words struck a profound chord with me on a personal level.
The reality is that despite the relentless efforts of young entrepreneurs, there comes a time when a business requires a financial boost, and without adequate funding, progress is stifled. I currently find myself in a situation where I have invested significantly in Affirmations Media. The costs associated with equipment, resources, and time are substantial, all of which necessitate financial support. I have explored numerous avenues for funding, yet securing it remains a formidable challenge. I am often left pondering how financial institutions, including banks, expect me to provide collateral when I struggle to secure employment in this country to sustain my operations. A change is imperative; we are in dire need of funding.
The event proved to be quite beneficial, as it provided an opportunity to hear from several distinguished business leaders from South Africa. Participants were able to gain insights on various subjects, including financial planning, market access, the nuances of corporate funding, and the importance of relationship banking in achieving business success. Additionally, discussions focused on fostering an entrepreneurial culture through investment in skills development. Overall, it was an enriching learning experience, allowing me to engage with fellow entrepreneurs and absorb valuable knowledge.