DURBAN - BUDDING entrepreneurs should not announce their business ideas before completing their groundwork.
YouthX Social Good and Sustainability changemaker Candice Chirwa said entrepreneurs should announce their plans once they had ticked all the boxes for starting a business, secured their intellectual property and were ready to get their business off the ground.
Chirwa told the recently launched Nedbank YouthX development programme that people with money could exploit the ideas to the disadvantage of the owners of the ideas.
The programme was making its way to communities around South Africa in the form of digital events.
The virtual events set to take place over the next six weeks gives the youth a platform to learn from various changemakers and experts who share practical knowledge and guidance to inspire the youth to unlock their potential.
In a A TED-talk style presentation (Masterclass), Chirwa shared tips on how the youth could find and use their purpose to unlock their potential. She is a menstrual health activist and business owner. On the platform, she shared her insights in these fields to ensure the youth were equipped and ready.
Wendy Selebi, Nedbank’s head of financial education, said young people should discover the financial why that would help make their rands and cents make sense for them.
“They should look at their money differently and discover financial purpose. Young people should take the little they have and grow it,” Selebi said.
She said that they should then birth a clear vision that would connect them to a financial purpose.
Selebi said when they had a financial purpose and see money differently they can start doing simple things like taking the little money they received as allowances and bursary grants and save them. They could invest their savings to grow them. She said the final stage would be for them to start a side hustle linked to what they were passionate about.
The official unemployment rate increased by 1.7 percentage points to 32.5 percent in the last quarter of 2020, the highest since the start of the Quarterly Labour Force Survey in 2008. This meant 7.2 million people were unemployed, up from 30.8 percent in the previous three months.
According to Trading Economics global macro models and analysts’ expectations, the youth unemployment rate in South Africa could stand at 63 percent in 12 months time. In the long term, the youth unemployment rate was projected to be about 62 percent next year, according to their econometric models.
BUSINESS REPORT