Competition aims to assist entrepreneurs in fulfilling business dreams

23rd January 2015 By: Zandile Mavuso - Creamer Media Senior Deputy Editor: Features

Having run its Business Plan Competition for Aspiring Young Entrepreneurs 2010, specialist risk finance company Business Partners Limited aims to attract more entries from aspiring entrepreneurs this year, as the company continues its goal of providing young entrepreneurs with proper business guidance to launch their start-up business.

Last year, the competition –a partnership between Business Partners Limited and SME Toolkit South Africa – received more than 400 entries countrywide, and all entrants were invited to a one-day business workshop in their respective regions.

The workshop covered the intricacies of a business plan, as well as other functions associated with operating a business, such as compiling a marketing plan, cash-flow management, financial reporting and the importance of networking.

After hosting 12 workshops across South Africa, 103 business plans were received from entrants, and seven regional winners were then selected to be considered for the national title.

At the awards ceremony, held in Johannesburg in November last year, Sibusiso Mnyameni was announced the national winner for the 2014 competition, as his presentation and product impressed the judges most.

Mnyameni is the owner of Inyanda Innovation, a start-up business that is responsible for developing the ‘Storo’, otherwise known as ‘a shop on wheels’.

“The idea was conceptualised after noticing the various occupational challenges faced by informal traders in that they do not have a single product that integrates their requirement to store, haul and display their goods for retail,” he explains.

When selecting the overall winner, Business Partners Limited national consulting services head Lionel Billings highlights that the judges considered three key areas – which looked at whether the entrepreneur had business skills and could apply his/her expertise to the specific business, whether the business plan addressed industry risks and whether the plan and financial projections were realistic and achievable.

Mnyameni’s concept of ‘Storo’ addressed all informal traders’ requirements in one –operating as a stow-away lockup, a trolley on wheels and an expandable counter, in true entrepreneurial fashion – and he has also identified an opportunity to include a development aspect in the product, he adds.

Billings says Mnyameni realised that these survivalist informal traders cannot afford to buy the Storo and he had, therefore, approached brands that target the lower- income market, convincing them to buy Storos for the traders as part of their yearly enterprise development or socioeconomic spend.

In exchange, the Storo would be branded with the company’s logo and information, and enable the brands to engage and connect with the target market, especially in areas such as taxi ranks and bus and train stations.

However, despite Mnyameni’s well-presented product, Billings mentions that business plans remain a hurdle for many aspiring entrepreneurs and that more assistance and knowledge are needed to draft a comprehensive plan.

Owing to this, Billings states that the competition will continue to assist and drive entrepreneurs to realise their dreams by providing the necessary business support.