Zibu Sibiya, the coach of economic wellbeing, addressed the youthful business owners during the workshop. PHOTO: UNATHI OBOSE
- On Friday, March 8, a number of young business entrepreneurs from Gugulethu and the surrounding communities gathered at Elukhanyisweni Sports and Recreation Centre to take part in a workshop on financial education.
- The entrepreneurs had the opportunity to learn from the best minds in the financial industry about the subject.
- The companies described the studio as education.
On Friday, March 8, a number of young business entrepreneurs from Gugulethu and the surrounding communities gathered at Elukhanyisweni Sports and Recreation Centre to take part in a workshop on financial education.
The owners had the opportunity to learn from the best minds in the financial industry about the topic as a result of the period, which was organized by a leading bank.
Sanele Zondi, head of corporate interests for the bank, described the studio as a program to rescue young businesses. He said the bank aims to connect with the communities.
“Part of our program is to teach them how to run their businesses, how to level and make money from it,” Zondi said.
He claimed that the majority of younger entrepreneurs fail because of poor leadership and financial literacy. “We also educate them on how to determine cracks, which are essentially business options, and implement them. We also advised them to launch a company to assist rather than to create wealth. The money will come eventually,” said Zondi.
The companies described the studio as education.
One of the participants, Thami Mati, who owns a sewing business in New Crossroads called Sakha Abafazi, described the studio as eye-opening. She claimed that they had control over how to run and develop a company. “We were taught about the value of software, where people are expected to have company savvy. Most of us are doing business with the intention to create money to support our families, never to grow it and make a dynasty,” she explained.
Mati added that she also learned that the owner of a company may have a business account in order for it to develop and retain the profits. “Without realizing it, I took some of the things gently because they might have an impact on the business’s growth. Normally, when I don’t have money to buy vegetables, I take from the business money. Then I will be able to identify it,” she explained.
She did point out that their main concern as fresh business users is the ability to maintain and grow their businesses.
Mati said it is not easy to maintain a company, especially when one depends on it for life.