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Seda Small Business Entrepreneurship Competition
Seda Small Business Stars competition now open to develop entrepreneurs in SA! Did you know small, medium and micro enterprises (SMMEs) account for approximately 40% of South Africa’s gross domestic product? SMMEs also employ more than half of the private sector work force – and so make a valuable contribution to job creation in our country. But, the fact remains that our entrepreneurial levels remain too low in SA – and 80% of small businesses shut down in their first five years.
The Small Enterprise Development Agency (Seda) is determined to change all this – and aims to get more South Africans to start or grow their own small business, with the launch of Seda Small Business Stars. The competition runs nationally from 17 October 2011 until 11 April 2012, and will provide those with a business idea or existing small business with a more systematic approach to business planning.
All entrants to the competition can register for free training at any Seda branch – even if they don’t make it to the final stages of the competition. And it is this free, intensive and specially developed training, available at Seda branches across all nine provinces, that differentiates Seda Small Business Stars from other other entrepreneurship competitions.
“Traditionally, business competitions receive thousands of entries, but only end up benefiting the few who ultimately take home the top prize,” says Seda’s CEO, Hlonela Lupuwana. “Our aim with Seda Small Business Stars is to provide real value for the entire entrant base, all of whom will receive access to free specialised training, designed to strengthen their knowledge of sound business principles, which they can then apply to their business plans going forward.
“Passion and business acumen are obviously important in any start-up, but too often businesses fail because they have not carefully thought through exactly how the business is going to operate, and made inadequate preparations for potential pitfalls. They also frequently overestimate revenue and underestimate expenses. Our guided process will help to ensure that start-ups are much better prepared to enter the business world.” And for those who do progress to the final stages, R4 million worth of prizes are up for grabs, including laptops and software for all winners, as well as a R50 000 cash prize for the overall winner.
Entry to the competition is through an online competition system on the Seda website, in order to protect business plan confidentiality, and allowing entrants to work on their entries irrespective of their location. For those without access to internet or the means to spend ample time online, however, applications can be downloaded and completed by hand.
The competition will be adjudicated by a panel recruited from top business development agencies and service providers. The judging process will identify 20 national business idea winners and 20 existing business winners, all of whom will receive their share of more than R400,000 in cash, as well as laptops and Seda business support to the value of up to R60,000 each. Special prizes will also be presented to the best woman entrepreneur, the best youth entrepreneur, the best disabled entrepreneur and the best “job-creating” entrepreneur.
The competition is open to any South African citizen over the age of 18 with a business idea or existing small business. For more information, please visit www.seda.org.za or follow Seda Small Business Stars on Twitter or Facebook. Entries close on 29 February 2012.
