The recent economic crisis has had a major impact on entrepreneurs, especially young entrepreneurs. Because of the reduced consumer spending, young entrepreneurs have been faced with the reality of declining profit margins, rising input costs, cash flow shortages and reduced turnover.
Most depressing is that the recession has resulted in the decline in business confidence, which means that more and more young people are cautious to establish new businesses. As a result more young people are opting to be job seekers rather than job creators which adds to our country’s biggest challenge; that of youth unemployment. Although there are signs of recovery, the process is likely to take at least 18 months. Many researchers also warn us that entrepreneurial activity in South Africa is low.
These are the reasons forwarded by the National Youth Development Agency for sponsoring the R1 million cash prize for SABC 1’s Rize Mzansi. “We are supporting Rize Mzansi because we understand that we need to increase and promote youth entrepreneurial activity in South Africa. We also understand that young people need role models, information, guidance, mentorship, business tips and business loans. Like the NYDA, Rize Mzansi offers all this,” says Andile Lungisa, NYDA executive chairperson.
He adds that he believes that Rize Mzansi will not only change perceptions about entrepreneurship in the country but will also assist existing entrepreneurs to sustain and grow their businesses.
Rize Mzansi will see 13 business-savvy companies compete against each other in an attempt to win the R1 million capital investments from the NYDA. Each episode will centre on various business topics, varying from marketing and sales to business acumen. Every week the entrepreneurs will compete in extraordinary tasks to win cash prizes and business infrastructure. The winner will be chosen on a mix of experiential criteria, public vote and by a panel of the Rize Mzansi board members who be joined by a different guest industry expert judge each week. The 13-episode Rize Mzansi started to air on SABC 1 at 18:30 from Tuesday, 13 July 2010. Contestants were selected from hundreds of applicants who answered the call for applications by SABC 1.
“We wish to call on all young aspiring and established entrepreneurs to watch the show every week; you will be surprised what you can learn,” concludes Lungisa.
Source: National Youth Development Agency
