UKZN’s InQubate Hosts Training Camp for Intervarsity Competition
Entrepreneurship Development in Higher Education (EDHE) is hosting its second annual national Entrepreneurship Intervarsity Competition in 2020. Funded through the Department of Higher Education and Training’s University Capacity Development Programme and supported by Universities South Africa and its partners, the programme aims to identify the top student entrepreneurs at the country’s public universities and showcase their businesses.
In support of student entrepreneurs, UKZN’s InQubate hosted a training workshop to equip entrants for the competition.
InQubate Student Entrepreneurship Manager, Mr Khutso Ramontja highlighted that, ‘This year, we have one goal in mind and that is to give a good account of ourselves as UKZN in this competition.’
InQubate Intern, Miss Lilly Njila said that students can enter the competition in four categories, namely, Business Ideas; Technology; Social Impact; and General, with the latter three applying to existing businesses. The competition consists of three rounds; an internal one, where UKZN students will compete against one another, a regional round for all universities in the province and the finals, which will be held in Pretoria.
Enactus President at UKZN, Mr Muhle Ndwalane focused on key strategies that entrepreneurs should adopt to identify opportunities: listen to your potential clients and customers; study industry trends and insights; and look into your competitors. He encouraged contestants to conduct primary and secondary research to determine if their business ideas are feasible and urged them to regard problems as business opportunities. ‘Don’t fall in love with the solution; be passionate about solving the problem,’ he said.
InQubate Intern, Miss Samukelisiwe Kunene’s input dealt with the financial viability of a business, including its cost structure and revenue streams. She showed students how to draw up cash flow statements for their businesses and identified the factors that need to be taken into account in drawing up a financial model, namely: the problem the business would solve; how many people would have that problem; if they intend to pay you to solve that problem and how much they’re willing to pay you to do so.
The Creative Director for the Sika Creative Agency, Miss Liat Madinane encouraged students to know who they are and what they do as a business, in order to market and brand their businesses efficiently. ‘Entrepreneurship is about starting, but you have to be open-minded to the realities of your business and where it’s going. As an entrepreneur you are part of the 1% and that 1% doesn’t do what everybody else does,’ she said.
Student Governance and Leadership Development Officer, Mr Mandla Ndaba stressed the importance of presentation etiquette when contestants deliver their business ideas or models to a panel of judges. He advised entrants to be authentic; project their voices and have good pronunciation; create content that flows; present themselves well; have authority on stage and to be confident.
Words and photographs: Hlengiwe Khwela