Young Entrepreneurs Encouraged to Pool Resources for Business Growth

Young Entrepreneurs Encouraged to Pool Resources for Business Growth. Young entrepreneurs in South African communities have been encouraged to work together, combine resources and use their collective purchasing power to strengthen their businesses and improve their competitiveness.

Trade, Industry and Competition (dtic) Deputy Minister Zuko Godlimpi made the call during an empowerment workshop hosted by the Methodist Church’s Young Women’s Manyano in KuGompo City in the Eastern Cape over the weekend.

The workshop, which was also attended by Buffalo City Mayor Princess Faku, aimed to provide young women with information about government support programmes available to help strengthen and grow local businesses.

The event also provided an opportunity for participants to showcase their entrepreneurial activities through a mini exhibition featuring products such as beadwork, pottery and textiles.

Godlimpi encouraged the entrepreneurs to use their skills and businesses as a foundation for collaboration, particularly by working together to buy and sell products in bulk.

He said township businesses could improve their competitiveness by working together to procure goods from wholesalers.

The deputy minister’s comments come against the backdrop of findings from a recent Competition Commission of South Africa report on the township and rural economy.

According to Godlimpi, the report identified challenges faced by local businesses in areas including sourcing, selling and regulatory compliance.

He said these constraints make it difficult for many enterprises to scale up, formalise their operations and become more integrated into broader value chains.

Godlimpi also encouraged the young entrepreneurs to embrace technology as part of their business strategies.

He urged them to establish an online presence and use digital platforms to market their products and reach customers.

The deputy minister further encouraged the entrepreneurs to look beyond the domestic market and explore opportunities to take their businesses into international markets.

His message centred on collaboration, technology adoption and market expansion as young entrepreneurs seek to strengthen their businesses and access new opportunities.