Gugu Mjadu As 2016 nears an end many begin to re-evaluate the year that was, both personally and professionally. As a result this is typically the time of the year new life and professional goals are developed. This is also characteristically a time when hopeful entrepreneurs consider whether the approaching year is the correct time to pursue their business idea. This is according to Gugu Mjadu, spokesperson for the 2016 Entrepreneur of the Year® competition sponsored by Sanlam and BUSINESS/PARTNERS , who says that many aspiring entrepreneurs spend the festive season break considering possible business ventures, and questioning whether the risk of leaving their steady nine-to-five job to start an entrepreneurial business will be worth it. Mjadu says that this is a valid contemplation given the current economic and market landscape, which may create more hesitation than inspiration where entrepreneurship is concerned. “In an economy awash with threats of investment ratings downg...

Kobus Engelbrecht With recent predictions that South Africa’s economic growth is set to slow even further this year, business opportunities and consumer spending will continue to be strained, especially in light of last week’s Monetary Policy Committee stating an unchanged interest rate, but alluding to potential rate hikes later this year. Kobus Engelbrecht, spokesperson for the Entrepreneur of the Year® competition sponsored by Sanlam and Business Partners , says that entrepreneurs therefore need to change their outlook when managing their business, analysing the economic landscape and identifying opportunities in their industries. Engelbrecht says that entrepreneurs should plan accordingly to prepare their business for the prolonged period of slow economic growth that the country is experiencing. The IMF’s World Economic Outlook report released in April 2016, titled Too Slow for Too Long, reported that it expects lower growth of 0.6% and 1.2% for South Africa in 2016 and 2017 ...

Gugu Mjadu Five reasons entrepreneurs should enter business competitions Entrepreneurs running small and medium enterprises (SMEs) are required to assume many roles and wear many hats as they often don’t have the resources and staff complement available to manage all the necessary day-to-day activities and challenges that the environment presents. Entering a business competition is therefore often the last thing on an entrepreneur’s mind and may seem to be an additional, unnecessary task. However, taking time to reflect on the business can assist in identifying problems and aid in developing growth strategies. Gugu Mjadu, spokesperson for the 2016 Entrepreneur of the Year® competition sponsored by Sanlam and BUSINESS/PARTNERS, says that apart from the cash prize money, which can be put towards funding the growth of the business, entering a business competition allows entrepreneurs to gain a different perspective of their businesses, which can often prove to be more valuable than f...