Dice loaded against black women in business

A dentist by profession, she started her business supplying medical equipment to state hospitals nine years ago.

In spite of her impressive professional qualifications – a Medical University of SA dentistry degree, an honours degree from Stellenbosch University and a masters from the University of Pretoria – she battled to find a bank or institution willing to consider her business plan, never mind give her a loan.

Even state funding entities set up to advise and finance small and medium enterprise start-ups were not interested, she says.

“Culturally, you’ve got problems.

“In Africa, the woman is regarded as someone who has to take care of her family full time and nothing else.

“And banks do not believe in funding entrepreneurs who are female.

“When you go to the banks, they do not believe you are capable of doing it.

“Men are the only people who can succeed in running a business.

“We are supposed to be employed or in the kitchen.

“When you come with a business plan to a bank they resist, they don’t believe it will succeed.”

Eventually a bank agreed to give her a R30000 overdraft.

“They were better than other banks which rejected me altogether. They didn’t even want to hear my story.”

Mzizana is outraged that institutions the government started with the express purpose of financing small businesses, and which are forever trumpeting their achievements in this area, showed her the door as quickly as any of the commercial banks.

“These are organisations that claim to be helping women’s businesses. They are actually not doing that at all.

“That’s why there are no women businesses that are successful. They open and within one year they’ve closed down.

“If you keep going for five years you’ve done very well as a woman.”

via Dice loaded against black women in business – Business LIVE.

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Success for SA designer

Clothing in store, ready to wear, off the rack...

Image via Wikipedia

Johannesburg – South African-born fashion designer and entrepreneur Lesego Malatsi has gone from stitching ready-to-wear garments in a Soweto township mall set amid shanties to savouring the sweet success of London’s fashion week.

Malatsi had his first international show at the weekend in the British capital, where he displayed a collection of new-look African prints at the Fashions Finest event backed by Richard Branson‘s Virgin Unity initiative.

“Honestly, you don’t know how to prepare,” Malatsi said from London in a telephone interview with Reuters.

Malatsi has taken a long road to London that started in a tiny home in Soweto.

He first tried his hand at accounting after leaving high school, but a stint at a cosmetics company altered his career aspirations.

“(It) changed my mind and how I saw things,” he said.

He then studied fashion at the Cape Peninsula University of Technology and has been making clothes since.

via Success for SA designer: Fin24: Entrepreneurs.

Noeleen Maholwana-Sangqu

Born and raised in Umtata, Noeleen is a journalist by training and has spent a number of years in news handling both Radio and TV for Radio Transkei and Radio 702 respectively.

Having spent a period of six years at Radio Transkei, Noeleen has had the opportunity to develop in-depth knowledge of journalism as well as Public Relations both in its theory and in its application.

In pursuit of better prospects, Noeleen moved to Johannesburg in 1994 to join Radio 702 as junior reporter before landing a co-hosting job. She worked her way up and in the space of four years became the station’s news editor.

From 2001, she was on the Primedia Board and hosted her own daily show before leaving the company at the end of 2002.

Noeleen registered for a Management Advancement Programme (MAP) with Wits Business School and duly completed the programme in 1999.

In October 2002 Noeleen was awarded the Population Institute’s Global Award for Radio Programme excellence. The award ceremony took place in Havana, Cuba in December 2002.

In 2004 and 2005 Noeleen won the Crystal Award for Best Talk Show Host for 3Talk.

via Noeleen Maholwana-Sangqu

Small businesses beat tough times

He is also looking into collaborating with the hotel industry and wants to supply his wares to Lifestyle in Randpark Ridge.It doesn’t end there either; he is also planning to set up a stall on Vilakazi Street. “Soweto is a centre of attraction,” he says. These avenues are the way forward for the expansion of his business

via Small businesses beat tough times | News Update

New fund to aid small business

Johannesburg – The National Empowerment Fund (NEF) launched an enterprise development fund in aid of small and medium companies on Wednesday.

The development would help speed up black economic empowerment in the private sector, NEF board of trustees chairperson Ronnie Ntuli.

NEF CEO Philisiwe Buthelezi said this entailed private sector businesses making contributions to the NEF’s enterprise development fund. The NEF would use this money to co-finance the NEF’s investments in enterprise development beneficiaries. It would help make these businesses sustainable and financially independent.

For a company to obtain the maximum of 15 points on enterprise development it should contribute 3% of its net profit after tax.

“The minimum contribution a measured entity may make into the NEF enterprise development fund is R5m.”

Looking exclusively at the 3% net profit after tax of the top 40 JSE-listed companies collectively, the potential resources available for enterprise development exceed R5.3bn.

Buthelezi said for every transaction that qualified for enterprise development funding, the NEF would co-invest on a 60:40 ratio, with the fund carrying up to a maximum of 40% of the risk.

The NEF said for five years from the time of contribution, the companies would enjoy their newly improved BEE scorecard ratings. The benefits would fall away on year six, after which the company had to contribute again to maintain the enterprise development points on the scorecard.

via New fund to aid small business: Fin24: Economy

Anglo to create 25000 jobs

Anglo American (AGL), one of the world’s five largest resources groups, on Thursday said it was committed to creating and sustaining 25,000 jobs by 2015. This it would do through up to 1,500 new businesses.

Speaking at Anglo American’s local procurement and enterprise development trade fair, Chief Executive Cynthia Carroll said Anglo’s enterprise development arm, Zimele, has already invested some 467 million rand in 845 local businesses, which together employ about 16,000 people, and generate a turnover of more than 1.8 billion rand.

She also said Anglo’s commitment to developing new businesses supported the country’s vision of creating economic opportunities for black South Africans.

Anglo’s procurement spend with black empowered business in the past 10 years has increased from 911 million rand to 21 billion rand.

This makes up more than 40% of the group’s total available procurement spend to historically disadvantaged South Africans.

Department of Mineral Resources deputy minister Godfrey Oliphant said a recent study showed that South Africa’s youth would rather be entrepreneurs than be employed.

“It could be argued that lack of employment has encouraged the youth to look for alternative means to support themselves,” Oliphant said.

He said over 70% of the youth, particularly the black youth, consider running their own businesses, but they recognised that they needed experience.

He encouraged big business to get youth more involved in entrepreneurship. – I-Net Bridge

via Anglo to create 25,000 jobs – IOL.co.za

Small business owners – seize the opportunity to grow

Companies still get to pick the business owners they want to help. More black business owners must seize the opportunity to grow their business and move into the private sector if they are to become serious players in the economy.

More than anything, SA needs real entrepreneurs, not more BEE fat cats.

via BusinessDay – STEPHEN TIMM: Small business