provide grant funding and business support to 1 000 young entrepreneurs<\/strong> in the next 100 days (since the SONA).<\/p>\nThe Best Drive\u2019s Tshepi Mabs asks Mtsweni if there a visible and proactive interest in business? As in are the young people that come to you well prepared, business plan, registered etc.\u00a0<\/span><\/p>\nSpeaking to the NYDA executive chairperson, Sifiso Mtsweni, on #TheBestDrive he reveals that when receiving applications, The NYDA often comes across individuals who are not only under prepared, but have very little business knowledge.\u00a0<\/span><\/p>\nBe prepared<\/h4>\n
In most instances, when the organisation rejects applications, they are portrayed as corrupt antagonists.<\/p>\n
\u201cToo often when applications flood into our offices and online platforms, the moment you talk about compliance, SARS etc., applicants say we are trying to keep them away from their money,\u201d says Mtsweni.\u00a0<\/span><\/p><\/blockquote>\nAccording to NYDA\u2019s research, most young entrepreneurs apply for funding at banks or institutions that offer them loans and require them to pay said loans in 3 years. This, Mtsweni says, is problematic as research also proves that businesses fail in 3 years.\u00a0<\/span><\/p>\nThus, they have created comprehensively packaged grants (not loans) that also comprise of equipment\/machinery, facilities, stock – you name it.\u00a0<\/span><\/p>\n\u201cThe money is not a loan – it\u2019s a grant. We also offer compulsory training, where we have experienced business people handhold startup businesses,\u201d NYDA executive chairperson, Sifiso Mtsweni states.<\/p><\/blockquote>\n
Businesses must be able to employ at least 10 people<\/h4>\n
Their mandate refers, according to Mtsweni, that not only should your business be viable, but it should also have the capacity to employ a minimum number of people.\u00a0<\/span><\/p>\n\u201cWe believe that before receiving funding, a business must demonstrate the capacity to create at least 10 jobs,\u201d says Mtsweni.\u00a0<\/span><\/p><\/blockquote>\nResponding to perceptions of the organisaton, Mtsweni states that their reach in terms of marketing the opportunities they offer is to be national.\u00a0<\/span><\/p>\nNational outreach<\/h4>\n\u201cWe want to target people across the country, not just Gauteng. We want to target even those deep in the outskirts,\u201d he adds.\u00a0<\/span><\/p><\/blockquote>\nMtsweni also speaks on the importance of marketing in business;\u00a0<\/span><\/p>\n\u201cFunding you is one thing, but if you don\u2019t have the market, you are likely to fail.\u201c<\/p><\/blockquote>\n
For more info, find the NYDA online or at one of their 49 centres.<\/p>\n
LISTEN TO THE FULL PODCAST HERE:<\/strong>\u00a0<\/span><\/p>\n