EnterPrize, the business planning competition that arrived in SA this year, has captured the interest of over a thousand aspiring and existing entrepreneurs.
National Business Initiative (NBI), the business-based implementation agency, and McKinsey Incorporated, the global management consultancy firm, are co-ordinating the competition. They say they have received over 1 020 entries for the first phase of the competition.
The competition`s hotline operators received more than 3 000 calls, while the EnterPrize Web site has hosted more than 9 000 visitors.
"Apart from India, where 1 200 entries were received in Phase One, this is the largest field ever submitted in an EnterPrize competition," says Judy Wade, McKinsey Incorporated`s principal. "We believe this reflects the growing levels of unemployment in SA and the increasing realisation that self-employment is an important career option.
"Judging by our experience in other countries - notably Germany, Switzerland, the Netherlands, Belgium and the US - EnterPrize is certain to stimulate the formation of many viable small and medium enterprises with associated job creation opportunities."
She says the entries reflect the major areas of social and economic growth in SA. The majority of the three-page summary business plans submitted fall into six categories, including e-commerce and IT.
Of the entries, 54% were received in Gauteng, with Cape Town and Durban attracting 13% and 10% respectively. The remaining 23% of the entries came from smaller urban areas on the periphery of the metropolis.
"All the entries will be evaluated by a team of financiers, academics and business people; and will receive written feedback," says Wade. "We expect that around 300 entrants will proceed through to the second round of the competition, which runs from 15 May to 23 June."
The successful Phase One entrants will be invited to attend a series of awards ceremonies, which will be held in Durban (9 May), Cape Town (10 May) and Johannesburg (11 May). The ceremonies will serve as a forum to announce the 20 Phase One winners, who will each receive R1 000.
Phase Two participants will receive business-planning handbooks at the ceremonies. "These handbooks are designed to assist applicants develop their business plans," says Theuns Eloff, executive director of NBI.
"The participants will also be invited to attend a series of training and networking sessions in Durban, Cape Town and Johannesburg - involving professionals from all relevant fields, including law, accounting, property and market research. We have also secured the coaching services of many experienced business people in these metropolitan areas, each of whom will dedicate time to particular participants."
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