Connect with us

Entrepreneur Today

2017 – Weathering The Tough Times Ahead

Dr. Yudhvir Seetharam, Head of Analytics at FNB, shared his outlook on a few trends in various industries that we can expect in 2017.

Entrepreneur

Published

on

difficulties-in-industries-in-south-africa

Dr. Yudhvir Seetharam, Head of Analytics at FNB, shared his outlook on a few trends in various industries that we can expect in 2017.

According to National Treasury, the GDP growth rate is forecasted at an estimated 1.3% for 2017. The outlook points to a tough year ahead for business; however, there are a few trends that promise a positive narrative for businesses during the year.

“It isn’t all doom and gloom: Yes, the economy is slowing – however businesses that want to gain any wins in the market place in 2017 will have to operate in a more astute manner” says Dr. Yudhvir Seetharam, Head of Analytics at FNB.

Growth in the pre-owned car market spurs on SME’s in related markets

pre-owned-car-market

The new car market will most likely continue to slow in 2017 as cash strapped consumers continue to opt to keep their cars.

The saving grace for this sector will ultimately come from the pre-owned and spare parts market, and through it we are likely to see an increase in sales from businesses that sell tyres, spare parts and batteries as consumers look to stretch their Rand.

Related: 4 Top Retail Trends You Can Expect In 2017

Fast-food uptake

Fast–food franchises will likely experience growth as more consumers will opt to buy takeout over the traditional sit-down restaurant as the price tends to be more favourable.

Tourism to continue growing

tourism-in-south-africa

South Africa has remained a popular luxury destination for many international travellers; especially as it offers a world class experience from shopping to pristine beaches and unforgettable safari’s at a fraction of the price.

A weaker Rand makes for a favourable exchange rate for foreign tourists travelling to South African.

Locals who would have otherwise travelled abroad, will most likely travel within the country creating a greater income stream for tour operators, transport, hotels, bed and breakfasts.

Increased use of the eCommerce platform

With an increase in the number of people with accessibility to the internet and a population that is becoming more digitally savvy, we are bound to see more online solutions. Today’s digital age prefers to make their purchases and do their business online.

Agricultural sector to stabilise

agricultural-sector-tractor

The past year for most farmers was a challenging year due to the drought conditions our country experience. With a 75% likelihood of a La Niña weather phenomenon, the much needed rain will bring relief to the sector. If the rain is consistent, we will see a normalisation in crop production. The meat market may still add to the food inflation but with good rains, we may see a general decrease in overall food inflation.

Related: Get Ready For A Killer 2017. Here’s What To Do Now

The latest Business Confidence and Consumer Confidence Indices indicate that South African consumers and businesses have similar expectations; consumer confidence has increased marginally, but it still below historic averages. This implies that while consumers have a slightly more positive outlook on the economy, their spending patterns are likely to remain unchanged.

In contrast, Business Confidence, in the motor and retailer sectors have dropped, indicating that these businesses expect dampened sales and profits over the short term.

“2017 will no doubt be a trying year for SME’s across all industries, but with a recovering world market, and a Rand that is finding strength, we should start to see an upward trend towards the end of 2017 – hopefully the worst is behind us” concludes Seetharam.

Entrepreneur Magazine is South Africa's top read business publication with the highest readership per month according to AMPS. The title has won seven major publishing excellence awards since it's launch in 2006. Entrepreneur Magazine is the "how-to" handbook for growing companies. Find us on Google+ here.

Advertisement
Comments

Entrepreneur Today

LaunchLab Fellows – Great Opportunities For Aspirational Young African Students

The Stellenbosch University LaunchLab officially kicked off their Fellowship Programme on Monday, 5 February.

Entrepreneur

Published

on

the-stellenbosch-university-launchlab-logo

The Stellenbosch University LaunchLab officially kicked off their Fellowship Programme on Monday, 5 February with 12 students filled with aspirations of elevating their own lives through gaining valuable connections with LaunchLab start-ups.

Through this platform the LaunchLab hopes to inspire, guide and unleash the critical mass of problem solvers, at Stellenbosch University, guiding them along the path to discover their purpose in entrepreneurship and make an impact.

Related: 10 Young Entrepreneurs Under 30 Share Their Start-Up Secrets

The core focus of this programme:

The core focus of this fellowship programme is to invest more in building a tribe that feels included in what we do. The key tag line within this initiative is ecosystem development, focusing on the following aspects:

To Foster Collaboration

Young people need support networks that can help them communicate, draw inspiration and gather resources to take action. These networks include not just their peers who share the same interest, but mentors and others who support their cause. To facilitate the emergence of a global community and network of young people that are committed to changing the world.

Knowledge Generation and Sharing

As young people gain experience and move on to other things in life they often take their valuable experience with them, leaving others to relearn the lessons of the past. To ensure continuity of learning, it is important to have mechanisms for capturing the lessons from the past as knowledged resources as well as to share that knowledge as widely as possible. With the help of our willing residents we can use the fellowship programme as a vehicle for knowledge sharing and importation within the ecosystem. The fellowship programme can act as a knowledge sharing pipeline.

Feeder for Incubation

If this programme is fully endorsed and supported we would have finally answered the questions around having a feeder program for our incubation program. The fellowship programme would be structured to function as a feeder program for our mainstream incubation program. The aim would be to Identify talents that can participate in our ideas programme and make their way up within our incubation programme. 

Opportunities identified for LaunchLab Fellows

The following key activities will be covered in the fellowship program.

  • Product development/makerspace activities
  • Monthly meetups and breakthrough innovation impact stories
  • Assist at LaunchLab events
  • Participation in global startup events and challenges
  • Work with LaunchLab startups
  • Become contenders for our Corporate Innovation Challenges
  • Free training and skills acquisition programmes.

Related: 9 Top Tips For Young Entrepreneurs

What will LaunchLab Fellows have access to?

  • Commercialisation of product or technology
  • Interaction with SU technologies
  • Work in teams with the aim of commercialising world class technology and driving it to become a successful business
  • Introduce innovative flagship products that are relevant to the need of existing or new corporate clients
  • Access to LaunchLab development partners on products on which they are currently working
  • Develop your own new and interesting solutions, and showcase them to relevant members of our community
  • Participation in LaunchLab programmes
  • Participation in LaunchLab talks
  • Assist at LaunchLab events
  • Provide adhoc support as interns or volunteers for startups, thereby gaining valuable experience.

Who are the LaunchLab Fellows?

The LaunchLab Fellowship Programme is open to the following category of people:

  • Stellenbosch University students
  • Problem solvers
  • Researchers and engineering students
  • Students from other universities where we are networked who are able to be in Stellenbosch
  • International students from global knowledge regions.

Visit our website for www.launchlab.co.za or email Pius@launchlab.co.za directly to find out more about this programme. Please note that all entries for 2018 have closed.

Continue Reading

Entrepreneur Today

Bitcoin Family Of Coins – Who Will Win?

Off the back of 6 sold out live events, and after successfully hosting the biggest #Cryptocurrency event ever held in South Africa, the Matt Brown Show is holding a one-time exclusive learning and networking event in Johannesburg on Wednesday, 7 March (6pm – 8pm) we’ll be launching a deep dive series into alternative cryptocurrencies.

Entrepreneur

Published

on

bitcoin

The interest around cryptocurrencies, with Bitcoin being the most famous, has continued to capture headlines worldwide whilst regulators around the world are still struggling to formulate a plan to deal with it.

The Matt Brown Show #cryptokungfu is kicking off its first edition of a deep dive series will be looking at the bitcoin family of coins, what makes the coins different, their utility and the opportunities for traders and investors.

The Matt Brown Show has built a listenership and captive audience in over 100 countries around the world. #CryptoJHB was the first podcast event to trend in the #1 hashtag position on Twitter in the history of South African media.

Related: 11 Things You Need To Know About Bitcoin

The Matt Brown Show Johannesburg event taking place on Wednesday, 7 March 2018 from 18:00pm to 20:00pm, now being hosted at the Mesh Club in Rosebank will tap into THREE of the world’s leading experts for this first edition of a deep dive series focused masterclass.

The Masterclass will feature Tone Vays (via video conference) and Adam Meister from the United States, both regarded as world’s leading Bitcoin experts. Lorien Gamaroff, founder/CEO of Bankymoon, blockchain and cryptocurrency consultant will provide the local market perspective as a South African.

The masterclass has been engineered to provide a more focussed and intimate discussion on the landscape, which is one of the reasons the event was moved to the mesh club. To provide a more exclusive and engaging atmosphere for the attendees.

Matt Brown says, “these 3 experts have the uncanny ability to read the cryptocurrency market and are considered part of the top 100 most influential people in blockchain/cryptocurrency space in the world”.

“So we need to look beyond the recent surge in bitcoin investors across Africa, businesses have also started to embrace the cryptocurrency. It no longer a fad but a reality of the world we live in today” says Brown.

South Africa continues to lead the way, with businesses now starting to accept bitcoin payments.

Gamaroff says, “The global financial system is crumbling. People are seeking alternatives to fiat money. Cryptocurrencies will be their hedges against the cataclysm that is coming.”

Related: Embracing Technology For Business

“The reality is that Bitcoin is here to stay and, with many seeing a good return on their investment in cryptocurrencies, they now want to use this digital cash to invest in their future” says Brown

“Today, South Africans are using the ease of online trading to make money that they can then reinvest in a future beyond the world of forex. Which is why we continue to see the demand for events like this, being attended by a mixture of cryptocurrency enthusiasts and/or people simply interested in learning more about this space.” Concludes Brown.

Continue Reading

Entrepreneur Today

The Workspace And MiWay Announce Entrepreneur Competition

To celebrate their collaboration at Village Road, The Workspace and MiWay are launching a competition for South Africa’s entrepreneurs that will see the winner/s given a major advantage to further grow their business.

Entrepreneur

Published

on

workspace-and-miway

Space solutions and coworking specialist, The Workspace, and insurance company, MiWay, recently joined forces at The Workspace’s premises in Village Road, Selby where they have launched an entrepreneurial hub and business development programme in the Johannesburg CBD.

The competition is open to entrepreneurs based in South Africa who have valid identification documents, who run a business with four or less employees and are making an impact in their industry.

“We have always believed in assisting entrepreneurs and small business owners who are members of The Workspace community in whatever way we can. This entrepreneur competition takes it to the next level, giving a voice to our belief in entrepreneurship and its ability to create jobs,” says Mari Schourie, CEO of The Workspace.

Related: 6 Resources For Start-ups Looking For Funding

Morné Stoltz, head of Business Insurance at MiWay, says both companies are committed to upliftment initiatives and economic development. “The entrepreneur competition is a call to action to those vibrant entrepreneurs out there. Start-ups always need a bit of a hand-up and the winner of this one will have a serious advantage once the competition has gone through its paces,” he said.

Schourie and Stoltz agree they’re looking for an entrepreneur who has reinvented the way business is done in his/her industry. “Someone who has been innovative in the product or service being offered to the market,” says Schourie.

“We are looking for an entrepreneur who has or is busy creating a special environment where employees can flourish, and in the process, potentially creating more jobs,” Stoltz adds. “An entrepreneur who makes an impression on the judges due to aspects such as the business’ social impact, attitude, positive entrepreneurial outlook and a good business mind”.

Related: 4 Tips To Secure Funding For Your Start-up

The prize on offer – worth over R230 000 – will help set-up the winning entrepreneur for a period of 12 months, giving them a boost to help build their business.

All information on the Entrepreneur Competition is available on The Workspace website, including criteria, terms and conditions, and of course, the prizes.

For queries, please email events@theworkspace.co.za

Download the competition criteria here.

Continue Reading

Trending

FREE E-BOOK: How to Build an Entrepreneurial Mindset

Sign up now for Entrepreneur's Daily Newsletters to Download​​