29 February 2024
Est. Reading: 2 minutes

Financial Education: An eye opener for entrepreneurs

According to the 2017/18 Global Entrepreneurship Monitor’s report, entrepreneurship activity in South Africa has reached its highest level since 2013. As the economy faces increasing challenges, one in three South Africans is turning to side businesses to supplement their income and make ends meet. Regardless of your income level, acquiring money-generating skills is crucial to enable us to pursue our dreams and ambitions.

Over the years, we have forged partnerships with various organisations and introduced a range of financial literacy and entrepreneurship initiatives to ensure that South Africans can lead more prosperous lives. One of our in-depth financial skills modules is called "Boosting Your Income," offering participants the opportunity to explore new business prospects. After attending these sessions, many participants express newfound confidence in their talents or skills and a desire to start a businesses. Recognising that having an interest, a talent or a skill as well as a business idea are fundamental to entrepreneurship. This module underscores their importance.

We recently conducted a financial education session in Turffontein at Ikusasa Lethu Wembley, a homeless shelter, where two gentlemen, Brian and Norman, were inspired enough by our training to embark on their own entrepreneurial journey. They accredited the financial skills they gained during the financial skills workshop with helping them grow their businesses by reinvesting and also by maintaining separate personal finances. Brian and Norman enthusiastically recommend the financial skills programme to others. They emphasise how it had transformed their lives and allowed them to provide for themselves. They expressed their gratitude to AvoVision and to the Sanlam Foundation for the opportunity to learn.

These two entrepreneurs were particularly motivated to start their businesses after participating in our "Boost Your Income" module. They immediately began brainstorming ways to improve their financial situations and overcome homelessness. They have since received business commissions from their community and are currently crafting tables and benches for a local daycare center. Business has been thriving, and they have even secured a workshop space.

Empowering people and addressing issues like inflation is best achieved through programmes that enhance financial literacy. We firmly believe in the value of diversifying income streams, and this concept is at the core of our mission. "There are few places in the world with more potential than our continent, and by equipping Africans with financial knowledge and experience, we are laying the foundation for a future created by Africans, for Africans, one that is inclusive and sustainable," said Nozizwe Vundla, Head of the Sanlam Foundation.

At Avo, we always begin our business learning programmes with personal financial literacy. We firmly believe that unless a businessperson takes their personal financial health and wealth seriously, they are unlikely to manage a business to its full potential.

If you're interested in sponsoring communities through one of our empowering financial education programs, connect with us.

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