60 KZN schools to compete in bid to become more enterprising

2014-06-09 00:00

SIXTY schools in KwaZulu-Natal have been given a boost to become self-sufficient and to stimulate entrepreneurship and instil healthy financial habits in their pupils through the School Enterprise Challenge.

The competition was launched last Friday in Pietermaritzburg.

It marks the first partnership by government with the private sector in the global school enterprise competition, managed by the London-based Teach a Man To Fish (TAMF) organisation.

Working with TAMF are the KwaZulu-Natal Financial Literacy Association (KZNFLA), championed by the KZN MEC for Finance, Belinda Scott, the KZN Department of Education, the Saville Foundation (TSF), Business World and Ithala.

Speaking at the launch, Scott said the competition would create a platform for pupils to develop technical and entrepreneurial skills, which would put them on a path towards economic success and financial independence.

The School Enterprise Challenge competition runs from June to December 2014 and offers participants the chance to win $45 000 (R476 000) in prizes.

Nicky Raw, regional manager for the Saville Foundation also revealed there will be a special prize for the winner of the pilot in KZN: a Saville Foundation-sponsored learnership course in management and entrepreneurship by Business World to the value of R20 000.

And Ithala will offer each of the 60 schools R500 as start-up capital if they produce a sound business plan and open an Ithala account, as well as mini prizes to the value of R20 000.

The competition is divided into three stages: developing and submitting a business idea for a school enterprise; developing and submitting a business plan for a school enterprise; and launching a school enterprise; getting hands-on business experience; and generating income to support either their school or a charitable cause of their choice. The winners will be announced at a special awards ceremony in February 2015.

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