Ben Bierman, chief financial officer at Business Partners, says, “In 2016, the competition continues its search for entrepreneurial talent in all sectors of the economy. The judges are looking for entrepreneurs that have succeeded against the odds, either by carving out a niche market for their product or service offering, or by succeeding in a very competitive environment. Perseverance and endurance, innovation and agility are some of the qualities we look for in the entrepreneur.”
He adds that there are also a number of quantitative competition measures, such as turnover growth, profitability, owners’ equity growth, positive cash flows and job creation that play a part in the competition’s judging process.
Small and medium enterprises (SMEs) contribute close to 50% of South Africa’s gross domestic product and generate more than 60% of new jobs created in the economy. The latest Global Entrepreneurship Monitor (GEM) 2015 / 2016 Global Report states that while on average, 42% of working-age adults in the monitored economies see good entrepreneurial opportunities in their markets, as many as one-third of potential entrepreneurs are constrained from starting a business due to the fear of failure.
He points to last year’s competition winners as examples of those succeeding in their industry and possessing true entrepreneurial spirit – persevering no matter how impossible it may seem at times.
“The 2015 Entrepreneur of the Year overall competition winners, Gil Oved and Ran Neu-Ner, co-owners and founders of The Creative Counsel (TCC), were recently awarded the All Africa Business Leaders Award (AABLA), which recognises game changers on the continent. French advertising giant, Publicis, in a deal understood to be the biggest in South African agency history, also acquired them last year. Most importantly, this year TCC launched an incubator programme for black-owned businesses as a way to inspire and grow the next generation of entrepreneurs.
“Our 2015 Innovator of the Year and Medium Business Entrepreneur of the Year title winners, Nadir Khamissa and Ahmed Shaazim Khamissa - owners and founders of Hello Group - were also recognised by the EY Southern Africa World Entrepreneur awards platform due to their remarkable tenacity and determination in building a leading business in the local fintech space.”
The closing date for the competition is National Youth Day, 16 June 2016. For more information, go to www.eoy.co.za.
