Business Partners Limited has opened entries for the 36th edition of its annual Entrepreneur of the Year® competition. Themed “Rooted in Excellence. Celebrating Homegrown Businesses that Bloom,” the competition recognises and honours entrepreneurs who have achieved success in their respective fields, despite the challenges faced by South African businesses. Entries close on the 31st of August 2024.
“Much like the Protea, South Africa’s national flower, the country’s entrepreneurs and SME owners flourish in difficult conditions, as evidenced by their resilience in the face of these and other challenges,” says David Morobe, Executive General Manager for Impact Investing at Business Partners Limited.
Open to entrepreneurs who own small and medium-sized enterprises in South Africa, categories include Emerging Entrepreneur, Small Business Entrepreneur and Medium Business Entrepreneur. Five finalists will be chosen in each category and the finalist who employs the most individuals will be awarded the Job Creator prize. After the judging process has taken place, the winners will be announced at an awards ceremony in November 2024 where the overall Entrepreneur of the Year® will be awarded.
“The aim is to celebrate the vision, passion, innovation, and commitment of individuals running successful SMEs in the country through recognition and a share of R2 million that includes cash prizes, mentorship support and exposure for the businesses,” shares Morobe.
“The Business Partners Entrepreneur of the Year® competition is more than just an awards ceremony,” he emphasises. “It’s a platform to celebrate and promote entrepreneurial excellence, highlighting success stories that inspire others. We aim to motivate both seasoned and aspiring entrepreneurs by showcasing best practices and providing resources to help them reach new heights. Moreover, it allows us to share the journey and impact of these businesses, encouraging young people to consider entrepreneurship as a rewarding career path. Ultimately, by amplifying the voices of entrepreneurs, we strive to influence policymakers and foster an ecosystem where SMEs are supported.”
Bloom where you’re planted
For Tinny Nkuna, founder of Lindiwe Sanitary Pads and last year’s Emerging Business Entrepreneur of the Year, funding was a major hurdle. “When I’d approach funders, they’d turn down my applications because I didn’t have a manufacturing background and had never set foot in a factory, so they said, ‘you don’t have the technical know-how – you are not bankable’.”
Networking and support from organisations dedicated to women’s economic empowerment led to her securing funding for a sanitary pad manufacturing machine capable of churning out 350 pads per minute – enabling the company to ramp up production capacity to meet growing demand. Nkuna now plans to elevate output even further.
The ascent to becoming South Africa’s number one brand with 32 stores and over 300 employees also wasn’t easy for Theo Baloyi, Bathu founder and the 2023 Entrepreneur of the Year® winner. His dream of a pro-African sneaker brand was initially met with rejection with shoe factories refusing to accept orders below a minimum of 1,200 pairs – something he couldn’t afford at the time.
Despite 16 rejections from a Durban factory, he got the chance to prove his concept with a production run of just 400 pairs. Leveraging his network of family and friends, he pre-sold every single shoe within 48 hours, convincing the factory to become the home of Bathu production.
Morobe says that by recognising the crucial role of SMEs in the economy, fostering a culture of entrepreneurship becomes paramount. “This can be achieved through financial and mentorship support which can help improve their profitability, competitiveness and sustainability. Furthermore, connecting these entrepreneurs with other players in the broader ecosystem fosters business and partnership opportunities, ultimately leading to a more robust economy driven by innovation and job creation.”
“The public and private sectors can play a crucial role in cultivating a supportive environment for entrepreneurs through targeted policies, funding initiatives, and mentorship programmes. By working together, we can empower South Africa to build a more robust and thriving economy,” concludes Morobe.
By entering the Business Partners Entrepreneur of the Year® competition, established SMEs have the opportunity to gain valuable recognition, mentorship, and resources to propel their businesses to the next level. Visit https://www.eoy.co.za to learn more and apply today.
