The Institute for the Future of Work (IFOW), in partnership with African Bank and RMCERI (TUT’s Entrepreneurship Incubator), hosted a seminar on Financial Fundamentals for Start-Ups at the Tshwane University of Technology, Ga-Rankuwa Campus. The seminar took place on 25 March 2025, and was targeted at SMMEs, studentpreneurs and entrepreneurs looking to enhance their financial knowledge and business strategies to successfully run their business. The seminar’s focus was on addressing the importance of financial education in nurturing the next generation of successful entrepreneurs, underpinned by TUT’s focus on fostering and supporting entrepreneurship.
From their work with over 400 incubates, RMCERI noticed that business success rates, even amongst studentpreneurs, followed the global trend of most start-ups failing within the first 5 years primarily due to a lack of financial management knowledge. As such, the seminar served as a platform for young entrepreneurs, and students interested in starting a business, to learn how to handle their finances successfully. The goal was providing valuable tools and strategies, aimed at empowering attendees to make informed financial decisions that will help grow their businesses and contribute to the economy.
The seminar featured a series of sessions and interactive discussions, which addressed the unique challenges faced by small businesses in the current economic environment. Topics ranged from an overview and introduction to financial literacy and understanding financial statements, to the importance of remaining tax compliant and providing an overview of key company systems.
Ms. Zibu MaSotobe from African Bank delivered an excellent masterclass on entrepreneurship. In her speech, she emphasized the importance of discipline when managing money. She highlighted that money is a tool that may be used to achieve our goals, and as an entrepreneur, one should always think like an investor rather than a buyer or a payer. “Money will not change your life if you do not use it properly” said Ms MaSotobe, emphasizing how various people use money based on their sense of money’s fundamental function.
Mr Pontsho Graham and Mr Amos Mashia, representatives from the South African Revenue Service (SARS), spoke about the necessity of revenue compliance. They emphasized the importance of new and established businesses understanding their tax duties and maintaining good standing with SARS to avoid penalties and create long-term success.
Dr Unéné Gregory, IFOW’s Public-Private Partnership Manager, moderated a thought-provoking panel discussion exploring what it truly means to be an entrepreneur. The conversation focused on common pitfalls entrepreneurs face—and how to overcome them to build a sustainable path to success. While entrepreneurship is often defined in simple terms, such as being a problem-solver, the panel likened it to the “iceberg effect”: most people only see the visible outcomes, unaware of the challenges and unseen work that entrepreneurs confront every day.
The panel identified several typical mistakes, including a lack of clarity about why a product or service is being offered, who the actual target customers are, and how to effectively position a brand in the market. These missteps often stem from a focus on launching quickly or chasing financial gains, rather than developing a clear value proposition and delivering it to the right customer segment.
African Bank reaffirmed its belief that young entrepreneurs are the cornerstone of future economic growth. The bank remains committed to supporting their journey with accessible financial products, expert guidance, and tailored business solutions for small and medium-sized enterprises. Its emphasis on financial literacy was evident throughout the program.
The seminar also underscored the university’s dedication to nurturing entrepreneurship, highlighting IFOW’s ongoing work to equip students and aspiring business owners with the knowledge and skills they need to graduate not only with a degree, but also with the entrepreneurial mindset and tools to thrive in the future economy.
