The Township Entrepreneurs Alliance (TEA) hosted a high-impact initiative workshop focused on township entrepreneurship and financial empowerment in Limpopo in the weekend.

The workshops are aimed at equipping local business owners in areas such as pitching their ideas, among others. The next one will be held in July in the Northern Cape.

Sowetan spoke to Bulelani Balabala, founder and CEO of TEA, to learn more about the workshops and what he wanted to achieve through the initiative.

Sowetan: What inspired you to create the TEA workshop and what are you hoping to achieve with it?

Balabala: In 2015, I started this initiative for the sole purpose of impacting and inspiring township entrepreneurs. When we started, our intention was to impact 20 small businesses from the Tembisa area, However, the first day when we kicked off in July, about 161 business owners showed up. That moment revealed the huge need and hunger for entrepreneurial support in township communities. Since then, we’ve directly impacted more than 100,000 township entrepreneurs across the country. 

Sowetan: What can entrepreneurs expect to gain from the initiative?

Balabala: We start with something even more fundamental: the mindset. A business can’t grow if the entrepreneur doesn’t have the right financial mindset or philosophy. Without it, even large sums of money can quickly be lost. That’s why the first step is empowering the individual, how to make money, retain money, and grow money, which is essential for long-term sustainability.

Sowetan: Tell us more about the Kasi pitching challenge and how it supports township entrepreneurs.

Balabala: We created the pitching aspect because we believe it’s not enough to simply engage with township entrepreneurs, you must also provide tangible support – machinery, equipment and financing. We wanted to build a platform where entrepreneurs don’t just gain knowledge but also walk away with direct resources to grow their businesses. The winner receives R50,000 in business support [R25,000 cash and R25,000 in business development support], including a six-month accelerator programme. 

Sowetan: What are some of the biggest financial management challenges you’ve observed among township entrepreneurs?

Balabala: The biggest and most persistent challenge is financial mismanagement. Many township entrepreneurs adopt a mindset that says: “I am the business.” As a result, they don’t separate their personal expenses from their business finances. They swipe the business card for personal purchases like McDonald’s, KFC, lifestyle spending and then turn around and apply for funding. But here’s the issue: your bank statement tells a story, and when funders review it, they see a business that lacks financial discipline. 

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