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The country’s unemployment rate saw a negative spike of 31.9% in the third quarter of 2023, which marked the first time the unemployment rate fell below 32% since the third quarter of 2020.
We look at the needed solution and the practical approach to seed a positive upward shift in the unemployment rate which remains above pandemic levels while still crawling upward in terms of economic growth and entrepreneurship opportunities.
Growth in any industry requires stimuli and entrepreneurs such as Thulani Masebenza co-founder of Moya Money, a beneficiary of the MultiChoice Innovation Fund, are critical to increasing job creation.
Reflecting on his own journey, Masebenza, alongside partner Sabica Pardesi said Moya Money was established with the goal of helping businesses facilitate and manage the payment between them and freelancers.
“Our mission is making self-employment sustainable for 100 million Africans who earn their
own income, and the businesses who pay them,” Masebenza said.
The web app Moya Money brings to the fore a solution that enables them to simplify workflows while simplifying payments for freelancers.
The entrepreneur noted a few things entrepreneurs need to consider before venturing into business.
These were the necessary ingredients for a positively impacted unemployment rate.
It’s not what you do, but who you do it with
“Tip number one is when you do have a business idea bubbling up in your head, instead of
acting on it immediately and doing all of that work, think through who you’re going to need
to work with to deliver on that big picture vision that you see in your mind.”
At times, entrepreneurs are known to gulp ideas and hop onto podcasts to give keynote speeches while preaching the importance of having a solid, and unique idea as the most important step to starting a successful enterprise.
While the idea is important, selecting the partner to aid in facilitating the idea is a crucial step in the right direction.
How and who you select as a partner extends beyond co-partnering, it also includes selecting the team you will be idea-generating with.
Always be overprepared if you want to play to win, according to Masebenza.
“Focus on those small details, many people don’t invest time in
overthinking the small stuff, and it’s the small details that will differentiate you.”
Sample the product or service
Many entrepreneurs hold their ideas to such high esteem that once the product/service is
ready, they rush to get into trading and end up skipping a key step of sampling.
He says for Moya Money, it was important for them to get the product to the client first, before asking them to buy into it.
Masebenza notes that entrepreneurs need to understand their role and the responsibilities that come with that.
“Every decision made for the business rests heavily on your shoulders, and the accountability is
largely yours to bear. As a founder of a business, you naturally fall into the expectation of leadership, and your team, investors, and clients look to you for the success of the product/service. It is this pressure that guides you into making ethical choices like guarding customers’ data and being responsible for the flow of money within the business.”
The answer to unemployment may lie in the solid web of entrepreneurs to carry the next generations of unemployed. A solid network of impactful entrepreneurs should gradually eradicate the rising numbers of the unemployed.