15 June 2023
Written by Hendrik Moropodi, Lecturer of Accounting and Business Mathematics, Milpark School of Commerce
Another year, another Youth Day, and still, the young people of South Africa remain unemployed and with little hope for the future as our country battles minimal economic growth, poverty, crime, rampant corruption and limited opportunities. And yet, South Africa’s youth carry the burden of being the ones the nation looks to save us and lift Mzansi out of the quagmire she’s in.
One of the dominant messages young people hear is around the value of entrepreneurship. “Do your own thing”, they’re often old. “Start a business and be your own boss”. “Vuka uzenzele (Wake up/ get up and do it for yourself)”.
But how? There’s little to no funding that’s available for novice entrepreneurs. There are even fewer opportunities to gain experience in the workplace and then branch out into the business space. And if you do, you’re set for an uphill battle trying to grow a customer base in today’s high inflationary environment that has most households in a chokehold.
It’s a conundrum, a tricky situation, at best, to be in for those aged 35 and younger and wanting to be self-reliant, rewrite family histories of lack and make their mark on the economy.
Instead of having this same old conversation about what is not possible, perhaps we should pause to consider what is. And one of the options that young people do have open to them is to equip themselves with relevant skills that can take them to the next level.
I’m of the view that in our current context, commerce studies in particular have significant value for individuals and the economy as a whole. Commerce encompasses a range of disciplines (accounting, economics and finance, among others), areas of study that can provide young people a broad understanding of business operations and principles.
Isn’t that what young entrepreneurs need? Business and government could also benefit immensely from an influx of these skills.
If job creation and economic growth are what we are after, as a country, then SA's youth need to study commerce now more than ever. It’s an area of study that develops skills such as financial and data analysis and project management, and helps graduates navigate complex economic systems with greater ease. Few skills are more relevant than these in this time of global economic uncertainty and volatility.
We need young people who can make informed decisions about financial planning and business strategy; young people who can conduct financial analysis and accounting from the base point of a strong understanding of financial principles, including financial reporting.
Can you even begin to imagine how much efficacy such expertise could bring to the public sector, state-owned enterprises and ailing municipalities that struggle to get clean audits year after year?
Hardcore finance aside, commerce is an avenue through which students develop management acumen and leadership strength, and it provides opportunities to improve decision making, marketing and sales, and customer relationship management competencies.
These are all relevant for entrants into the field of work – be it in the private business environment, public service or those who are starting their own ventures. Often such skills are developed through practical experience, gained as part of their studies thanks to the internship and in-service training requirements of many commerce programmes.
The field of commerce places a strong emphasis on hands-on learning – real-world experience that is priceless in shaping a young person’s confidence and sense of belonging in SA’s economy, which needs all the help it can get at the moment, especially from our resilient, go-getting youth.