Welcome to the Centre for Entrepreneurship Rapid Incubator
The University of Mpumalanga Centre for Entrepreneurship Rapid Incubator (UMPCFERI) is based at the Mbombela Campus. UMPCFERI started operations in 2020 and aims to develop emerging entrepreneurs in Mpumalanga and beyond in a bid to reduce the prevalent unemployment levels through entrepreneurial skills development and commercialization of small businesses. The primary focus of UMPCFERI is to develop students with business ideas into entrepreneurs with sustainable business ventures. In addition, supports start-up businesses to become sustainable businesses with defined growth strategies from surrounding communities. In this regard, UMPCFERI’s primary strategy is to act as a consultation point and entrepreneurship support center that also creates a platform for peer learning collaboration and networking opportunities.
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Coaching on Recordkeeping and Accounting
Assisting the incubates to understand the importance of business records, how to generate basic source documents and interpreting financial statements. Interventions usually face to face and then follow up sessions can be through, mail correspondence. Incubates are shown how to keep the following record either manually or electronically on MS excel.
Business Compliance Planning and Registration
Each Incubate must be registered as a legal entity and register with SARS and depending on the specific industry regulations that may require certain certifications for market access or permissible operations, the Centre seeks to help the clients identify all the relevant compliance requirements and help them register.
Business Plan Development
The centre has business plan templates that mentors use to help incubates to streamline their thinking into proper planning, whilst they clarify the vision and mission of their venture, they follow the following guidelines for writing up and owning their plans.