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BUSINESS PROFILE
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Contents
1 Executive Summary
2 Section One: Values
3 Section Two: Program objectives
4 Section Three: Programs Offered
5 Section Four: Group Structure
6 Milestones
EXECUTIVE SUMMARY
Midpoint Centre of Entrepreneurship (Pty) Ltd is an accredited training institution
(ETP0100) incorporated with the main purpose of assessing, training and nurturing
entrepreneurs, thereby creating much needed sustainable employment in Southern Africa
and globally.
Our program include interactive training in financial and management accounting,
taxation, resources management, corporate governance, business math and practical
aspects of establishing a business.
Our training program is geared towards educating and building entrepreneurial
knowledge in the process of facilitating the establishment and management of an
operational enterprise.
MISSION
To convert entrepreneurial intentions from a pool of potential entrepreneurs, in the midst
of all the entrepreneurial framework conditions, into sustainable established business
ownerships.
The main aim is to create sustainable jobs.
To assist businesses to get their presence in the competitive economic market with the
aim of growing their products or services, thereby ensuring sustainable business
ownership and leadership.
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SECTION ONE: VALUES & FOUNDATION
VALUES
To foster the Spirit of excellence
To promote diversity, respect and equal opportunities for all
To communicate our knowledge and learning to all
Transparency and Integrity
To add Value
FOUNDATION
To holistically practice the principles of the God of Abraham, Isaac & Jacob
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SECTION TWO: PROGRAM OBJECTIVES
OBJECTIVE OF THE MIDPOINT ENTREPRENEURIAL PROGRAMME
The overall objective of the Midpoint’s Entrepreneurial Programme is two-pronged:
Train nascent entrepreneurs in the critical business acumen. This could be misunderstood as just a “Management Programme”, yet it is the core of any business.
We cover this aspect through the disciplines of Financial and Cost and Management Accounting, Taxation, Corporate Governance, Resource Management and
Business Maths.
Practically assist the nascent entrepreneur in physically establishing the desired business; from conception through to the opening of doors for trading: We cover
this aspect through the analysis of the business concept, drafting of the business plan, marketing research, registering the business, sourcing of funding, setting up
the business infrastructure (business layouts, capex and working capital), seeking out incubation facilities where necessary, aftercare services, expo visits, stock
exchange visits, etc. This process is what most entrepreneurial training institutions call an “Entrepreneurial Programme”. They ignore the business acumen part of
the whole entrepreneurship. Hence the failure of most businesses within three years of their existence.
After the training period of about six months, the nascent entrepreneur will have an established business. Any other outstanding issue(s) after this training would probably
be of a technical nature that could require some time to resolve. No trainee will be trained by Midpoint if they don’t have a business concept upfront. We don’t train job-
seekers. We train those who want to be entrepreneurs because at the end of the training they WILL be entrepreneurs, with a viable business to operate (Mutatis Mutandis).
The trainee intake per six-month cycle is limited to 50 to enable us to give each nascent entrepreneur the necessary individual attention.
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SECTION THREE: PROGRAM OFFERED
Legislative framework Accounting Concepts Bookkeeping Financial Statements (FS):
Sole Trader Partnerships Companies
Costing Concepts Costing Systems Budgeting and Budgetary Controls
Legislative Framework Taxation Concepts Taxable Income General Deduction Formulae VAT
Legislative Framework Management Responsibilities Audit Compliance Commercial Law Basics
Human Resources / Labour Law Managing Information / IT Marketing the product / service Reconciliations Analysis and Interpretation of financials Break-even analysis
Business plans, entity registration, etc.
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BUSINESS ACUMEN Basic Financial Accounting Basic Cost and Management Accounting
Scope:
Legal framework
Capital Structure – sources and methods of accounting of liability
Elements of financial statements – Statement of Comprehensive Income, Statement of Financial Position Statement of Changes in Equity Cash Flow Statement
Processing of financial data
Accounting adjustments
Trial Balance
Preparation of Annual Financial Statements
Third party accounting
Outcomes:
Acquire the basic knowledge of the accounting reporting requirements in terms of the International Financial Reporting Standards and the relevant Companies Act
Acquisition of knowledge on how to accurately and completely record financial data for different types of entities
Acquisition of knowledge on accurately and legally reporting financial data to stakeholders
Sharpen the nascent entrepreneur’s mind through the acquisition of accounting knowledge to be able to make sound strategic business decisions
Acquire knowledge to be able to Lead and Support Strategic Execution
Scope: Retail Environment:
Identify and apply different product costing methods
Preparation of financial budgets and performance measurements
Preparation and interpretation of management reports
Inventory controls – resource control
Make informed management and financial decisions Manufacturing Environment:
Understand and apply the different product costing methods
Setting production budgets: Sales budgets Raw material budgets Labour costs budgets Overheads budgets
Monitoring performance – variance analysis; taking corrective action
Inventory management
Supply chain costing and management
Product quality management
Preparation of management reports
Business decision making – models: cost-volume analysis; break-even analysis etc.
Outcomes:
Provides Clarity and Quantification of the Product / Service to be provided.
Manufacturing Process: 1. Acquisition of the knowledge of how resources required in the
manufacturing process are to be allocated, how to allocate the available (limited) capital for maximizing returns,
2. Acquisition of knowledge on how to cost a job or product; to control costs, eliminate wastage and maximize profits
3. Acquisition of knowledge on how to use the decision-making tools to make informed business decisions
Retail environment: acquisition of knowledge on how to price the product / service based on the cost of product inputs or resources required to provide a service
General: a. Acquire knowledge on how to source, cost and manage the supply chain
environment, from factory to the customer b. Acquire knowledge on how to control inventory c. Acquire knowledge on how to prepare the various budgets necessary to
effectively manage the business
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Basic Taxation Corporate Governance
Scope:
Legal framework: Income Tax Act as amended
Basis of taxation
Income tax for Individuals and Partnerships: Taxable income, allowable deductions
Taxation of Companies: Taxable income, allowable deductions, capital allowances, withholding taxes
Capital Gains Tax (if any)
VAT, Transfer Duty
Tax Administration: tax returns, dates, penalties, appeals etc.
New tax developments
Outcomes:
Acquire basic knowledge on the compliance provisions of the relevant Income Tax Act
Knowledge of how to prepare the requisite income tax returns
Knowledge of how to account and report on Value Added Tax
Knowledge on how to account and settle third party withholding taxes (PAYE, Dividends etc.)
Scope:
Legal framework – Companies Act (or relevant acts, regulations or directives)
8 Elements of good governance
Legal Roles and Responsibilities of management (Directors)
Corporate governance principles
Integrated Reporting
Social Responsibilities
Auditing - Internal & External
Risk management
Outcomes:
Acquire basic knowledge of the relevant Companies Act provisions
Acquire knowledge of running the business in a transparent, responsible and fair manner
Acquire knowledge of how to prepare informative reports to stakeholders (Integrated Reporting)
Acquire skills in internal controls within the business
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Resource Management
Operations Management: Scope:
Product design
Quality planning & Control
Capacity planning
Inventory planning
Supply chain planning
Human Resources: Scope:
Legal framework – labour laws
HR Planning – strategies & policies
Recruitment and Selection
Human Resources Development
Performance Management & Rewarding
Health, Safety & Welfare of the workforce
Information Technology:
Scope:
Impact on business
IT Policies
Cost of IT
Choosing an IT system
Components of an IT system
Using IT: reporting, e-commerce etc.
Disaster Recovery
Outcomes:
Knowledge of the legal requirements in managing people
Develop leadership skills
Develop skills in the choice of the IT resource and its usage in a business environment Develop Resource allocation skills
Acquire basic knowledge on how to design a product, approve, manage the production process and check the quality of the final product Acquire the basic knowledge on how to leverage the IT resource in the marketing process
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Business Math
Scope:
Interest and cost of capital calculation
Depreciation calculations
Analysis and Interpretation of financial statements
Mark-ups and Mark-downs – determination of “for sale” or “discount” prices etc.
Bank reconciliations and other reconciliations (stock, debtors, creditors etc.)
Outcomes:
Develop skills in interpreting financial information for informed business decisions
Develop skills in marketing a product or service
Sharpen skills in internal controls though various strategic reconciliations
Develop the skill in making informed investment decisions
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Practical Aspects
This part of the entrepreneur training takes place in most part outside the normal class situation. This is where the nascent entrepreneur
actually physically prepares to operate a business. Keep in mind that each trainee will have to have a preconceived business concept before
enrolling at Midpoint, i.e. they would already have made up their minds to be entrepreneurs in a particular industry. Midpoint will then assist
them make the business concept a reality. They will have to be able to answer the following questions:
What am I selling? Who are my customers? Where is my market?
While acquiring the business acumen knowledge, part of the training hours will be spent on practically implementing the undermentioned
crucial aspects of entrepreneurship.
Entrepreneurial Interface
Scope
Business Concept Inception
Intellectual Property Protection
Outcomes
Concept vetting through interviews and
reviews for viability and impact on the national
economic development strategies.
Protect business concept from intellectual
property theft and hence harness confidence in
the programme.
Overall objective:
At the end of the training period, each nascent entrepreneur will have a registered business ready for
operation
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Market Research
Business Registration
Scope
Product/service needs assessment
Industry identification – retail,
manufacturing, export-orientation
Customer – trends, competitors, product
differentiation
Outcomes
Nascent entrepreneur to know the
product/service the consumers need
Knowledge of industry or market to
service
Each nascent entrepreneur to
understand their customer base
Knowledge of the competitors
Scope
Register intended business with the
relevant authorities
Registration / affiliation with the
relevant associations or boards
Outcomes
Midpoint will assist the nascent
entrepreneur in registering the intended
business with the relevant authorities
and associations where necessary to
acquire legal status
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Business Planning
Business Infrastructure Planning
Outcomes
The nascent entrepreneur will be given the universally accepted business plan structure and be guided as to what each section entails.
The nascent entrepreneur will then have to construct their own business plan that will drive their own specific business. This will not just be a bankable document but a live document that will be used by the nascent entrepreneur in running the business in the achievement of the business’s Mission and Vision statements and Objectives.
The plans will be different in content depending on the type of business or service offered. Midpoint will evaluate, edit and review each individual plan as part of our quality control (in terms of our policies). The approval of the individual business plan by Midpoint will be part of the assessment process.
Financial plans will be reviewed by Midpoint for achievability.
Outcome
Midpoint will assist each entrepreneur in securing business premises/offices or incubation facilities and the necessary licenses / permits
Scope
Each nascent entrepreneur to prepare a business plan
for their desired venture, paying particular attention to
The Market Analysis
The Management Plan
The Product/Service development and
production plan
The Supply Chain Management Plan
The Sales and Marketing Strategy
The Information Technology Plan
The General Administration Plan
The Financial Plan
Scope
Secure trading premises (capacity planning)
Securing incubation facilities (where
necessary)
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Business Capitalisation
Customer Relations Management Plan
Outcomes Alternative funding methods will be explained to
each nascent entrepreneur. Funding requirements per business plan will be assessed by Midpoint for accuracy, adequacy, relevancy and affordability.
The best funding source and method will be chosen by the entrepreneur.
Outcome
Each Nascent Entrepreneur will learn the fundamentals of customer service and prepare a plan for his/her business
Scope
Capital expenditure – prioritisation
Operating expenditure – preliminary costs
Scope
Communicating with customers – get the right things
right
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SECTION FIVE: GROUP STRUCTURE
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Website:
www.midpointentrepreneurs.com