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It is often quipped that a salary is the bribe entrepreneurs get to forfeit their dreams. Unfortunately, it’s all about prioritising security.
Standard Bank has launched an initiative that offers both the security and the opportunity to pursue business ambitions, literally turning the side hustle into the main hustle.
Through its recently launched My Fearless Next campaign, the bank targets young entrepreneurs who are working corporate jobs but have started a small business on the side, either to earn additional income or to fulfil their entrepreneurial ambitions.
The only qualifying criteria is that budding entrepreneurs must be active Standard Bank account holders that already have a running business.
It provides them with funding to the equivalent of one year’s salary in order to encourage them to take the plunge and pursue their own business without the fear of losing their monthly income.
“Many young entrepreneurs are working eight or 10-hour day corporate jobs and running their small businesses after hours and on weekends,” says Cleo Zwane, senior marketing manager for business banking at Standard Bank
The three-month My Fearless Next campaign was launched at the beginning of this month and will run until August 29, with applications done online
Six contestants will be drawn weekly and sent to a one-day bootcamp.
One winner will be selected each week and sent to the final round. This process will happen for six weeks in a row, making six finalists at the final round event.
The overall winner will be announced at an exclusive event in August and will receive up to one-year’s salary, capped at R1 million, as well as mentorship from Standard Bank’s entrepreneur development programme.
“This is a fantastic opportunity for young entrepreneurs wanting to take the next step with their small businesses and hopefully turn it into a full-fledged, sustainable long-term venture,” said Zwane.
