By Noko Mashilo
Delegates who attended the 6th annual Township Economy Summit and Expo agree that to ensure inclusive economic growth, collaboration and partnerships are important. The Township Entrepreneurs Alliance (TEA) hosted the summit in Tembisa in Ekurhuleni under the theme of an inclusive economic future. It focused on three critical pillars: information sharing, opportunities, and market access.
Entrepreneurs and experts played an instrumental role in shaping the dialogue, fostering innovation, and proposing practical solutions to local economic challenges. Discussions delved into key sectors driving economic growth, including the green economy, manufacturing wholesale and retail, technology, construction, and transportation.
TEA founder Bulelani Balabala encouraged attendees to actively network. “Collaborating with those around you can foster an ecosystem for growth and contribute to building an inclusive economy,” said Balabala. Lizzy Mogale, the managing executive of insights and advisory at Nedbank, emphasised the importance of partnerships for fostering inclusive growth.
“As a business, we cannot thrive unless we work together with the townships we are part of. At Nedbank, we pride ourselves on being financial experts who do good. We transform, progress, and succeed by recognising the value of the township economy, which is why we partnered with TEA,” said Mogale. Mogale also highlighted the significance of social capital in the township economy.
“Social capital plays a more significant role than financial capital. It is the glue and strength that enables the township economy to function independently, creating a unique system that works for its people,” she explained. IDF Capital Founder and CEO Poloko Leteka offered a candid perspective on entrepreneurship at the summit.
“Not everyone is an entrepreneur, and that is a difficult reality to accept. From a policy standpoint, the government encourages entrepreneurship, but not everyone succeeds because not everyone has what it takes. Look at the high number of start-ups that fail,” said Leteka. She outlined the qualities required for entrepreneurial success.
“To succeed, an entrepreneur needs a clear vision to resist temptations, solve problems, and remain focused. Perseverance is key; never give up. Lead by example—people should see excellence, integrity, and hard work in you. A successful entrepreneur must also quickly identify business opportunities and build the right team,” said Leteka.
She stressed the importance of being teachable and open to collaboration. “You don’t know everything, so it is vital to engage and learn from others. Without a teachable spirit, failure is likely. Have a strong drive for success because entrepreneurship is not easy. “Maintain order in your business, work towards clear goals, and invest in your team. Recognise and reward good behaviour. Think big, understand funding needs, and always have an exit strategy,” she said, sharing lessons learned from her own entrepreneurial journey and the mistakes she has observed in others,” Leteka said.
Betty Morake, an entrepreneur who sells African print fabrics, expressed her appreciation for the summit. “I gained valuable business insights, particularly from Leteka’s speech, which I wish had been longer. The panel discussions on transportation and manufacturing were especially helpful, and I hope similar workshops will be held monthly. I plan to use the knowledge I gained to refine my business strategy,” said Morake.
