The current unemployment rate in South Africa is 34.5%. With such a high unemployment rate in South Africa, one should assume that entrepreneurship is an alternative form of generating an income and it should grow at a rapid pace. However, recent surveys indicate that entrepreneurs are not thriving locally.
In short, we still need to get the basics right. This includes support for critical aspects such as early funding support and business support throughout the entrepreneurial journey. Some of the key challenges entrepreneurs face include:
- Their inability to raise funds
- Finding customers
- Too many responsibilities
- Not receiving sufficient support
- Slow pace of sales
- Unstable business conditions
So how can this giant (entrepreneurship) grow in South Africa? Here are the building blocks that will assist entrepreneurs to build and sustain their ventures:
- Entrepreneurs should have a proper understanding of the entrepreneurial process
- Ensure they have a realistic and sustainable business plan; with the drafting thereof preferably by professionals.
- Continuously develop strategic networks linked to their entrepreneurial venture.
- Create opportunities to present new business solutions/products to the market.
- Have a clear understanding of the available funding options available in the market.
Financial support, specifically in the start-up phase remains a major challenge. Funding “appetite” for entrepreneurial ventures, by businesses, should be structured more effectively; including preparing entrepreneurs for the journey (training/coaching) as well as business support (coaching/mentoring) during the start-up face of their businesses.
In conclusion, South Africa as a developing country has many opportunities for entrepreneurs. With the high level of unemployment, entrepreneurship requires you to take action. This action turns into innovation, and innovation makes lives easier and uplifts local communities. Entrepreneurs or individuals who aspire to become entrepreneurs should therefore be equipped with the building blocks of true entrepreneurship. South Africans should realize that there are great opportunities and possibilities for becoming an entrepreneur. This is a growing giant in our country, do you want to be part of it?
To learn how to become an entrepreneur and make your skills profitable follow the link below. Enrol in our Entrepreneurship: What you need to know course today!