Entrepreneurship as a role player to rebuilding South Africa’s economy

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It is widely known by now that many small and medium enterprises (SMEs) have had to reinvent themselves over the last year to become more digitally present, not just in the way they receive and make payments or manage stock, but also in the way they interact with other SMEs and the ecosystem at large.

Entrepreneurship is important towards driving our nation forward. Entrepreneurs create new, competitive markets and businesses, which lead to job creation and have a multiplying effect on the economy.

To get further insight about the world of entrepreneurship, a global initiative that creates awareness on the role that entrepreneurship plays in promoting inclusive development in the country was created; The Global Entrepreneurship Month. To commemorate Global Entrepreneurship Month 2021, Brand South Africa in collaboration with TIKZN, The Business Development Agency, Joburg Tourism and Gauteng Tourism Authority hosted an engagement to discuss developments of entrepreneurship in South Africa.

The engagement elevated investment opportunities to grant South African entrepreneurs access to markets and finance as well as open up possible collaborations between stakeholders. Brand South Africa further leveraged on this platform, to get inputs on brand enablers and obtained insights on how South Africa could leverage existing strengths in the SME sector to contribute positively towards the Nation Brand’s reputation. The people cultivate the engine of a country and through support and collaborative efforts economic success becomes a lived reality.

Economic Advisor and Strategist at SE Advisory; and former Economic Advisor to the Presidency, Dr Bheki Mfeka, shared some tips on how we can entrench South African entrepreneurship culture and support entrepreneurs;

  • Firstly, we must value South African entrepreneurs of all races, culture, and location; and set them apart from the “other” ordinary business people.
  • Secondly, government and financial institutions should identify and fund/resource them with much flexibility to risk aversion.
  • Thirdly, give emerging South African entrepreneurs’ exposure. Growing up I learnt early that nothing important as travelling and knowledge sharing.
  • Fourthly, provide basic courses and mentorship on entrepreneurship in all schools and tertiary levels of education.Finally, reward successful South African entrepreneurs.

 

Source Business report