South Africa’s economy has not always made it possible for all its citizens to find employment. Entrepreneurs have held a prestigious role in South Africa’s economy as they contribute to the economic growth of the country but they also give millions of people jobs. Let’s delve deeper on what entrepreneurship means to South Africa.
According to Ben Bierman an MD Designate of Business Partners. entrepreneurs make up about 7% of South Africa’s population. This is far below the average for countries at our level of development” according to Ben These figures are problematic as a country at this level of development should have more entrepreneurs to sustain its economy. In a country with an unemployment rate of 27.6 percent, entrepreneurs are the blood and life of the economy.
South Africa doesn’t just need any type of entrepreneurship it needs good quality entrepreneurship to make a real difference. Mark Paper a chief’s operations officer from Business Partners International noted that the quality of entrepreneurship in South Africa is weaker than in other African countries. Looking at the calibre of South African SMEs (Small Business enterprises). Entrepreneurship in South Africa can also introduce new markets in South Africa which can in return lead to new investment opportunities. Creative entrepreneurs can start businesses that may introduce South Africans to new experiences and enrich their lives.
Besides introducing new things to South Africans, entrepreneurship can strengthen national pride by promoting local businesses that fortify South African culture and bring proudly South African products and services nationally. As the world is becoming increasingly globalised and westernised it’s important for South Africans to remember their own identity and remain rooted in who they are.
And lastly and more importantly entrepreneurship will grow the economy exponentially. Entrepreneurship contributes to the country’s GNI (Gross National Income) and this will have positive impact on the country overall as it would mean more money for services, infrastructure and reduction of unemployment levels.
Entrepreneurship may seem like a singular pursuit but in reality it has far reaching effects not just for the entrepreneur but for the country as well.