State of Entrepreneurship in South Africa
The state of entrepreneurship in South Africa is indicative of the country’s ongoing economic and social development drive, enabling South African entrepreneurs to connect with other entrepreneurs around the world to embrace innovation, imagination and creativity. Entrepreneurial growth in an emerging and culturally diverse South Africa still lags significantly behind many comparable countries like India, Brazil and Mexico. Growing unemployment and poverty in South Africa has reached boiling point and shows no sign of slowing down. These rising levels in the country can be effectively curbed through the advancement of entrepreneurship as a viable career choice within the formal and informal sectors; however, it requires a committed change in South Africa’s public perception and culture to accelerate the belief that the transition to self-employment is a sensible way to end long-term unemployment. Also read Employment Opportunities in South Africa
Formal Sector
Formal sector entrepreneurs have a very specific function in boosting the national economy and developing social capital; they create employment, stimulate productivity and commercialize high-quality innovations. Through innovation, entrepreneurs create new, competitive markets and the potential to compete in the global arena, which has a multiplying effect on the national economy. Business ownership not only empowers individuals but also uplifts struggling communities, encouraging the general public to successfully explore their capabilities, develop leadership traits and become self-reliant.
Informal Sector
In view of the high unemployment rate one would presume that more impoverished or low-income households would explore affordable and profitable micro business opportunities, yet South Africa has a relatively underdeveloped informal sector. While this sector does not need to adhere to legal requirements and strict procedures that the formal sector follows, it has the potential to advance large-scale job creation. Informal trade typically takes place in general dealer shops usually run from home, temporary fast-food stands on the street and informal micro businesses including hairdressing, carpentry, sewing, arts and crafts, pottery, bricklaying, bead-work, musicians and taxi services. Also read Entrepreneurship in South Africa.
Business Culture
The BIZculture Web site hopes to raise awareness on issues pertaining to new venture creation and also serve as a knowledge platform to inform aspiring entrepreneurs and established business owners alike about new technology, marketing ideas, and ways to grow their enterprise. As an online SMME business consultancy and service provider, BIZculture is committed to empowering and educating South African entrepreneurs to take advantage of business opportunities and novel challenges to place South Africa in the forefront of embracing a culture of entrepreneurship and youth development. The BIZculture Services are designed to help entrepreneurs explore their potential as self-starters and innovators. Our country is rich in creative diversity and entrepreneurs of all ages and backgrounds are encouraged to pursue their creativity. Also read Entrepreneurial Spirit.
Entrepreneurship forms a cornerstone of South Africa’s economic and social development. Socially, entrepreneurship empowers those individuals who are currently unemployable due to lack of job skills or who are equipped with obsolete skills. BIZculture offers a library of easy-to-read e-books on relevant topics that help the novice entrepreneur gain a solid foundation in business skills. Growing an entrepreneurial culture through continuous learning will contribute significantly to helping South Africa meet and sustain the material needs of all its citizens.
Reverse poverty
It is imperative that a culture of entrepreneurship (self-employment) be developed from being perceived as too difficult or expensive or as a mere small-scale sideline to becoming the main source of revenue and a vehicle for job creation. We need new ideas and entrepreneurial intelligence to create the growth and jobs needed to reverse the current levels of unemployment and poverty in the country. We recognize that this is a journey with many steps and many challenges, but it is our hope that the articles, e-books and business profiles posted on the BIZculture Web site will spark interest in self-employment and allow aspiring entrepreneurs to challenge themselves to take a step forward into the unfamiliar yet exciting world of small business ownership.
Also read Exceptional Entrepreneur.
