challenges which entrepreuers face in South Africa
Discuss the challenges that entrepreneurs face in South Africa
An entrepreneur is someone who is able to generate their own wealth by a creative innovation and in order to accomplish this they must be able to take risks and be driven towards their goal. An entrepreneur may be a risk taker, however they need to be cautious and not dive into a black hole that will eventually bleed them dry. The entrepreneur will need to take calculated risks. The country, South Africa, needs to be able to have the support and facilities for budding entrepreneurs as well as role models who are able to guide them as to how to accomplish the task as well as how to work through the many challenges with which they will be faced.
During the early 21st century the country, South Africa was anguished by a recession which had claimed the jobs of more the 920 000 people. However, over the past few years since then, South Africa has improved a great deal according to Nimo Naidoo (Sanlam, 2012). According to the GEM (Global Entrepreneurship Monitor), in 2012 South Africa was ranked 29th of 144 other countries concerning the Global Competitive Index. An increase in entrepreneurs creates an increase in job opportunities there by decreasing the unemployment rate. By reducing the unemployment rate and finding a new and innovative way to bring in an income the entrepreneur has found new ways to improve the economy (SSCG, 2013). It is not only those who are wealthy or able to afford a start-up capital who become entrepreneur, there are a variety of people who become entrepreneurs, many of which attempt the risk in order to improve their current situational state in which they live in.
In South Africa there are many factors which have produced themselves as challenges to entry for entrepreneurs. South Africa has many financial and operating, policies and regulations resulting in a unsupportive environment for entrepreneurs with regards to attaining capital in order to start up the
An entrepreneur is someone who is able to generate their own wealth by a creative innovation and in order to accomplish this they must be able to take risks and be driven towards their goal. An entrepreneur may be a risk taker, however they need to be cautious and not dive into a black hole that will eventually bleed them dry. The entrepreneur will need to take calculated risks. The country, South Africa, needs to be able to have the support and facilities for budding entrepreneurs as well as role models who are able to guide them as to how to accomplish the task as well as how to work through the many challenges with which they will be faced.
During the early 21st century the country, South Africa was anguished by a recession which had claimed the jobs of more the 920 000 people. However, over the past few years since then, South Africa has improved a great deal according to Nimo Naidoo (Sanlam, 2012). According to the GEM (Global Entrepreneurship Monitor), in 2012 South Africa was ranked 29th of 144 other countries concerning the Global Competitive Index. An increase in entrepreneurs creates an increase in job opportunities there by decreasing the unemployment rate. By reducing the unemployment rate and finding a new and innovative way to bring in an income the entrepreneur has found new ways to improve the economy (SSCG, 2013). It is not only those who are wealthy or able to afford a start-up capital who become entrepreneur, there are a variety of people who become entrepreneurs, many of which attempt the risk in order to improve their current situational state in which they live in.
In South Africa there are many factors which have produced themselves as challenges to entry for entrepreneurs. South Africa has many financial and operating, policies and regulations resulting in a unsupportive environment for entrepreneurs with regards to attaining capital in order to start up the