The Importance of Entrepreneurship in South Africa
Entrepreneurship is a key factor in the success of any economy. As risk-takers and rule-breakers, entrepreneurs drive growth and development in the economy. The crux of entrepreneurship involves transforming ideas into economic opportunities.
So essentially, these individuals challenge the status quo and are willing to take chances in order to potentially make a profit and run a successful business. They are willing to bring life to ideas and concepts which others may be too afraid to pursue, or which others may have missed. This leads to an improved economy.
Associated with change, creativity and knowledge, entrepreneurship is important in South Africa because of the opportunities it brings to ordinary citizens and to the country in general.
These qualities are becoming more important in an increasingly globalised world economy. South Africa can benefit immensely from entrepreneurship by offering more empowerment opportunities for individuals, which may ultimately lead to a better economy.
As an emerging market, South Africa should develop entrepreneurs.
There are about 2 million small businesses in the country – which sustain many individuals and families. These small businesses also employ approximately 55% of the country’s labour force. What this means is that South Africa has the potential to become an entrepreneurial nation.
With dwindling natural resources, the country can no longer afford to rely too much on these to boost economic growth. Government and the private sector should rather focus on providing assistance and development opportunities for entrepreneurs and viable small businesses.
Entrepreneurship invigorates markets. A stronger currency often has positive effects on the economy, so improving the development opportunities available to entrepreneurs is likely to improve the chances of this happening.
Another benefit that entrepreneurship provides South Africa is that it fosters the competitiveness of businesses. With more entrepreneurs coming up with creative and innovative ideas and solutions, the country can only improve. This also empowers entrepreneurs and also provides incentive for them to create more profit-making opportunities.