The unemployment rate in South Africa is currently at a staggering 34.4%. That’s 7.826-million people without jobs. First-world, developed countries that do not have this problem, also have something else we do not have - many entrepreneurs.
Why is there such a shortage of entrepreneurs in this country? Could it be that we aren’t encouraging or rewarding entrepreneurial thinking enough? The pandemic may have clipped the wings of many start-ups, but it has also seen many innovators coming to the fore.
Why we need to cultivate a culture of entrepreneurship in SA:
1. It creates jobs and assists in growing the economy
Let’s look at the most obvious benefit first. Entrepreneurs create businesses and businesses essentially need three things to function: operating space, products/services, and people. All of the above create jobs and opportunities, which ultimately boosts the economy.
2. It drives change
Imagine a beautiful small town with a few stores for the locals and farmers… life in this town may seem to have no job opportunities. However, there is huge potential for it as a tourism destination.
If a handful of creative and motivated entrepreneurs moved into town, they could start a craft brewery, a gourmet burger house, a couple of unique B&B’s and an art gallery. What would that effect have?
Almost overnight there would be a need to employee people, and with some social marketing, there would be a newfound interest generated in this town. The people living here would then benefit from this “entrepreneurial change” and the tourists would come.
3. It boosts industry productivity
Entrepreneurs effect the productivity of existing businesses, as there’s nothing like a little, healthy competition. Companies who have no competition can very easily ‘name their price’ and drag their feet in delivering average service and products to the townsfolk. However, when a motivated competitor jumps into the ring, they will need to improve on all fronts to retain their customers. The more entrepreneurs we have the better it will be for consumers at the end of the day.
4. It develops communities
Businesses have a responsibility to the communities they operate in. Entrepreneurs tend to support local charities and offer support to the local communities by looking at ways to improve the town/s in which they are based.
How can we encourage entrepreneurship in South Africa?
While the government has a large role to play here, South African businesses, consumers, parents, schools and colleges can help motivate and inspire an entrepreneurial spirit in the country.
- Supporting local entrepreneurs: Show your support by buying from local businesses in your community and by shopping from South African businesses online.
- Teaching about entrepreneurial value at home: Teachers and parents can help cultivate a culture of entrepreneurship by teaching the principles of entrepreneurship from ayoung age and encouraging respect for entrepreneurs and thinking outsideof the box.
- Giving credit where credit’s due: Businesses, especially B2B companies, need to stand together to recognise and champion entrepreneurs. This can be done through creating products and solutions that make it easier to ‘start a business’ and by running initiatives that reward and support those individuals.
Domains.co.za partners with Netcash in the Netcashpreneur Revolution
Netcash, a leading payment-solution provider to South African businesses and organisations, has recently launched their Netcashpreneur Revolution. This initiative aims to support, help, and grow businesses during these difficult times.
The company encourages entrepreneurs to enter their search for the next #Netcashpreneur. Every month, 20 individuals will be chosen and awarded with a series of benefits, promotions and deals.
At Domains.co.za we are passionate about entrepreneurship, which is why many of our solutions are aimed at helping start-ups and small businesses setup online quickly, cost-effectively and securely.