13 Nov The Need for Future Entrepreneurs
Unemployment is a worrying factor in South Africa and there is a need for entrepreneurship or the establishment of more EME’s to be encouraged – especially among today’s youth. Businesses and role models can possibly guide our future entrepreneurs so that they will become tomorrow’s job providers.In one of our previous blogs Entrepreneurship and today’s youth we discussed the need for small business start-ups which could become valuable future employment providers in South Africa. According to a recent GEM (Global Entrepreneurship Monitor) report it is estimated that by 2040 the young work force in South Africa will be the largest globally, surprisingly over taking countries such as India and China.
Recent reports highlight that there is only a small percentage of youth in SA whose ambition is to start their own business. This is worrying as Industries that were previously providing employment are currently cutting job quotas in order to survive current global economic conditions. Big Business currently cannot compensate and provide enough jobs. In light of the recent report Government, Business, schools and communities can help to encourage the youth to start small businesses. The South African government acknowledges that entrepreneurship and the development of more small/medium enterprises will play an important role in the future growth of the economy. They also strongly believe that the Revised Codes of Good Practice will give emerging business an advantage so that they can compete with bigger, established companies.
Start- ups or EME’s are being recognised as “Empowering suppliers” which should hopefully create opportunities for them that were once out of reach. BBBEE should help to boost small business entrepreneurs further, provide employment opportunities and stimulate the local economy.
A culture of entrepreneurship if encouraged and developed can become a source of revenue and a much needed vehicle for job creation in South Africa.