Tag: David Morobe

Small and medium-sized enterprises (SMEs) are the backbone of South Africa's economy. They contribute more than R5 trillion in turnover and account for roughly 34% of the country's GDP. SMEs also employ 11.4 million people. These vital economic engines drive innovation, create jobs and fuel growth across the nation.

For many small businesses, 2022 was a year of unprecedented change, as businesses and consumers adapted to life after the worst of COVID-19. As 2023 starts, consider the following so that you face the the year ahead with renewed determination.

The sustainability concept is top priority for businesses globally, gaining significant traction in recent years. As a result, an increasing number of emerging entrepreneurs are entering the business world with a 'greener mindset', succinctly aware of issues around people and the planet.

According to the latest research by Statistics South Africa, the rate of unemployment among South Africans aged between 15 and 34 years, currently stands at 46,3 percent – and youth aged 15 to 24 years are the most vulnerable with over 63 percent of them not employed or in institutions of learning – these stats have worsened due to the pandemic.

It is important for aspiring entrepreneurs to not let their fears stand in the way of starting a business. In the light of World Entrepreneurs Day taking place today, 21 August, there is a need for more South Africans to take the leap into entrepreneurship.