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With GDP growth prospects forecast at a meagre 1.3% for 2019, and 1.7% in 2020, business confidence in mid-2019 remains at an all-time low. Exacerbated by policy uncertainty, debilitating bouts of power cuts, challenges in industries such as mining, and political events like national elections, getting out of the slump continues to be a pipe dream for corporate South Africa.
Many small and medium enterprise (SME) owners grapple with the stress and strain of running a business. This was confirmed by the findings of the second quarter 2018 SME Confidence Index, which reveals that 76 percent of the SME owners surveyed say that the pressure of running their own business can sometimes be overwhelming and limit their potential.
Entrepreneurs are not thriving and more needs to be done to improve South Africa’s entrepreneurial ecosystem. This reflects the results of 'the real state of entrepreneurship survey 2018' which was reached after surveying more than 1,000 entrepreneurs across the county.
Driving financial inclusion amongst entrepreneurs and small business owners in Africa will ensure that they are equipped with the knowledge to transform their businesses into productive and sustainable contributors to the continent’s economy.
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.
The financial management decisions of an entrepreneur will have a direct impact on the efficiency, processes and resource management of the business. This holds true regardless of whether they take on mundane cash-flow tasks themselves, hire high-priced professional financial managers or opt to utilise online software tools.
Mothers are often lauded as the superheroes of their homes and society at large. So, when it comes to entrepreneurial moms, there can be no doubt that these women are a boundless source of inspiration who serve as motivation for their children and other moms to pursue entrepreneurship, a decision that can only benefit South Africa into the future.