Denis Opudo
Cyril Rampahosa, newly elected South Africa president has promised to propel the entrepreneurship sector in South Africa. South Africa in last ten years faced serious economic problems which make it difficult to handle poverty and unemployment havocs. Major economists have suggested revitalization of the business sector is the only way to foster economic growth. The president has backed up the idea of supporting and developing entrepreneurship sector in South Africa during his era. He touched on the key areas which need to be addressed when implementing entrepreneurship drivers. He pointed out uncertainty and opportunity as the main tools. He gave an instance that change can result in uncertainty in the marketplace. On the other hands, the creation of new products and prosperity can be arrived at due to market opportunities. Rampahosa knew exactly that achieve his mission is not an easy task due to a poor economic performance by the former government. He further added that corruption, poor business policies, monopolistic behaviors among others directly hampered the entrepreneurship spirit in the country. The way forward now is the establishment of suitable strategies which incorporate a solution to the fundamental business factors.
Slow Rate of Entrepreneurship Activities in South Africa
Economic Studies have shown that about 69% of entrepreneurs in Africa consider the opportunity as the primary reason for a business idea. They often neglect business motivation derived from necessity as the primary source of business progress. The reasons behind the country jobless include minimum self-employed individuals and low contribution of adults in the formal work sector. According to the report by the series of Global Entrepreneurship Monitor, only 9.2% adults business created in 2015. The government institution concerned with small business support performed poor due to the inter-departmental rifts and bureaucratic inefficiencies. He called for immediate action to help in fighting corruption, bureaucracy and red tape in the country.
Transforming Entrepreneurship Culture
Rapid economic adjustment is the way out in order to rekindle entrepreneurship in South Africa. The adjustment must be tailored towards the following areas, equality in resource access, interactive business ecosystem, financial access and quality education. Just like in large businesses, small entrepreneurship also requires favorable working environment and financial support. It is, however, important for entrepreneurs to take action by studying the market forces instead of blaming poor work environment. The president vow to ensure the growth of small entrepreneurship in the country. He concluded with a quote which states ‘’Big businesses are not against you; they are merely for themselves.’’
