Entrepreneurship can be regarded as one of the most important inputs in the economic development of a country. This is because entrepreneurship fosters economic growth and development.
When entrepreneurs develop innovative ideas and come up with ways to operate and maintain businesses, this leads to job creation. More people getting job opportunities means that the economy improves and grows. This ultimately leads to a stronger currency – which is positive for the country.
According to experts, entrepreneurship has fallen dramatically in South Africa. The Global Entrepreneurship Monitor at UCT did some research and found that South Africa’s pool of international entrepreneurs is only 14% – which is far below the average of 27% among similar efficiency-driven economies.
Some impeding factors that have an effect on early stage entrepreneurial activity include government policy and a lack of finance.
In South Africa there are some programmes specifically designed at stimulating entrepreneurship. These programmes have been created to counter such impeding factors and to help entrepreneurs with viable solutions.
The National Youth Development Agency (NYDA) has an entrepreneurship development programme. It’s primarily aimed at creating a conducive environment for young entrepreneurs to access relative entrepreneurship skills, knowledge, values and attitudes for their businesses. The agency has various programmes- some of which are available to South African citizens from the age of 14 years.
The SA Institute for Entrepreneurship has programmes with the aim of stimulating entrepreneurship, job creation and changing mind-sets towards better ways of learning.
Another institution that is invested in entrepreneurship development is the Crossover Transformation Group. This organisation believes that grassroots entrepreneurship development is the key to achieving job creation and reducing the unemployment rate in South Africa.
Through the Community Entrepreneurship Development Program, it aims to bring world-class entrepreneurship training, mentorship and business assistance to disadvantaged areas and various communities of Africa.