A survey by South Africa’s National Small Business Council reveals that the country’s entrepreneurs are upbeat about the health and future success of their companies.
Small business remains the engine of growth in South Africa. They created 50% of all new jobs and contributed 45% of GDP. (Image: Brand South Africa)
Words by Sulaiman Philip
Design by Sandile Khumalo
South Africa’s National Small Business Council recently released its survey of entrepreneurs’ take on the country’s business environment. Despite tough economic times, 90% of respondents were optimistic about the health and future success of their companies. Other findings from the survey of almost 18 000 business owners were:
• 56% of small business owners thought trade with Africa was the way to growth for any small business
• Most thought marketing was the skill they lacked the most
• 69% of small businesses did not have business insurance
• Access to funding was the biggest challenge for businesses younger than five years
According to NSBC founder and chief executive Mike Anderson, small business can unlock job opportunities – to make a positive and lasting impact on South Africa. The NSBC encourages entrepreneurship through regional workshops and support services for small business owners. With campaigns like campaigns like Small Business Friday, the council also encourages consumers to choose local small businesses over large companies.
Here are some of the findings from the NSBC study.
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