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Johannesburg - South Africa’s economy is projected to steadily grow with 2.7% in 2014 and 3.2% 2015, and according to Kobus Engelbrecht, spokesperson for the Sanlam/Business Partners Entrepreneur of the Year competition.
This growth will result in many opportunities for local entrepreneurs.
He said that as South Africa’s economy grows, so will the number of business opportunities available for entrepreneurs to take advantage of.
“South Africa currently offers many new and exciting opportunities for entrepreneurs. However, in order to capitalise on these opportunities, the country’s entrepreneurial spirit needs to be both promoted and encouraged amongst the public,” he said.
The recently released Global Entrepreneurship Monitor 2013 Global report, revealed that in sub-Sahara Africa (SSA) an average of 69% of all respondents believe that there are opportunities available to start a business.
About 47% have intentions to start a business and 74% are confident in their own skills to start a business.
Engelbrecht said that these figures are extremely encouraging for the growth of an entrepreneurship culture in the region.
Yet South Africa – ranked as the largest economy in Africa by the World Bank – achieved levels below average in these categories.
He said that when taking a closer look at the attitudes and perceptions of South Africa, the report reveals that despite slight increases from 2012, perceptions of entrepreneurship in South Africa remained rather low.
Opportunities
The 2013 report reveals that only 37.9% (up from 35% in 2012) of respondents believe that there are opportunities to start a business in the country.
About 42.7% (up from 39% in 2012) believe that they possess the perceived capabilities to open and run a business.
"These figures highlight the need for a culture of entrepreneurship to be fostered as opportunities are abound and many individuals possess entrepreneurial characteristics," he said.
"Awareness around how to capture these opportunities and how to develop these skills just need to be created.”
He said that the culture of entrepreneurship in the country is growing slowly and it is starting to be viewed as a legitimate career option.
“The 2013 report highlighted that 74% of respondents in South Africa, believe that entrepreneurship is a good career choice," he said.
“While many respondents regard entrepreneurship in a positive light, this doesn’t always translate into individuals actually starting a business."
Individuals starting their entrepreneurial journey do, however, need to be aware of the challenges they may face so that they are prepared for the ups and downs of running a business, he warned.
This growth will result in many opportunities for local entrepreneurs.
He said that as South Africa’s economy grows, so will the number of business opportunities available for entrepreneurs to take advantage of.
“South Africa currently offers many new and exciting opportunities for entrepreneurs. However, in order to capitalise on these opportunities, the country’s entrepreneurial spirit needs to be both promoted and encouraged amongst the public,” he said.
The recently released Global Entrepreneurship Monitor 2013 Global report, revealed that in sub-Sahara Africa (SSA) an average of 69% of all respondents believe that there are opportunities available to start a business.
About 47% have intentions to start a business and 74% are confident in their own skills to start a business.
Engelbrecht said that these figures are extremely encouraging for the growth of an entrepreneurship culture in the region.
Yet South Africa – ranked as the largest economy in Africa by the World Bank – achieved levels below average in these categories.
He said that when taking a closer look at the attitudes and perceptions of South Africa, the report reveals that despite slight increases from 2012, perceptions of entrepreneurship in South Africa remained rather low.
Opportunities
The 2013 report reveals that only 37.9% (up from 35% in 2012) of respondents believe that there are opportunities to start a business in the country.
About 42.7% (up from 39% in 2012) believe that they possess the perceived capabilities to open and run a business.
"These figures highlight the need for a culture of entrepreneurship to be fostered as opportunities are abound and many individuals possess entrepreneurial characteristics," he said.
"Awareness around how to capture these opportunities and how to develop these skills just need to be created.”
He said that the culture of entrepreneurship in the country is growing slowly and it is starting to be viewed as a legitimate career option.
“The 2013 report highlighted that 74% of respondents in South Africa, believe that entrepreneurship is a good career choice," he said.
“While many respondents regard entrepreneurship in a positive light, this doesn’t always translate into individuals actually starting a business."
Individuals starting their entrepreneurial journey do, however, need to be aware of the challenges they may face so that they are prepared for the ups and downs of running a business, he warned.
