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"We don't have the spirit of enterprise [because of apartheid], and the feeble who do [choose to be entrepreneurs] rarely survive this," Manuel said.
"How are we going to deal with this?"
He was speaking at a debate on prospects of decent work within a growing economy in Rivonia, Johannesburg.
Manuel was joined by finance experts, including representatives from Eskom and the Congress of South African Trade Unions.
Manuel said that micro-economics, as opposed to macro economics, had to come into play, in order for South Africa to strengthen its economy.
"...There's a view that we haven't quite reached," he said.
He said that the South African economy was also widely externalised, and if money stopped flowing in, then growth would slow down.
"The challenge is to confirm that there is a stable micro-economic environment.
"I think that we need to examine a lot of issues, including our education system...you must also understand, you can't have everything at the same time."
