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Running a small-, medium- or micro-enterprise (SMME) in South Africa has been an extreme sport for a few years now. Local SMMEs have been contending with a myriad of hurdles.
Operating in a sluggish economy, lack of funding, crime, little or debilitating infrastructure, over-regulation in the form of bureaucratic burdens, labour market rigidities and the scarcity of skills are some of the factors that limit innovation, among many other things.
When SA-born Tesla and SpaceX founder Elon Musk shot up to being the world’s second-richest person on the Bloomberg Billionaires Index – with a net worth of around R2tr at the time of publication – the reactionary sentiment from locals on social media was disheartening.
