South Africa needs start-ups

South Africa should encourage entrepreneurship, to build a culture of self-employment and sustainability. To get over the current economic slump, the country needs to support new businesses more, says Mike Anderson, Founder & CEO of the National Small Business Chamber (NSBC).

The organization is concerned about the low level of start-up activity in South Africa. Anderson is worried that South Africa seems to be relying on multinationals to develop the economy. “This is the polar opposite of what we need as a nation. We need to create our own wealth and entrepreneurship provides one of the main engines of growth in any healthy economy.”

Biznis Africa reports that the Global Entrepreneur Monitor (GEM) survey shows a low level of start-up activity. Anderson says that one of the main challenges for current and aspiring entrepreneurs in South Africa is funding. According to report, 73% of adults that recognise entrepreneurship as a good career choice; 9,2% actually start businesses. Anderson aired his concerns at the start of the My Business Expo in Cape Town, Africa’s biggest show for anyone starting or growing a business.

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