With the right guidance and support, small businesses in South Africa seemed to have grown significantly over the past decade. We look at a few examples of small companies that have escalated due to great opportunities and explore the underlying factors that make these companies so successful.
One of the biggest challenges facing South Africa at the moment is the question of how to foster an entrepreneurial culture amongst the youth. Unfortunately much of the teaching that takes place in schools and support initiatives is very theoretical in nature and doesn’t capture the realities of being an entrepreneur.
A few years ago, the sound of Black Economic Empowerment (BEE) resonated loudly and was the showcase of ‘many business opportunities’ or ’a rapid move up the corporate ladder’. The excitement after university was irrepressible; just the thought of having the red carpet rolled out because I was ‘previously disadvantaged’ and, therefore, qualified for special treatment, made me ever grateful for being black. Over the years, however, the excitement faded, and I began to question whether I really benefited from all the perks of the BEE policy.
Financial planning for business owners can be a complicated affair, and with so many balls to juggle in the day-to-day running of a venture, it is easy to neglect this crucial aspect of ensuring future success. Insurance is one of the aspects most often overlooked – internal research conducted by Sanlam has shown that two thirds of South African business owners do not have basic business insurance.