South Africa’s Small Business Minister, Lindiwe Zulu, recently announced the launch of Startup Nations South Africa Initative. The aim of the initative is to build a robust entrepreneurship ecosystem and vibrant sustainable entrepreneurship culture.
Minister Zulu said, “The Global Entrepreneurship Monitor (GEM) 2012 annual survey reminds us that entrepreneurship levels in our country are the lowest they have been in three years. The call to action is for all of us to work hard to inculcate a culture of entrepreneurship in the country. We must consciously strive to build a nation of entrepreneurs and not a nation of job-seekers.”
“As South Africans, we remain concerned that small businesses have an exceedingly high failure rate, and the majority of the casualties are black and women-owned businesses. Statistics tell us that small businesses have only 37% chance of surviving four years and only a 9% chance of surviving ten years. 70% to 80% of small businesses fail in their first year, and only about half of those who survive remain in business for the next five years. We are confident that this network will help to reverse this trend through insightful research and analysis.”
With a more supportive milieu being created for South African small businesses, the chances of success of should markedly improve.
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