WATCH | How an entrepreneurial mindset can turn a crisis into opportunity
Join the Standard Bank SME Summit with business growth expert Pavlo Phitidis and a panel of experts on May 12 2021
Did you know that about 98% of businesses in SA are SMEs? And whereas small businesses across the world are responsible for employing anywhere between 50% and 70% of the workforce, the case in SA is far different. According to the Small Business Institute of SA, small businesses only provide formal jobs for 28% of the SA population. Why the huge difference? Do our attitudes play a role?
Before Covid-19, the SME sector in SA was already burdened by numerous challenges: a shrinking economy that further reduced access to start-up funds and longer-term investment; a human resources vacuum with insufficient expertise and generations of unskilled labour; and a lack of connection to business networks to provide mentorship, access to customers and markets, and support...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.