Last year, President Cyril Ramaphosa presented the South African Economic Reconstruction and Recovery Plan, which aimed to expedite the recovery of the country’s economy; severely affected by the Covid-19 pandemic. In particular, he referred to the support for entrepreneurship and small business development. He believed that this specific sector of the economy offered the greatest untapped potential for growth, employment and fundamental economic transformation.
Yet, despite the fact that the country is well known for its entrepreneurial spirit, the most recent Global Entrepreneurship (GEM) Report has revealed that South Africa’s performance in entrepreneurial activity is dismal when compared to the global average of just over 50%. It ranks South Africa 55th out of 62 economies surveyed. The report further indicates that fewer South Africans believe that they have either the…
