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Helping hand for budding entrepreneurs

  • Published in News

ABSA is changing perceptions of the way we think about financial institutions, particularly when it comes to entrepreneur development. Its Shared Growth Strategy is designed to assist emerging small and medium enterprises (SMEs) in South Africa to grow and prosper through various Enterprise Development (ED) initiatives, while adding to shareholder value. These initiatives contribute to the wider national agenda to promote a thriving SME sector that enables economic and social development in the country.

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Fear of failure hinders South Africa’s aspiring entrepreneurs

According to the 2017/2018 Global Entrepreneurship Monitor Report, 43% of South Africans perceived good entrepreneurial opportunities, yet only 11% of entrepreneurs were engaged in Total Early-stage Entrepreneurial Activity and had taken the steps to start a new business. Further to this, 31% of respondents had reported to have a fear of failure when starting a business.

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Can small businesses survive in SA?

South Africa has been well known for its entrepreneurial spirit. The incredible successes of businesses like Discovery, Black Like Me, Nandos and most recently, Get Smarter, have encouraged many South Africans to see starting their own businesses as a desirable and achievable goal. But it’s not enough.

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