The global impact of economic trends on entrepreneurial activity in South Africa is taking a turn. South Africa’s economy is vulnerable to global trends, yet conscious of both local and international economic trends, as they undeniably play a role in the success of their company.
“We need to change the way we view entrepreneurship as a country, getting over the mind-set that entrepreneurship is a back-up plan, rather than an inspiring and viable career choice is a major concern. Entrepreneurship should be celebrated and rewarded and these exceptional individuals should be rewarded for their contributions to the economy. This is probably one of the most effective methods of getting more South Africans interested in entrepreneurship as a career.”
“Local business owners needed to be vigilant in tracking issues affecting the current economic environment, as well as larger global developments that could potentially influence the growth and success of their companies.”
He predicts rather slow economic recovery in the near future, both from a local and an international point of view and in his opinion there is always opportunity for entrepreneurial activity in South Africa. Joubert says that the purpose of the national Entrepreneur of the Year workshops is to educate entrepreneurs and business owners on how economic trends can affect them going forward.
“The South African interest rate environment will become stable in the next few years, but currency markets will continue to remain unstable. Despite these issues, business owners should be able to survive in the current economic environment if they manage their businesses correctly and keep costs under control.”
In order to take advantage of these opportunities, entrepreneurs and business owners need to identify opportunities and know how best to utilise them from an economic, as well as business perspective, cultivating their entrepreneurial spirit while understanding the challenges of the global economic environment.
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