Researchers have often highlighted the challenges faced by small businesses in the country, including difficulties in accessing capital and inadequate support.
Between 70% to 80% of small businesses in South Africa are reported to fail within the first five years of existence, as once observed by Viresh Harduth, vice president for new customer acquisition at Sage Africa and the Middle East. Two of the main reasons for the poor rate of survival and growth are funding constraints and lack of financial education.
Ramaphosa told delegates on Thursday that providing entrepreneurial education at an early state was would help"nurture a generation of job creators as opposed to job seekers"."International experience, especially in other developing countries, shows us that economic growth is sustained through small businesses."
Government is the process of finalising its Public Procurement Bill, which will require departments to sub-contract SMMEs for a minimum of 30% of the value of contracts above R30 million."Whoever receives a tender must sub-contract a minimum of 30% of the value of the contract to SMMEs that are at least 51% black owned," Ramaphosa said.
The state, however, has also been criticised for contributing to the failure of small business by failing to pay for services rendered in time. In August, Minister of Small Business Development Khumbudzo Ntshavheni said in a written reply that national government departments owe service providers over R600m which had not been paid within 30 days.
Fin24 In grade 6 social sciences kids are taught events which happend in Portugal in 1751 like WTF? In the other hand they are also taught How to identify if you are being called to be a sangoma, does this help our kids in any way? Introduce EMS from grade R.
Fin24 Get basics right first CyrilRamaphosa .. Make eradication of school PitToilets, a 1 priority. Grade 4's struggle to read & comprehend, but you talk economics Are you trying to create future tenderpreneur's from an early age? Is DBE_SA ready for the challenge
Fin24 And we have been saying that, even Agricultural must be reintroduced at primary level so our kid's learn the essentials of owning LAND & what does mean!
Fin24 His just a dreamer
Fin24 Wants, wishes never 'does'
Fin24 Let's teach reading, writing & arithmetic first
Fin24 We've some connected Black Billionaires who fool us they are entrepreneurs. Definition of entrepreneurship is lost in translation. Ruppert investments beneficiaries at the expense of workers can't be classified as entrepreneurs. HermanMashaba, Maponya, Mshengu, etc are real!!
Fin24 Reading to understand should be the priority. Without that no one will be able to learn entrepreneurship.
Fin24 They must first start teaching them that some Billionaires are not necessarily entrepreneurs, but connect fellows who were helped to invest miners millions in markets and reaped dividends like our President.
Fin24 How to steal 101
Fin24 Sales and marketing should be part of the curriculum as everything in life is a pitch VusiThembekwayo
Fin24 danielmarven your wish will come true..
Fin24 We don't care what he wants, we need actions. Don't tell us about his thoughts!!!!
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