Aspiring entrepreneurs urged to do research prior to business launch
The Minister of Small Business Development, Lindiwe Zulu, has encouraged aspiring entrepreneurs to research opportunities that are available in the market before starting a business.
“Real entrepreneurs create market opportunities for themselves because they identify problems within a society and provide a solution,” Minister Zulu said.
Addressing the national finale of the pre-Global Entrepreneurship Congress (GEC) pitching competition on Monday at Vodaworld in Midrand, she said all enterprises need access to markets in order to be sustainable.
“It is these types of entrepreneurs that the Department of Small Business Development would like to create and provide them with an enabled environment in the form of incentives or financial support.
“South Africa’s net ICT imports are around R20 billion per annum and this signals greater opportunity for the emergence of innovative start-ups. Not only is every business now a digital business, but every part of every business is digital,” Minister Zulu said.
She said her department will continue to create a conducive and enabling environment where potential and existing entrepreneurs prosper.
“I have come here to urge you, our young people, to know about the economic opportunities that this democratic government has availed to you.
“My department is determined to promote youth entrepreneurship, youth self-employment and youth owned and managed enterprises, so that they can contribute to the mainstream economy of the country,” she said.
The Minister’s department has various programmes which seek to promote youth-owned businesses and co-operatives.
She said young people can apply for the Black Business Support Development Programme, which supports the growth and sustainability of small businesses.
The youth who are in co-operatives can also apply for the Co-operative Incentive Scheme which provides grants that respond to the needs of cooperatives.
“We are doing all these things in order to provide support to youth-owned enterprises in order to increase their capacity to access economic opportunities, enhance competitiveness and improve skills.
“In terms of its envisaged impact on the economy, our interventions will assist to create much needed youth jobs, as young people will not only create enterprises for themselves but jobs for others as well,” Minister Zulu said.
Every year, the Global Entrepreneurship Congress gathers together thousands of entrepreneurs, investors, researchers, policymakers and other startup champions from more than 160 countries to identify new ways of helping founders start and scale new ventures around the world.
At the weeklong GEC, delegates make connections, gain insights, learn about new research, and leave ready to renew their programs, policy ideas or firm founder skills.
GEC 2017 will take place in the heartbeat of South Africa, Johannesburg - a budding startup hub that is both an economic and cultural cornerstone of the country, which promises to build on the successes of previous years.
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