Stop strangling entrepreneurship with red tape
The reality is that it remains tough to be an entrepreneur or small business owner in South Africa. South Africa ranks 45th out of 50 countries in the Global Entrepreneurship Monitor (GEM) National Entrepreneurial Context Index. But a significant glimmer of hope has appeared on the horizon, writes Ziyaad Moosa, a partner at PKF Octagon.
The recent GEM SA report says early-stage entrepreneurial activity, the percentage of adults who were starting or running a new business, rose to 17.5% in 2021, up from 10.8% in 2019. Those owning or managing an established business, in operation for at least three to five years, was at 5.2%, up from 3.5%.
If this trend continues it could lead to a greater depth of established businesses in South Africa, improve jobs and economic prospects.