If not for most, many working individuals can relate waffling through their early careers and cutting their teeth in a work environment that would later become a less daunting, unfamiliar space. The feeling may be mutual for aspiring entrepreneurs as well as new and long-standing business owners who are serious about initiating and sustaining an attractive, profitable offering.
Startups are noteworthy drivers of economic development. The National Development Plan predicts that by 2030, small, micro and medium enterprises (SMMEs) will be responsible for up to 80% of South Africa’s annual gross domestic product (GDP) increase and will contribute approximately 90% to the 11 million new jobs expected.
While many entrepreneurs are fortunate to have found the golden thread to launch profitable ideas confidently, the notion of impending failure remains a constant for others who have little or no guidance. In more recent years, startups have received the footing they needed for lift-off.
One such example includes the National Small Enterprise Amendment Bill draft to provide SMMEs with legal support. The idea of a government backing new business development is lucrative. Navigating such opportunities alongside the Covid-19 pandemic’s fluctuating trade regulations can cause entrepreneurial novices and moguls alike to question their business model’s efficacy.