WHY WE DO IT
The imperative to reshape South Africa’s economic environment is at a critical stage, with unemployment rates increasing to 25.20 in the first quarter of 2014, a scenario largely unchanged since 2000.
Furthermore, South Africa has one of the lowest levels of entrepreneurship in the world, contributing to 35% of GDP compared to 60% in countries like India and Brazil. For those South Africans who do manage to start a business, fewer than 20% make it past the first two years.
Yet it is SMMEs who comprise 97.5 percent of businesses, providing formal and informal employment and a route out of poverty to millions.
It is critical to make the fundamental foundational shift to an economy that supports the entrepreneurs who will be the businesses of tomorrow.
By creating new markets, business models and employment opportunities, South African business enterprises have the potential to set the economy in motion towards a brighter, more equitable future.
My message to young South Africans who would like to become entrepreneurs is that there’s a vast array of ideas out there, and as South Africans we can actually do something with our ideas. What we need is for people to have those bright ideas, put it into motion and get going with it, the sooner you get going with it, the better it is for our country.
Nadeem Hoosain, Client, MD of Duco Industrial