Lack of guidance named a key barrier to South African entrepreneurship
Sep 04, 2018
A new study has revealed that lack of guidance for entrepreneurs is a significant barrier to start-up success in South Africa. The Real State of Entrepreneurship Survey 2018, published by Seed Academy, reported that lack of guidance was the fourth most significant barrier faced by entrepreneurs, following access to finance, connecting with potential customers and the need to be skilled in many areas.
The report also revealed that over half of South African entrepreneurs have experienced failure in their business. However, despite this and the reported challenges, the outlook of participants was overwhelming positive, with almost 70% reporting a very or somewhat optimistic outlook on the upcoming twelve months.
A significant increase was recorded in the number of social enterprises. Social entrepreneurship jumped 10% between the 2017 and 2018 report data.
The full report can be downloaded on the Seed Academy website.