Entrepreneurial ecosystems and challenges of small business development in a South African township
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Date
2020-08
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Publisher
World Bank Group
Abstract
The small business sector is a critical contributor to the South African economy providing employment to more than 8 million people. Due to the high levels of unemployment, especially amongst young people,the government and many other agencies have prioritized support to develop small businesses in South Africa. Small businesses are already facing a number of challenges that impact their growth and sustainability. This has been perpetuated by the COVID-19 pandemic and lockdown strategies in South Africa. This research identified a number of key areas of support to small businesses operating in townships. Although a number of entrepreneurship ecosystems exist in South Africa, few have been setup to support township entrepreneurs. The adoption of technology has also proved to be supportive in helping small businesses succeed but its uptake has been limited in township or informal businesses.
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Keywords
Entrepreneurship, Small business, Informal sector (Economics), Squatter settlements -- Economic development