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With record unemployment, fostering small business development is essential

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For this strategy to succeed, enabling policies and support systems must be established to help entrepreneurs overcome the significant barriers they face

Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Empowering the unemployed to start their own small businesses, or to partner with others in entrepreneurial ventures, can be a powerful tool for economic revival.

With few large-scale projects on the horizon that could create millions of jobs, a possible solution may lie in fostering small business development. But, for such an initiative to be successful, the requisite support structures must be in place. Without this, many small businesses may fail, leaving the unemployment crisis unresolved.

Therefore, a networked approach to supporting small businesses should be prioritised from a sustainability standpoint. ESD programmes and initiatives should not only benefit the sponsor but also create networks of businesses requiring similar services, thereby fostering a more resilient ecosystem. For example, rather than a small business relying solely on one large corporate client, it could be connected with a network of companies that require similar services.

 

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