There is nothing more useful than extending one’s hand to lift up another. Good business meets an unmet need, or an existing need, better, cheaper and much more efficiently. While the government and the private sector understand this and have together rolled out numerous initiatives to support smaller businesses, much more is needed.
Second, such owners and entrepreneurs need financial literacy skills to enable them to understand the difference between income and profit, among other factors that are so crucial to sustaining a business, including the important role of cash flow. The other main challenge faced by SMEs is finance. In as much as there are initiatives to mitigate this obstacle, a lot still needs to be done to ensure entrepreneurs have the support needed for growth and sustainability. This includes counselling, coaching and mentoring.
Former US start-ups such as Lyft and Uber have reached market valuation of more than $1bn in a short period. There are now many such companies in the US — commonly called unicorns — and we are working with some to bring them to SA. Disruptors like this typically stimulate economic growth, create jobs and address high levels of unemployment.