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Nedbank Supports SA Entrepreneurs

25 October 2011

With the focus of this year being put employment creation Global Entrepreneurship Monitor (GEM) figures show that eight in 100 adult South Africans own a business that is less than 3.5 years old - significantly behind other low to middle income countries, whereon an average of 13 out of 100 adults are building new businesses.

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The Nedbank seminars are targeted at an audience of start-up and established small businesses with annual turnover of between R500, 000 and R7.5 million right through to profitable enterprises.

Mike Said addressing small business owners on business marketing at the Nedbank business saminar held at the Coca-cola Dome in Johannesburg on the 25th of October, 2011.

Small businesses are the fuel to an engine of a big economy like South Africa and it is vital that entrepreneurs continue to polish their knowledge and meet with other small businesses to network and share ideas.

South Africa lags behind other developing countries in promoting the growth and sustainability of small businesses.

GEM also reports that only 2.3 percent of South Africans own businesses that have been established for over 3.5years, indicating a high failure rate among start-ups – with South Africa ranking 41st out of 43 countries in the prevalence (survival) rate for established business owner-managers.

According to former Finance Minister Trevor Manuel “the government believes that the real engine of sustainable and equitable growth in this country is the private sector."

"The South African government is committed to doing all they can to help create an environment in which businesses can get on with their job. We believe in the principle of working together with our partners in the private sector – big and small businesses – in realizing our hopes and aspirations for this economy,” said Manuel.

As a result of this Nedbank promises to continue equipping small businesses with all the information needed in order to run a successful and sustainable small business.

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