Hope for small business

Anna Phosa's workers

Port Elizabeth small business owners were given a boost on Wednesday following a gathering where up and coming local entrepreneurs got the opportunity to grow their firms.

The Hope Factory, a hub for entrepreneurs in the city, hosted two events at North End in a bid to strengthen entrepreneurs’ capacity in growing and sustaining their enterprises.

Sipho Ntlangu, one of The Hope Hub entrepreneurs, said the programme had made a positive impact in terms of business growth.

The Hope Factory launched The Hope Hub a year ago with the purpose of helping small business owners to showcase their products.

“It also provided me with more exposure for business, as many people are now aware of the whereabouts of my business. There is a great potential to increase sales and to make profits,” said Ntlangu.

According to the Global Entrepreneurship Monitor study, there are few South Africans who try their hand at entrepreneurship and only 2.6% survive through the three-and-a-half year mark.

“Some of the reasons for this failure rate include a lack of skills, limited access to markets, no seed capital, a lack of work experience and a lack of confidence.

via Hope for small business | The New Age Online.

Small-business ministry coming

Greenhouse tomatoes

The development of small businesses — which industry players say is retarded by unnecessary red tape and lack of access to finance — is seen as key to reducing the country’s unemployment.

Official statistics put South Africa’s unemployment at about 25%. If people who have given up looking for work are included goes up to more than 40%.

via Small-business ministry ‘a step closer’ | Business | BDlive.