According to research from the University of the Western Cape's School of Business and Finance, 70% to 80% of startups and small businesses in South Africa fail within five years, and just 1% of micro-enterprises that began with less than five employees have expanded to employ 10 or more people.
These figures paint a somber picture of the status of entrepreneurship in South Africa, a nation with a 46.2% unemployment rate. From these observations, it is obvious that the owner of the small business is the most important factor in determining the success of the enterprise.
In this episode of iAfrikan BYTES, Heavy Chef founder Fred Roed joins us to discuss growth issues and how failure can be minimised. Heavy Chef, a platform for entrepreneurship education, provides recipes on how successful entrepreneurs succeeded in light of the difficult environment.