The economic growth that is required in South Africa cannot be provided by established businesses or by following the business models that were prevalent a generation ago. The days of cradle to grave employment are a thing of the past, and established South African commercial enterprise simply cannot absorb the sheer number of school leavers that are today saturating the job market. It is for this reason that it is widely accepted that entrepreneurship will be the driving force behind the constant growth of our economy. Moreover, young entrepreneurs require the assistance of various organisations that are prepared to put enormous resources behind enterprise development.
Enterprise development is the process by which ideas with possible commercial application can be nurtured. This will ensure that both the product or service is developed to the point where it is commercially viable. Also, that the enterprise that underpins the various business processes that are essential for success, are in place and robust enough to survive and thrive in a highly competitive business environment.
Entrepreneurial business in South Africa has provided many skilled and semi-skilled workers with the opportunity that they need to make a living and support both themselves and their families. Enterprise development harnesses this drive towards self improvement in a more structured way. Enterprise development holds the key to changing the lives of roadside mechanics and other informal traders, as well as those with an entrepreneurial mindset through the provision of a structured programme or business models.
Enterprise development services are provided by a number of governmental agencies, as well as private concerns and provide access to support structures that can include finance and educational opportunities designed to empower budding entrepreneurs and make it possible for their business plans to reach a point where the business is self sustaining. The enterprise development model provides key services such as business and technology mentoring as well as infrastructure such as office space and services, as well as access to the professional service providers and networks that are required for a business to thrive in a highly competitive business environment.
The Importance of Enterprise Development in South Africa
The demographics of South Africa are undergoing rapid change and as more and more people leave rural areas to seek their fortune and make a better life for both themselves and their families in urban areas enterprise development has assumed a new importance in South Africa. Enterprise development in South Africa will allow for the growth of more businesses that can provide those entering the job market with opportunities and will ensure that the provision of these opportunities is sustainable.
To ensure that enterprise development remains a strategic priority for the country as a whole, it is essential that more private businesses become involved in the provision of services and learning opportunities for the pool of budding entrepreneurs in the country. The ongoing efforts of private enterprise will ensure that the country as a whole will be able to face the increasing pressures of a globalised economic environment. In turn this will push South Africa from its leadership position amongst developing economies to apposition of strength amongst the premier economies of the 21st century.