Entrepreneurship Essay

Entrepreneurship can be defined as the process of buiding ,creating,sustaining and initiating a venture from pratically nothing, in the sense of uncertainty and risk ,and having the ability to succeed against all difficulties. Entrpreneurship is essentially important to the economic and social development of south Africa .Entrepreneurs use innovation to create new, competitive markets and job creation by establishing businesses, which as a result have a positive effect on the economy (First National Bank, n.d.).South Africa stands against a evolving and culturally diverse enterpreneurial growth but it still lags behind many other comparabe countries.Unemployment and poverty has massively increased and shows no sign of slowing down.These increasing levels can be affectively sustained through the advancement of entrepreneusrship.However,to achive enterpreneurial growth,committed change in public perception and culture need to be obtained,whereby,self employment is a way of ending long trem unemployment.

In the year 2009, South Africa was faced with its first recession in 17 years, which as a result lead to the decrease of more than 900,000 jobs. Whilst things are starting to improve, unemployment in South Africa is currently at 25% (Grubb, 2011).growth in the South African economy has declined over the past few decades. The gross domestic product (GDP) has increased at a rate of 3.8% in the fourth quarter of 2013 over the previous quarter (Taborda, 2014). From the year 1993 until 2013, there was an average of 3.2% in the south African GDP growth rate leading to a massive 7.6% in march 1996 and a low rate of 6.3% in March 2009 (Taborda,2014).in order achieve economic development in the country, a GDP growth rate of 6% ...

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...role in the south african economy as well as the rest of many other developing countries around the world.the creation of new enterprises has become a driving force in the economy,which enhance economic growth,create more jobs,improve national competitiveness and general prosperity.although south africa is trying to increase the rate of enterprenial activities there is still a large amount of challenges.GEM shows that the low level of education and training still lies the biggest challenge in the south african economy.to improve the level of education and training,promoting the thought of entrepreurship is a feasible option to any economy.therefore,entrepreneursip in south africa is vitally impotant in enhancing its economy.by more entrepreneurial activities,there is a more chance of improving sustaining economic growth in a country that needs it the most.