The field of entrepreneurship leaves behind a landscape littered with the remnants of entrepreneurial dreams. Failure rates of new small businesses especially in Southern Africa is upward of 80%. It is imperative that we delve into the drivers of these failures to avoid repetition of the same mistakes. Common reasons include: 1. Access to funding 2. Inadequate business skills 3. absence of digital tools and techniques 4. Fierce competition Therefore, before taking a chance at business, entrepreneurs must equip themselves with the skills, mindset, and discipline needed to survive and thrive in the harsh business world.
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Introduction to theblastoff.org
Welcome to "theblastoff.org", a blog dedicated to empowering entrepreneurs and small business owners in South Africa and Africa. We aim to provide actionable advice and research-backed strategies to help you navigate the unique challenges of the region. Current Issues in Entrepreneurship Entrepreneurship in this context faces several hurdles, including: Funding Access : Many struggle to secure loans or investments, with South Africa rating access at just 3.4 out of 10. High Failure Rates : 66% of small businesses in South Africa fail within five years, often due to unprofitability and bureaucracy. Operational Challenges : Issues like load shedding and high costs due to poor infrastructure disrupt operations. Fear and Digital Gaps : 53% fear failure, and only 52% plan to use digital tech for sales, limiting growth. How "theblastoff.org" Assists Our blog combines insights from successful businessmen and academic research to offer: Practical tips on funding, marketing,...