Entrepreneurship is needed in SA to deal with unemployment

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 By Allon Raiz, Raizcorp CEO

 

The recent South Africa unemployment rate has increased at a steady rate of 32.9% in the first quarter of 2024. This is according to the Quarterly Labour Force Survey (QLFS) Statistics South Africa with an expanded definition 0.8 of a percentage point in the first quarter of the year. The road to becoming an entrepreneur is not all rosy – it may take months, even years to set up a dream project. To ensure more job opportunities and South Africa needs to have more entrepreneurs to have a sharp increase in employment rate.


  1. You’ve got to have grit

Grit is one of the characteristics entrepreneurs must possess to have a chance at success. You need the ability to stand up again and again and again, no matter how hard you are knocked down. You must also be resilient, trustworthy, resourceful and flexible.

 

  1. You’ve got to have vision

Without a crystal-clear vision, your business is like a rudderless ship that can’t avoid treacherous rocks. As the captain, it is your job to map out the vision – the destination – of your ship. You must turn your vision into a practical strategy and filter it down to your entire organisation. If everyone knows what they have to do to reach the destination, they are less likely to stray off course. 

 

  1. You’ve got to embrace failure

No one likes to fail but if you’re failing, you’re learning – even if all you learn is how not to do something. When you fail (and you will), give yourself time to lick your wounds. But not too much time; do not wallow. Feel the pain, embrace the failure and move on stronger than ever.

 

  1. You’ve got to believe in your why

Why are you in business? What is the “big picture reason” that  makes you slog away, day in and day out? If you don’t believe in what you are trying to achieve, its guaranteed that no one else will care. Your why is what will keep you going when times get tough.

 

  1. You’ve got to have big ones . . .

You need to have the cajones to proactively go after what you want to make the deal happen. Be audacious. No one but you is going to make your business a success.

 

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