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2.1 Small Business Impact on South Africa’s Economy

small-business-course

Sometimes, starting and operating a small business in South Africa might be a scary proposition. However, there has never been a more greater time for small company entrepreneurs to use their agility, adaptability, and tenacity to achieve success and contribute to the South African economy.

Statistically, the contribution of small enterprises to South Africa’s economy is enormous. The most recent annual statistics survey conducted by Stats SA shows that small businesses contributed approximately 22% of all business turnover in the country. That is R2.3 trillion of R10.5 trillion overall.

It was responsible for producing slightly over 10 million jobs in the same year. The capacity to offer employment is one of the most significant contributions small enterprises provide to South Africa’s economy. They are the “wheels” of the economy, stimulating growth and adding value to the nation.