Entrepreneurship is widely recognised as a key solution to economic challenges, but in South Africa, the success rate of small businesses is low. This leaves us wondering how we can better prepare individuals to navigate the challenges of entrepreneurship. Despite the availability of government programmes and entrepreneurship-training institutions, high business discontinuance rates in the country raise doubts about the future viability of entrepreneurship as a solution to unemployment, inequality and poverty.
Research highlights the crucial role of entrepreneurship training in fostering an entrepreneurial culture and equipping individuals with the skills necessary for success in dynamic environments. However, existing entrepreneurship training programmes often lack alignment with market needs, which means they need enhancement and improvement.
Studies also suggest that introducing entrepreneurial training at a young age lays a solid foundation by cultivating an entrepreneurial mindset and culture. However, educational institutions predominantly focus on producing job seekers rather than job creators, neglecting to foster an entrepreneurial spirit during the formative years. This issue extends beyond formal education, as societal attitudes often prioritise traditional employment over entrepreneurship.
The saying “lugotshwa lusemanzi”, which means “a stick is bent while still wet”, emphasizes the importance of teaching children good manners and skills when they are young. It’s crucial to equip young individuals with the skills essential for business development, as this can profoundly influence their long-term beliefs and behaviours.
By nurturing entrepreneurial skills early on, individuals are better prepared to acquire new skills, adapt to diverse environments, and contribute meaningfully to the economy. Moreover, fostering an entrepreneurial mindset benefits not only aspiring entrepreneurs but also enhances creativity and performance in traditional employment settings.
Encouraging youth to embrace entrepreneurship can catalyse a shift towards self-reliance, challenging prevailing norms that perpetuate dependency and inequality. It can empower individuals to create something of value for the economy and move away from being dependent on others for job opportunities.
Teaching entrepreneurship to young individuals is pivotal for fostering entrepreneurship thinking and development. Embracing the notion that it’s never too early to teach or learn entrepreneurship can pave the way for a brighter future, where individuals are empowered to create value for themselves and society.
In conclusion, the imperative to teach practical entrepreneurial skills to young individuals cannot be overstated. By doing so, we can address current socio-economic challenges and foster a culture of innovation and resilience. With the right support and education, the next generation can lead the charge towards a more prosperous and enterprising South Africa.
Thobile Radebe
Lecturer in Strategic Management
Stellenbosch Business School