Turning idea into businessDate posted: 19.01.2016 | Author: Harry Bovensmann
Entrepreneurship is often touted as the silver bullet for South Africa’s unemployment woes. Youth unemployment in particular is of great concern, with 53% of South Africans aged between 18 and 34 unemployed, according to a Global Entrepreneurship Monitor (GEM) report released in 2015.
Despite a strong drive from government and the financial sector, young entrepreneurs remain in short supply. This is because there has been no culture of entrepreneurship engendered within children from a young age, as it was not a career path that was encouraged. Now that encouragement is on the up, young people are developing ideas but have no clue where to start when it comes to implementing them.
When it comes to funding, it is best to look for innovative practical ways to get started and not to allow an business idea to be stalled because of a lack of angel investors, or banks declining a loan. Potential customers and suppliers may be willing to offer funding or give you free supplies if they believe it will reduce their costs and generate significant income for them in the future.
Research conducted by Samsung into South African Millennials aged 18 to 35 affected by unemployment, reveals that 49% of respondents feel they have good business ideas but don’t know how to turn them into money-making businesses.