Entrepreneurship has been acknowledged over and over again in the world as the engine of economic growth. Without small business development, the economy stagnates, employment declines and ultimately the general standard of living deteriorates.
The Department of Economic Development & Tourism has recognised this as the Western Cape's economic opportunity but also realised that it comes with key support and implementation challenges.
To tackle this particular challenge, the Department has identified 5 core areas, which each and every entrepreneur requires to be successful:
- Entrepreneurs need to be able to access business support services in close to where they are situated therefore it is spatially located,
- Entrepreneurs need to have a tight and reliable community of business support service providers who can assist them,
- Entrepreneurs need to be able to access work opportunities, be it through procurement opportunities or links with big business,
- Entrepreneurs may require assistance to develop their assets and access resources, and,
- Entrepreneurs need to be skilled and human resource development needs to occur. HRD will occur not only at school level but also amongst the unemployed.
It is believed that once these support mechanisms are in place, small businesses will thrive.
There are 4 main ideas, which will be put into place by the Department to address these issues raised:
- A. The Enterprise Development Pipeline (an integrated support system)
- B. The RED Door (single point of entry)
- C. Funding and finance
- D. Ownership of the Strategy