The recently released 2017-18 Global Entrepreneurship Monitor (GEM) report for South Africa revealed that entrepreneurial activity in the country is at its highest level since 2013. The report also shows that total early-stage entrepreneurial activity (TEA) is at 11.0% – 4.1 percentage points above the 2016 score of 6.9%.
Kobus Engelbrecht, spokesperson for the 2018 Entrepreneur of the Year® competition sponsored by Sanlam and BUSINESS/PARTNERS says that it is particularly encouraging to see that entrepreneurial intentions in the country have increased in the last few years, currently sitting at 11.7% (up from 10.1% in 2016-17).
Engelbrecht says that with these statistics, it is ever important to keep up the momentum by celebrating local entrepreneurs for the work they do in building the local economy, creating jobs and developing their communities with the view to inspire others to follow in their footsteps.
“We often casually refer to entrepreneurs being the backbone of the economy, but when the economy is still trying to recover from a number of macro-economic stumbling blocks, entrepreneurs show their invaluable worth.” He adds that job creation is one of the key aspects identified as areas which will help grow the economy – and this is one specific area that entrepreneurs can make tangible contributions.
Engelbrecht adds that in celebrating the work of entrepreneurs, business competitions do well to motivate and inspire business owners. He points to the recent launch of the 2018 Entrepreneur of the Year® competition sponsored by Sanlam and BUSINESS/PARTNERS which is now open for entries. “In our 30th year of celebrating and rewarding entrepreneurs, we want to encourage established entrepreneurs to enter this year’s competition – not only for the cash prize money at stake, but for the value received through the stringent judging process, business mentorship prizes as we as the resultant exposure.”
Engelbrecht adds that entrepreneurs have until 31 May 2018 to enter the competition and can do so by visiting www.eoy.co.za. Prizes are valued at over R 2 million, which includes cash prizes of R 70 000 for each main category winner, and R200 000 for the overall winner. Competition winners will also receive valuable mentorship support, networking opportunities and national media exposure.