World Entrepreneurs’ Day: Rethinking the role of education in tackling youth unemployment
Today’s employment landscape has changed drastically, with entrepreneurship at the center of this transformation. SMEs and small business owners have become the backbone of our economy, contributing around 24% of GDP. While South Africa boasts a vibrant start-up and small business sector, the critical question remains: how do we sustain this growth while simultaneously driving job creation?
World Entrepreneurs’ Day: Rethinking the role of education in tackling youth unemployment
Entrepreneurship in basic education will contribute to a job-creating economy
South Africans remain resilient and determined, despite their continued efforts to deal with the challenges of youth unemployment, crime, and poverty. Recent reports from Statistics South Africa show that the youth unemployment rate is 46.1% for the 15-34 age group, 62.4% for the 15-24 age group and 40,4% for the 25-34 age group; these statistics indicate a crisis that requires deliberate intervention.
Why South Africa needs to teach entrepreneurship in schools now
South Africa’s small, medium, and micro enterprises (SMMEs) drive the economy, generating over R5tn in turnover and employing more than 80% of the workforce. However, despite their vital role in economic growth, up to 80% of local SMMEs fail within five years – one of the highest failure rates in the world.