What you need to know about starting your own company in South Africa
A new startup survey, which claims to be the largest of its kind in South Africa, reveals interesting insights into the business environment in the country.
The survey, conducted by Seed Academy, gauged the views of almost 1,500 startup entrepreneurs.
Nearly half of the entrepreneurs surveyed said creating a business out of an idea that came to them from the environment in which they live, work and play was their main motivating factor.
Worryingly, a large portion of the countries entrepreneurs have no employees.
The survey revealed that entrepreneurs are taking long periods to gain traction. It also found that business survival rates are on the increase.
The majority of entrepreneurs reported starting businesses in the Information Technology (22%), Creative (12%), Wholesale and Retail (9%) or Social and Community Services (9%) sectors. Mining and Automotive were amongst the least popular sectors for aspiring entrepreneurs.
Business owners that have been in existence for more than 2.5 years reported having more than 10 years prior work experience.
Seed Academy recommended that entrepreneurs starting a new business may wish to do so in parallel with full time employment.
The company provided an infographic on the state of startups in South Africa:
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