{"id":187987,"date":"2017-07-26T09:00:45","date_gmt":"2017-07-26T07:00:45","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=187987"},"modified":"2017-07-26T09:00:45","modified_gmt":"2017-07-26T07:00:45","slug":"7-things-keeping-south-africans-back-from-starting-their-own-business","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/187987\/7-things-keeping-south-africans-back-from-starting-their-own-business\/","title":{"rendered":"7 things keeping South Africans back from starting their own business"},"content":{"rendered":"

A report by Old Mutual reveals the major barriers South Africans believe they encounter when trying to open their own business.<\/p>\n

According to the OECD\u2019s\u00a0Economic Survey of South Africa 2017<\/a><\/strong> the South African government has taken steps to ease requirements for starting a business, but red tape remains a burden, while the quality of the education system and lack of work experience contribute to gaps in entrepreneurial skills.<\/p>\n

The report found that despite low entrepreneurial activity among the working population, there is a strong desire for entrepreneurial pursuits in South Africa, where entrepreneurship is seen as a very desirable career option, and the fear of failure is low, compared to other OECD regions.<\/p>\n

Old Mutual said it asked those respondents who are keen to start their own business\u00a0what is holding them back, what is stopping them
\nfrom putting thoughts into action?<\/p>\n

Unsurprisingly, a lack of funding is cited as the primary barrier, particularly by very low income respondents.<\/p>\n

A number of other reasons are noted at significant levels including lack of confidence, finding the right idea, lack of time and
\nfear of losing a steady income \u2013 the latter being more important for R40 000+.<\/p>\n

The findings are taken from Old Mutual’s Key Savings & Investment Trends report 2017, which separated respondents into various age group brackets and used the following 5 income brackets:<\/p>\n