“Four major events have had a significant impact on businesses. Businesses have overcome the worst impacts of the Covid-19 pandemic, which has impacted their businesses for the past three years. However, the pandemic caused the Global Supply Chain Crisis, which has caused many businesses to pause and reassess their operating models. Load shedding is currently the biggest challenge that businesses need to address. Finally, the global economic climate is starting to have an impact on South African businesses,” says Loshnee Bridgmohan, marketing manager: Mancosa.

“The theme of the business breakfast is #LiveYourLegacy. The aim of the breakfast is to encourage entrepreneurs to encourage young minds to think beyond today, to consider their futures and what they will be remembered for. This will be done through listening to the entrepreneurship stories of others that will no doubt inspire attendees,” says Bridgmohan.

The development of entrepreneurs is very important within the South African context.

Statistics from the World Economic Forum and International Monetary Fund point out that globally, SMMEs account for an average of 33% of GDP and 45% of the workforce in high-income countries. In developing economies, these figures increase to 60% of GDP and 70% of employment. Further, according to the World Trade Report (2016), SMMEs account for the majority of businesses in most countries (95% on average). It is against this backdrop that Mancosa and East Coast Radio have teamed up to frame business development in the current economic climate and how it needs to be enhanced in the future.

Courtesy of Bizcommunity – full article here