South Africa has one of the lowest ‘Total Early-Stage Entrepreneurial Activity’ rates.
Total Early-stage Entrepreneurial Activity (TEA) is the % of 18-64 year old population that is either a nascent entrepreneur, or owner of a business.
At 6.9%, South Africa has one of the lowest creation rates of successful SMEs – the lowest TEA rates among the efficiency-driven economies. “We’re ranked 28th out of 32 efficiency-driven economies. The average is 14%; double South Africa’s TEA rate.”
Why do you think this is the case?
- Is it a lack of drive and low morale?
- Is it a lack of competence due to poor-quality education?
- Is our market too sophisticated?
In your opinion, what do you think our performance is so low?