Entrepreneurship is seen as the only way to have a sustainable economy in the future. In fact, it is one of the major drivers of job creation and economic growth within the country. It is no surprise that more and more people are encouraged to pursue entrepreneurship. That being said, many new businesses in South Africa often fail within the first two years for a variety of reasons. Here are some tips and pointers for being a successful entrepreneur in South Africa.

South African companies’ profits growth has waned. Using net operating surplus (gross operating surplus adjusted for consumption of fixed capital), calculated from South Africa’s national accounts data, as a proxy, shows the advance in total companies’ profits (financial plus non-financial companies) weakened markedly in recent years, following a temporary bounce in the immediate aftermath of the “Great Recession”. Indeed, in 2013, profit growth was the weakest since 1998.