1.6how can businesses contribute towards economic growth and development in South Africa
Answers
Answer:Employing Local Workers
Small businesses contribute to local economies by bringing growth and innovation to the community in which the business is established. Small businesses also help stimulate economic growth by providing employment opportunities to people who may not be employable by larger corporations.
Explanation:
Answer:
One of South Africa's major potential for development is the creation of small enterprises that boost the economy and generate jobs. Between 50 and 60 percent of South Africa's workforce is employed by small businesses, which also account for about 34 percent of the country's GDP.
Explanation:
In South Africa, starting and managing your own small business can occasionally seem impossible.
However, there has never been a better or more difficult time for small business owners to own their success and contribute to South Africa's economy by using their nimbleness, adaptability, and tenacity.
The statistics show that small enterprises make a significant economic contribution to South Africa.
According to Stats SA's most recent annual statistics study for 2019, small enterprises made up about 22% of all business revenue in the nation. Of the R10.5 trillion total, that is R2.3 trillion.
Entrepreneurs not only create jobs for themselves but also for other people. By introducing innovative goods, techniques, and manufacturing processes to the market and by increasing overall productivity and competitiveness, entrepreneurial activities may have an impact on a nation's economic performance.
One of the main ways small enterprises contribute to the economy of South Africa is through creating jobs. According to Viresh Harduth, Vice President, Small Business, Sage Africa and Middle East, they are the "wheels to the economy" that propel growth and increase the value of the nation.
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