TIPS TO LAUNCH YOUR BUSINESS ON A SHOESTRING BUDGET
SOUTH AFRICA ’ S EMPLOYMENT GROWTH HAS BEEN BETTER THAN EXPECTED IN RECENT MONTHS , AND HAS APPROACHED PRE-COVID LEVELS . NEVERTHELESS , OUR YOUTH UNEMPLOYMENT RATE REMAINS THE HIGHEST IN THE WORLD . THIS IS DUE TO FACTORS SUCH AS WEAK ECONOMIC GROWTH , SOCIAL CHALLENGES , LIMITED ACCESS TO QUALITY EDUCATION , AND A LACK OF WORKPLACE SKILLS . SEVEN MILLION SOUTH AFRICANS AGED 15-34 YEARS WERE UNEMPLOYED IN THE SECOND QUARTER OF 2023 , ACCORDING TO PWC ’ S SOUTH AFRICA ECONOMIC OUTLOOK REPORT , RELEASED IN SEPTEMBER . RESEARCH INDICATES THAT THE YOUTH UNEMPLOYMENT RATE WILL CONTINUE TO RISE THIS DECADE . THE PRIVATE SECTOR IS UNABLE TO PROVIDE THE REQUIRED JOBS , AND ENTREPRENEURSHIP SKILLS ARE NEEDED TO BOOST SELF-EMPLOYMENT . “ STARTING A BUSINESS WITHOUT FORMAL EDUCATION OR EXISTING BUSINESS SKILLS IS CHALLENGING , BUT IT ’ S NOT IMPOSSIBLE ,” SAYS SHAFEEKA ANTHONY , MARKETING MANAGER OF JUSTMONEY . CO . ZA , A PERSONAL FINANCE SITE THAT HELPS SOUTH AFRICANS MAKE GOOD MONEY CHOICES . “ MANY ENTREPRENEURS HAVE PAVED THEIR OWN PATH TO SUCCESS WITH A COMBINATION OF DETERMINATION , RESOURCEFULNESS , AND A WILLINGNESS TO LEARN .” JUSTMONEY OFFERS 15 ENTREPRENEURIAL TIPS TO EMPOWER YOUNG PEOPLE WITH LIMITED FORMAL JOB PROSPECTS : 1 . IDENTIFY AN OPPORTUNITY : CONSIDER WHAT YOU ENJOY AND ARE GOOD AT . 2 . CLARIFY YOUR IDEAS : DEVELOP A BUSINESS PLAN . OUTLINE YOUR VISION , GOALS , TARGET MARKET , COMPETITORS , AND PROJECTIONS . 3 . START SMALL : USE YOUR EXISTING SKILLS AND CONNECTIONS TO GET YOUR BUSINESS OFF THE GROUND .
• READ JUSTMONEY TIPS ON ENSURING YOUR PERSONAL SAFETY WHEN CARRYING CASH IN PUBLIC PLACES
4 . LEARN CONTINUOUSLY : USE FREE OR LOW-COST RESOURCES , SUCH AS ONLINE COURSES , BOOKS , YOUTUBE TUTORIALS AND PODCASTS TO ACQUIRE THE KNOWLEDGE AND SKILLS YOU NEED . FOCUS ON MARKETING , FINANCE AND MANAGEMENT . 5 . BUILD A SUPPORT SYSTEM : SHARE YOUR IDEAS WITH FRIENDS AND FAMILY . 6 . NETWORK : CONNECT WITH MENTORS AND ADVISERS IN YOUR CHOSEN SECTOR . THEY CAN PROVIDE GUIDANCE , SHARE INSIGHTS , AND HELP YOU AVOID COMMON PITFALLS .