Akash Maharaj addresses the TACT forum on how you can start a business today with little or no money and only using the resources on hand.
He confirmed that as businesses and workers become more efficient, costs fall, profits and incomes rise, demand expands, and economic growth and job creation accelerate. Entrepreneurs boost economic growth by introducing innovative technologies, products, and services. Increased competition from entrepreneurs challenges existing firms to become more competitive. Entrepreneurs provide new job opportunities in the short and long term.
The World Bank suggests that (formal) small and medium enterprises contribute up to 45% of total employment and a third of national income in emerging economies but in South Africa, only 7% of South Africa’s adult population is involved in running their own business. This creates an opportunity for upcoming businesses.
He also made it clear that skill is required regardless of passion and the simple fact that someone is passionate about something, does not guarantee success, so it is important to ensure that the business venture follows the skills and knowledge of the budding entrepreneur more than just pure passion.