While having your own business has great future potential, entrepreneurs, particularly the youth, also need to be aware that it is a difficult path.
“The business discontinuation rate in South Africa remains higher than the established business rate – which refers to a business that has been in operation for more than three-and-a-half years. This means that businesses are closing at a faster rate than the rate at which new businesses are being established in the country. While this high rate of discontinuation affects all entrepreneurs, it puts younger ones at greater risk as they may not have the industry experience or resources that older, more experienced entrepreneurs may have access to,” says Anton Roelofse, regional general manager at Business Partners Limited
He provides 10 common pitfalls of starting and growing a business, and what young entrepreneurs can do to avoid them: