Innovative models will encourage successful entrepreneurship

The recently launched State of Entrepreneurship in South Africa report revealed that one of the four ideal ecosystems for entrepreneurs is the Local Hero Model, which focuses on the local entrepreneur who builds a large, ground-breaking business enterprise, motivates others and creates opportunities for more entrepreneurship in the community.

Negativity can be eliminated

Naidoo says that when it comes to entrepreneurial activity in South Africa, society has a culture that disregards entrepreneurs, especially those who failed in the past. She says that if the Local Hero Model is correctly developed, the negativity and neglect around entrepreneurship could be gradually eliminated.

Naidoo says that the report cites Bill Gates as an example, as he had a significant impact with creating Microsoft. "The Local Hero Model is based on a local entrepreneur who has excelled in his industry, and is therefore admired by others and inspires community members to start businesses within or outside the community or industry. According to the report, the emergence of a local hero is influenced by myriad factors, which makes this particular archetype abstract and difficult to replicate."

Awards promote positive connotation

She says that a method of instilling the Local Hero Model could be to encourage local entrepreneurs to provide employment opportunities to locals within the industry, as well as identify themselves as entrepreneurs within the community. Activities that offer immediate benefits to the industry should all be considered.

Naidoo believes that industry awards, such as the Sanlam/Business Partners Entrepreneur of the Year awards, are one of the easiest and most inexpensive ways for entrepreneurs to promote this culture and create a positive connotation around entrepreneurship. "Entering competitions also allows entrepreneurs the opportunity to earn a credible corporate reputation or image, which can potentially be magnified by media exposure, thus building the entrepreneur's profile within the community.

"Entrepreneurship activities can only flourish when individuals are stimulated by goals and driven by ambition. In order for South Africa's entrepreneurial culture to evolve we need to train entrepreneurs to be proud, positive and inspirational," concludes Naidoo.