Entrepreneurship is the lifeblood of a thriving economy. It creates jobs, improves social mobility and has the ability to be a catalyst for social change within local communities. It is through enterprise development that budding entrepreneurs and those who support them are able to realise their full potential so they can become suppliers and providers for the broader South African economy. Through our experience, knowledge and skills, we make this ambition a reality.
ENTERPRISE DEVELOPMENT
Building the engines that will drive the South African economy
CONNECT WITH ENTERPRISE DEVELOPMENT
BENEFITS OF ENTERPRISE DEVELOPMENT
The benefits of a considered, highly impactful enterprise development programme are wide reaching. If guided from conception to execution, and supported as it develops, enterprise development can change the community in which it is situated for the long term.
Benefits:
- Enhances social mobility
- Job creation in local communities which reduces inequality and property
- Revitalises dead capital and transform adjacent spaces
- Skills diffusion so workers are empowered with increased job opportunities
- Generationally transformative, where wealth creation can lay the foundation for future change
Obstacles:
- Finding accessible skills in areas where skills are sparse
- Plugging into relevant markets and competing against established competitors
- Administrative support so that compliance and policy commitments are met
- Entrepreneurial experience and commitment in what is a complex process
- Financial support, sourcing such support and using it wisely
INDUSTRY CHALLENGES & OPPORTUNITIES
Enterprise development faces a variety of challenges and opportunities. Challenges can vary from fulfilling regulatory objectives to empowering local enterprises with the necessary tools to adapt to the digital economy. In each challenge, the opportunity exists to incubate enterprises that will be fit-for-purpose for the 21st century yet make an impact on a local level to its surrounding community and the wider national economy.
Challenges:
- Need for digital skills within enterprises so they can do more with less
- Finding accessible skills in areas where skills are sparse
- Plugging into relevant markets and competing against established competitors
- Financial support, sourcing such support and using it wisely
- Meet transformation and localisation objectives while creating the digital supply of the future
Opportunities:
- Driving innovation and increased competitiveness in the South African economy
- Local enterprise to embrace and partake in the digital economy
- Utilising technology to meet the needs of shorter and more frequent product delivery cycles
- Incubating businesses to resell commodities for the digitised market
- Be locally transformative and break through the structural socio-economic divide
ENTERPRISE DEVELOPMENT STRATEGIES
Enterprise development is a long term process that has address several complex factors in parallel to guarantee success. Key to achieving the necessary objectives is a comprehensive strategy approach applied to the unique circumstances of each enterprise being worked with.
At the heart of an effective enterprise development programme is maintain a long-term view and seeking the broadest impact possible balanced with available deep impact. There are different ways to interact with entrepreneurs, through working with existing ones or selecting outstanding candidates via a thorough selection process, but critical to the success of enterprise development is eliminating the barriers to success built into the South Africa’s economy, a legacy of the past that still exerts an influence today.
OUR APPROACH, PLANS & METHODS
Through Letsema’s industry experience and deep enterprise development knowledge honed over many years of client interactions and impactful programme consultations, our enterprise development methodology is a tried and tested way to achieve success in the enterprise development sector.
Finding opportunities where local enterprises can be developed to supply, being interventions to reach a specific business target, and demand, where opportunities are sought for small and mediums enterprises seek opportunities to plug into the existing economy, requires a developmental ecosystem. Candidate selection, governance, due diligence, objective setting, stakeholder engagement and alignment, mentoring and financial planning all play a role in giving an enterprise support programme the best chance of success.
