Despite a few harrowing years marked by lockdowns, persistent infrastructural problems, the ongoing energy crisis, and muted economic growth, South Africa’s entrepreneurs have continued to show their mettle – and the relaunch of the Business Partners Entrepreneur of the Year competition once again aims to recognise and celebrate this resilience.
For David Morobe, spokesperson for the competition, platforms that recognise local businesspeople for their achievements are pivotal in bolstering the health of the local entrepreneurial ecosystem. Referring to the most recent findings of the 2022 / 2023 Global Entrepreneurship Monitor (GEM) report, Morobe says that the impact of Covid-19 on South African entrepreneurs has been immense.
“The early stages of the pandemic saw a rise in the proportion of adult entrepreneurs starting or running a new business, but this rate fell to just under half in 2021,” Morobe says. “Similar levels of volatility were seen in the intentions of entrepreneurs to start new businesses amidst the economic and social turbulence of the times.”
Despite these difficult odds, the local entrepreneurial community continues to demonstrate its inherent resilience, with a sense of optimism and anticipation slowly returning. According to the GEM Report, more than a third of South Africans know someone who recently started their own business and almost twice this amount consider themselves as possessing the skills and experience to do the same. Additionally, more than three in five individuals see positive prospects for starting a business, many of whom are motivated by the need to earn a living in a low employment climate while also “making a difference in the world”.
Given that entrepreneurship can drastically improve the country’s economic future while tackling issues such as unemployment, Morobe believes that resilient entrepreneurs should be given the recognition and support they need to succeed. “We see their productive contribution as being critical to showcasing the positive character of entrepreneurship in our societies at almost every level,” he says.
“Entrepreneurship is the key to upliftment and social equality through economic activity, job creation and overall contribution to the country’s GDP. We’ve seen shining examples of this in small businesses that address the need for a more reliable power supply, the need for better service delivery, and the need for safer mobility in underserved communities. Successful entrepreneurs often reinvest their profits into their communities supporting education, healthcare, and infrastructure development. So, as industry stakeholders, building a stronger entrepreneurial culture is about a broader vision.”
The prizes for this year’s winners will total over R2-million with the overall winner awarded a cash prize of R250 000 and five winners within the individual categories winning R100 000 each.
This year’s categories include: Emerging Entrepreneur of the Year; Small Business Entrepreneur of the Year; Medium Entrepreneur of the Year; Innovation Entrepreneur of the Year; and Job Creator Entrepreneur of the Year. Winners in these categories will also be awarded a mentorship voucher worth R25 000, as well as a diagnostic analysis of their business valued at R20 000. The competition will also award one special prize – a Lifetime Achievement Award, which was first introduced in 2013.
Entrants can now enter via the competition’s official website, www.eoy.co.za and have until 31 August 2023 to enter. The winners will be announced at an exclusive awards ceremony set to take place in November 2023.