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Support factors contributing to successful start-up businesses by young entrepreneurs in South Africa

  • 0Division Occupational Therapy, Faculty of Medicineand Health Sciences, Stellenbosch University, Cape Town, South Africa.
Work (reading, Mass.) +

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March 1, 2024

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March 1, 2024

View abstract on PubMed

Summary

This summary is machine-generated.

Young entrepreneurs in South Africa can increase their chances of business success by leveraging their social networks. Strong support systems, including family and mentors, are crucial for navigating the challenges of starting a new business.

Area Of Science

  • Socioeconomic factors influencing youth employment.
  • Entrepreneurship and small business development.
  • Occupational justice and health determinants.

Background

  • Youth unemployment is a significant global challenge, particularly in low- to middle-income countries, impacting health and well-being.
  • Self-employment is often a necessity-driven response to unemployment, yet faces high failure rates for start-up businesses.
  • Unemployment contributes to occupational injustice, highlighting the need for viable work opportunities.

Purpose Of The Study

  • To explore factors perceived to contribute to the success of youth-run start-up businesses.
  • To investigate the role of support systems and networks in business start-up success.
  • To understand the entrepreneurial journey within an informal settlement context in South Africa.

Main Methods

  • A collective case study design was employed in the Western Cape, South Africa.
  • Narrative interviewing was used, with two interviews conducted per participant.
  • Data analysis involved narrative analysis and paradigmatic type narrative analysis.

Main Results

  • Three key themes emerged regarding factors contributing to business start-up success.
  • The critical importance of support systems and networks for business success was evident.
  • Young entrepreneurs' ability to identify and utilize support structures positively impacted their ventures.

Conclusions

  • Social support systems, encompassing family, friends, mentors, and business partners, are vital for entrepreneurial success.
  • The proactive identification and utilization of support networks are perceived as key drivers of start-up business success.
  • Developing and maintaining these support structures is crucial for young entrepreneurs' sustainability and growth.

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