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Risky outlook for small business

Posted By IRMSAInsight, 02 February 2015

With a relatively low culture of entrepreneurship, the small business sector is increasingly becoming a major focus area for Government. The small business enteprises (SMEs) are expected to contribute the majority of jobs in the country by 2030 – according to the National Development Plan (NDP).

Entrepreneurship is by its nature about taking and managing risks – whether one is an entrepreneur or a corporate player - one is likely to directly or indirectly influence the success of small businesses.

Questions to ponder:

-How is your organisation influencing the success of small business?

- If you are a small business owner, how can risk management practices assist in creating/maintaining a successful entity?

Share your thoughts in the comments section

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Johan Opperman says...
Posted 02 February 2015
The Banking Group has a structure focusing on small business and provides a lot of guidance to businesses as part of this drive. It also includes the risk portion as it is clear that the bank and the entity take risk and it will be to the benefit of both if the entity succeeds.

As part of the social investment drive, a series of events were held where information were shared with prospective entrepreneurs. Some emphasis is also placed on the health of the value chain as part of a collective drive to realise the importance of the downstream processes and suppliers to support your business and where applicable, the reliance that is placed by others on quality products services on time either direct to the community, or as a supplier to other businesses. A sense of belonging and purposes can where applicable be created.
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