It’s not just about more entrepreneurs

South Africa doesn’t just need more entrepreneurs, it needs better entrepreneurs

South Africa is one of the more poorly-performing countries with regards to entrepreneurial activity. Of the South African population, only 9.1% are in the process of setting up a business or have started a business that is less than 3½ years old. Even though this figure is low, increasing the number of entrepreneurs will not automatically lead to economic growth.

According to the Global Entrepreneurship Monitor (GEM) Report, developing economies specifically need a healthy percentage of high-expectation entrepreneurs, which are entrepreneurs who plan on starting businesses that will employ at least 20 people. High growth entrepreneurs have been shown to generate a significant proportion of the new jobs, wealth, and taxes in the economy (Autio 2007).

Pitch & Polish has been established over the past four years to help solve this crisis in South Africa by developing a programme that helps entrepreneurs become more successful. This is a forward-thinking and strategic approach to stimulate entrepreneurial activity. The objective is to steer the country’s development towards commercially viable innovation.

Click here to go to the Pitch & Polish website

The purpose of Pitch & Polish is to nurture businesses; in concordance with the GEM report, they believe that establishing businesses within smaller communities there will be job creation, poverty alleviation and economic growth.

Business incubators such as Raizcorp play a pivotal role in stimulating entrepreneurship. Channelling the transfer of knowledge between established big businesses and emerging small enterprises can be solved with programmes such as Pitch & Polish.

A contestant at the Regional Pitch & Polish held in Secunda on 06 April 2013

Creating high-growth entrepreneurs is no easy task. Entrepreneurs need to be able to sell their ideas, raise funding and communicate effectively. Research has shown that 82% of the best entrepreneurs in the world are the main salesperson in their organisation. Unfortunately the large majority of entrepreneurs in South Africa don’t know how to pitch their ideas, business and themselves.

This is where programmes likes Pitch & Polish add great value, as they aim to address this problem by teaching entrepreneurs to deepen their understanding of their business and then to sell the idea. It is an interactive learning experience with instant feedback on how to better present their businesses. These real world skills are invaluable to any entrepreneur trying to start and grow a successful business.

Locally, entrepreneurs who introduce products or services that exhibit a range of innovation should be encouraged as they have the potential to significantly impact the employment growth and increase economic and social health.

Pitch & Polish audience members actively take part in the workshop and competition

“Pitch & Polish is the application of theory. There is an abundance of talent and innovation in smaller towns, and these entrepreneurs need access to knowledge in order to analyse their business and determine its viability. Then to be able to communicate their vision and strengths to seize opportunities that present themselves”, says Allon Raiz, a World Economic Forum member and CEO of Raizcorp.

Nelson Mandela’s words aptly describe the path to growth, “Education is the most powerful weapon which you can use to change the world”.

The winners of the Secunda Regional Pitch & Polish event