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Conduct your exploratory research to provide some context and background for the country you are about to visit based on the topic of The Entrepreneurial ecosystem in South Africa from the perspective of Opportunity Entrepreneurs and Necessity Entrepreneurs.

Aspects you may consider are causes of the situation/circumstances, other contributing factors, the people, decision makers, institutions or other stakeholders involved in the situation, and perhaps recommend a possible solution to the problem. You are not expected to create an argument for your perceived solution; the point of an exploratory essay is to ask an inquiry question then seek to gauge the underlying or systemic issues involved. Then write about your inquiry and findings. The form you adopt can be report style, conversational narrative, or a timeline approach.

Suggestions below provide a starting point to prepare for the task

Narrow your focus – frame a question or two that clearly communicates what you want to discover. Why you are interested in the topic? 

The Entrepreneurial Culture in South Africa

Entrepreneurship is a vital driver of financial development in Africa. Among the leading beneficiaries in sub-Saharan Africa is South Africa. It has more grounded supporting organizations that a great part of whatever is left of the mainland and a subsequent solid entrepreneurial biological community establishment belongs to it. Since the 1990s, the South African government has been effectively occupied with joining a greater amount of the South African populace into the formal economy. To additionally reinforce the capability of business and advancement, South Africa does not really require more business visionaries, it needs better, creative and development arranged business people that are persuaded to develop and flourish inside the South African condition and through commitment with the worldwide economy. Dana, Ratten, & Honyenuga (2018, p56), says South Africa needs a national business approach structure in view of the qualities and shortcomings and causal components that characterize the enterprise biological community. This will enable them to encourage this objective.

In this essay, we elaborate the advancement of entrepreneurship ecosystem in South African basing our analysis on opportunity entrepreneurs and necessity entrepreneurs. Amit and Muller, brought out an interpretive model that they used for analyzing supply within entrepreneurship. This was brought out through the push-pull theory, which respectively represents necessity entrepreneurship and opportunity entrepreneurship. These two concepts are essential since there is need to identify and classify several aspects within the entrepreneurial culture such as the causes of entrepreneurship, contributing factors, people engaged among others.

When it comes to entrepreneurship activity in sub-Saharan Africa, South Africa is the team leader and key player in such sector. South Africa has been able to produce the most innovations and also successfully installed enterprises that cut across the continent. This has been facilitated and realized despite challenges due to several factors. The nation gives the institutional help important to high-development organizations to rise and flourish, while government arrangements work to close authentic holes. With the expansion of focused, facilitated approaches to address remaining bottlenecks, the nation is ready to accomplish more prominent development through business enterprise, networks, associations and events. These are done through building robust entrepreneurial culture and community which is empowered through workshops, events, competition, global and local networks, as shown by (Beugre?, 2017). 

Some of the notable key players in South Africa’s entrepreneurship ecosystem include the Aspen Network of Development Entrepreneurs, abbreviated as ANDE. This is a globalized network of corporates that aid activities involving entrepreneurship that integrates the marketing sectors. The country has several sources of funding for entrepreneurial activities. Some of the funds sources include; debts from outside the country, grant-based funding from government or developmental financial institutions (DFI), and funds from managers, from private equity among others (Boutillier, Carre? & Levratto, 2016). 

Key Players in South Africa’s Entrepreneurship Ecosystem

In addition, upcoming and existing entrepreneurs are provided training programs which are offered from the universities and private institutions. For successful entrepreneurial culture and habit, there is need to improve the entrepreneurship ecosystem. This will also enhance the reduction of some notable bottle necks. Therefore, one way to improve entrepreneurship activities is to develop programs for entrepreneurs. For instance, Tsogo Sun Entrepreneurs conducts a yearly competition that involves entrepreneurs and alumni. The other one includes mapping the future for success, which encourages innovative and industrious ideas.

There has been a great exuberance for entrepreneurship in Africa though it has really not resulted to much economic growth. This has led to great innovative ideas in mind of creative entrepreneurs who have the urge of bringing change to the societal believe.

The foremost reason is that numerous people don't progress toward becoming business visionaries by decision or on the grounds that they exploit an opportunity.  Beugre? (2017), however, out of survival since they can't discover wage work and don't have some other source of salary. They are compelled to begin a business and wind up independently employed. The reestablished enthusiasm for ongoing years on innovative work and advancement appears to build the enthusiasm for the nexus amongst enterprise and monetary development. In any case, it was just as of late that financial specialists started to orchestrate the learning about business enterprise and break down its effect on monetary development. Formal education is one of the factors that have been input to help instill entrepreneurial skills though it has actually impacted negatively on students by causing reduced long term vision, reduced peculiarity and increase in risk aversion.

However due to the increase in entrepreneurship whether opportunity or necessity, it has evidently decreased the rate of unemployment in South Africa. There was at least some hope after GEM 2012 report described entrepreneurship in South Africa as efficiency driven. Which means that there are developments supported by a fair level industrialization, a good level of competition and existence of big organizations working capital base, this has led to a significant increase in the global competitiveness of the country.  According to Boutillier, Carre? & Levratto, (2016, p312), the government and the other stake holders in entrepreneurship will produce more fruit when attention is changed from a transfer of wealth based on political or ethnic affiliation.

South Africa has expressed an increase of migrant all over the continent. This has led to successful entrepreneurial activities in South Africa, this is due to lack of jobs within the country which as attributed to people venturing to entrepreneurship activities.

Improving Entrepreneurial Ecosystem in South Africa

Another factor that has led to entrepreneurial culture in South Africa is the competitiveness within the country. There has been advancement in development within the country which has been attributed by industrialization and the emergency of huge organizations with enormous financial muscles to finance the activities. In the long run, it has led to better decision making by the existing and incoming entrepreneurs.

Currently, there has been a numerous support from those doing researches on these concepts of opportunity and necessity entrepreneurship. (Beugre?, 2017), this is due to their ability to enhance togetherness to entrepreneurs. The push-pull theory of entrepreneurship, which is a theory derived from the two concepts of Necessity and Opportunity entrepreneurship, is interesting when it comes to interpretative models for analytical data. (Uhlaner and Thurik 2007), new pursuit creation obeys to a force-dynamic when it is considered by the individual as a wellspring of benefit, be it material or not, and to a push element when the creation comes about because of a contention between the circumstance the individual really winds up in also, the one he searches for.

Since (Reynolds et al 2002, P251), the qualification between these two elements seem just certainly in the investigations managing the decisional components of new wander creation. In actuality, there has been a semantic move towards the terms need business (push) and opportunity enterprise (pull) (Verheul et al.,2010). Up to now, couple of experimental investigations has endeavored to feature the effect of the financial attributes of the author on his situating as far as need or opportunity business. This issue is vital on the grounds that it is basic to have the capacity to distinguish the distinctive profiles of potential business people keeping in mind the end goal to adjust start-up help measures to the makers' profile(s). Current strategies went for (future) business people only here and there make a refinement amongst crafty and need driven entrepreneurial rationales. As featured 2 by (Bhola et al 2006), productive strategies for need driven business visionaries are probably going to be unhelpful to circumstance driven business visionaries. Our examination could be an initial move towards a refinement of new pursuit creation arrangements in view of a subtler learning of the financial qualities of the two profiles of business visionaries and their subcategories.

Opportunity entrepreneurs are more likely to be in a proper conditions under motivation and with more skills when running a firm; such kinds of entrepreneurs experience fewer challenges when they are operating their firm compared to necessity entrepreneurs, by Boutillier, Carre? & Levratto (2016). 

Opportunity and Necessity Entrepreneurship

Entrepreneurs also apply the concept of positioning; that is placing their brand in a manner of occupying the minds of their audience. This is basically about perception process, there is a tendency of making decisions to change an individual’s lifestyle so as to enhance positive perception. Mostly, this perspective of things in brand positioning, impacts the opportunity or necessity entrepreneurs. This impact is realized in the process of perceiving ideas and interpreting them in authenticity.

Entrepreneurship behavioral can also be classified in terms of opportunity and necessity.

Conclusion:

Finally, we can easily note that in the business sector, entrepreneurial skills are very important, it’s also clear that opportunity entrepreneurship is the most efficient in terms of operation. When South Africa applies both the two kinds of entrepreneurial activity, the services offered by opportunity entrepreneurs are likely to enhance better decisions making as compared to those made by necessity entrepreneurship.

Opportunity entrepreneurs also accesses necessary requirements such as electricity and finances in the fields of manufacturing and finance respectively. This is because they have well elaborated goals and objectives which drive them.

As we wrap up with this exploratory paper, we can agree that entrepreneurship is one of the most vital arsenals any country can have. With it, a country’s economy is likely to boost. However, with proper models and concepts and people who are goal driven, the former can be achieved.

Reference:

Beugre?, C. D. (2017). Building entrepreneurial ecosystems in sub-Saharan Africa: a quintuple helix model. https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=1364729.

Dana, L. P., Ratten, V., & Honyenuga, B. Q. (2018). African entrepreneurship challenges and opportunities for doing business.

Manimala, M. J., & Wasdani, K. P. (2015). Entrepreneurial ecosystem: perspectives from emerging economies. https://public.eblib.com/choice/publicfullrecord.aspx?p=1973776.

O'connor, A., Stam, E., Sussan, F., & Autsch, D. B. (2018). Entrepreneurial ecosystems: place-based transformations and transitions. https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=1670326.

Redford, D. T. (2017). developing africa's financial services. [Place of publication not identified], EMERALD Group Publishing.

Scott, N. (2017). Knowledge transfer to and within tourism: academic, industry and government bridges.

Boutillier, S., Carre?, D., & Levratto, N. (2016). Entrepreneurial ecosystems.

Baird, R. (2017). The innovation blind spot why we backthe wrong ideas--and what to do about it. https://proxy.cm.umoncton.ca/login?url=https://ebookcentral.proquest.com/lib/umoncton-ebooks/detail.action?docID=5179808.

Reynolds, P.D., Camp, S.M., Bygrave, W.D., Autio, E. & Hay, M. (2002). GEM Global

Entrepreneurship Report, 2001 Summary Report, 1-126. Accessed December 22, 2010

https://www.gemconsortium.org/download/1293023015823/Summary%20Report%20Version

%208%2002%20April%2002.pdf.

Verheul, I, Thurik, R., Hessels, J. & van der Zwan, P. (2010). Factors Influencing the

Entrepreneurial Engagement of Opportunity and Necessity Entrepreneurs, EIM Research

Reports, H201011, March 2010, 1-24.Uhlaner, L. & Thurik, R. (2007). Postmaterialism influencing total entrepreneurial activity

across nations, Journal of Evolutionary Economics, 17(2), 161-185.

Van Gelderen, M., Thurik, R. & Bosma, N. (2005). Success and Risk Factors in the Pre-

Startup Phase, Small Business Economics, 24(4), 365-380.

Bhola, R., Verheul, I., Thurik, R. & Grilo, I. (2006). Explaining engagement levels of

opportunity and necessity entrepreneurs, EIM Business and Policy Research, H200610.

Birley, S. & Westhead, P. (1994). A Taxonomy of Business Start-up Reasons and Their Impact on Firm Growth and Size, Journal of Business Venturing, 9(1), 7-31.

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[Accessed 15 July 2024].

My Assignment Help. 'Advancement Of Entrepreneurship Ecosystem In South Africa: An Essay.' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/comm1040-entrepreneurial-ecosystems/financial-development-in-africa.html> accessed 15 July 2024.

My Assignment Help. Advancement Of Entrepreneurship Ecosystem In South Africa: An Essay. [Internet]. My Assignment Help. 2021 [cited 15 July 2024]. Available from: https://myassignmenthelp.com/free-samples/comm1040-entrepreneurial-ecosystems/financial-development-in-africa.html.

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