Cape Town – The main problems entrepreneurs face are finding customers, raising funds, a lack of guidance and entrepreneurs’ tendency to wear too many hats, according to a survey of over 900 start-up entrepreneurs.
Seed Academy, a school for entrepreneurship, surveyed entrepreneurs who have been in business less than five years.
The results showed that while entrepreneurs faced key challenges, the majority were startlingly positive and motivated to grow and develop their businesses.
INFOGRAPHIC: Survey’s key findings
“These challenges confirm that entrepreneurial development should be aimed at providing business education, helping to create a network, offering tangible guidance to find customers and of course, preparation to raise funds at the most appropriate time for the business,” said Donna Rachelson, director of Seed Academy.
Funding emerged as a key issue. Only a small percentage of entrepreneurs fund their businesses from the vehicles formally established to support them. This raises questions regarding the accessibility and effectiveness of funding programmes, explained Rachelson.