The COVID 19 pandemic is affecting every single individual on a global level, filled with considerable uncertainty and accompanying risk. We believe the Small Medium and Micro Enterprises (SMMEs), a sector already in distress, will show very high failure rates in the short and medium-term due to the impact of COVID 19. Our economy can’t afford further failure as a significant section of our GDP is driven by the SMME sector (not to mention its role in job creation).
The University of Pretoria is a leading entity in the field of Entrepreneurship enablement and hence the proposal to further its responsible leadership in assisting our SMMEs on a national level during and especially after the pandemic through our network of specialised skills in this field. The newly established Centre for Entrepreneurship (CfE) proposes an online National SMME Support Portal (NSSP 19) is proposed to lower failure-risk and mitigate the process of business turnaround and rescue. South Africa’s current Total Entrepreneurial Activity (TEA) rate is already at an alarmingly low rate of below 10. A further drop in our TEA will incur enormous negative socio-economic consequences.