Impact of Business Empowerment Workshops on Growth of SMMEs towards Radical Economic Transformation

• Main Authors: Adenike SOOGUN, Londiwe MHLONGO
• Format: Article
• Language: English
• Published: Sprint Investify 2021-04-01
• Series: Expert Journal of Economics
• Subjects: business intelligence; entrepreneurial competence; business plans
• Online Access: https://economics.expertjournals.com/23597704-901/

Small, Medium and Micro-sized Enterprises (SMMEs) in South Africa continue to endure economic challenges in spite of their entrepreneurial activities and potential for growth. The study’s purpose was to investigate the impact of business empowerment workshops on the growth of SMMEs towards radical economic transformation in a South African municipality. Small businesses continue to struggle in spite of being recognised as important contributors to growth in the country and have been on the national agenda since 1994. This study analysed the current state of small business in a particular municipality and examined initiatives to assist small businesses and their current obstacles, and what could be done to encourage small business growth. The study proposed to introduce ways on how growth could translate into improvements in the lives of workers and the community thereby reducing the unemployment rate in the province. There was a general agreement about funding opportunities becoming available after attending the workshops. A quantitative approach was utilised with the use of a survey questionnaire. One recommendation was the establishment of a special purpose fund invested through an insurance institution towards resuscitating SMMEs that face growth-related challenges.