South Africa needs over 49 000 SMEs growing at a rate of 20% per annum, to meet the National Development Plan (NDP) target of creating 11 million jobs by 2030.
In comparison, the country would need no less than 8.2 million small and micro-enterprises to create the same number of jobs.
This was revealed through the Endeavor jobs calculator, a global tool developed by the International Labour Organisation (ILO), National Statistics Agencies and Endeavor Insights, which takes into account the different factors that are essential for job creation.
Endeavor is a global entity that specialises in helping high-impact businesses realise their big dreams, which includes scaling their businesses to become dominant players in local or global markets.
“The Endeavor job calculator can estimate how many entrepreneurs, such as businesses, are required to create new employment opportunities,” says Endeavor SA MD Catherine Townshend.