Trilogue’s Business in Society Conference 2024 put the spotlight on entrepreneurship as a tool to strengthen South Africa’s economy. The Absa-sponsored thematic session titled “Achieving Intergenerational Inclusion through Entrepreneurship” explored the critical role that data plays in establishing a supportive ecosystem for entrepreneurship to thrive. The session also explored how society’s mindset can be shifted towards fostering entrepreneurial growth.
Absa’s commitment to driving financial inclusion is at the heart of the company’s support for entrepreneurship. “As an organisation, we saw entrepreneurship as an area where not many organisations were investing in driving social change. To move society and the economy forward, it’s not enough to simply develop young people who are jobseekers – we need to develop young people who are job creators,” said Dr Stephen Zwane, Absa’s managing executive of corporate citizenship.
“The opportunity to participate in these conversations not only allows us to showcase what we are doing as a company to move society forward and contribute to a better working world, but also allows the thoughts and ideas of people who share a common challenge of making a difference in society to all be part of a meaningful dialogue.”
Exploring data-driven approaches to fostering entrepreneurship
In his keynote address, Dr. Phumlani Nkontwana, Founding Academic Director of the Allan Gray African Entrepreneurship Centre, emphasised the need for robust data to diagnose and overcome barriers to entrepreneurship in Africa. He stressed the importance of understanding the macroeconomic context and the state of the ecosystem to effectively support entrepreneurship.
“You are only as strong as your ecosystem. If your ecosystem is struggling, no matter how many aid organisations you bring together, it’s not going to work. That’s the reality in Africa,” he said.
Speaking about the work being done at the centre, Nkontwana explained that identifying ecosystem indicators has the power to take entrepreneurship beyond existing entrepreneurship incubators and other support activities to diagnosing broader issues and improving the talent and culture of the entire entrepreneurial ecosystem.
Strategies for inclusive and sustainable entrepreneurship
Associate Professor Anastasia Mamabolo from the Gordon Institute of Business Sciences (GIBS), UVU Africa Group CEO Ian Merrington and entrepreneur Mankoana Pheona Phalane joined Dr Zwane to explore strategies for fostering a culture that embraces entrepreneurship and supports intergenerational enterprise development.
Zwane outlined Absa’s support for entrepreneurship education at high school level as a strategy to tackle youth unemployment and promote a problem-solving mentality. “This paradigm shift investment will not only create jobs but also inspire people to pursue higher education,” he said.
Prof Mamabolo noted the need for inclusiveness in entrepreneurship and proper succession planning to transform enterprises into legacy enterprises. He also emphasised the importance of recognising informal entrepreneurs and exploring ways to reach out to them and where possible, integrate them into the wider entrepreneurial ecosystem.
Merrington and Phalane shared their views on mentorship and the tailored approach needed to support entrepreneurs at different stages of their business lifecycle. Merrington advocated creativity and adaptability as essential criteria for entrepreneurial success, while Phalane advised entrepreneurs to leverage social media and build compliance to attract sponsors and mentors.
The panel concluded with a discussion on the qualities that lead to successful entrepreneurship. Flexibility, curiosity and a willingness to embrace technology and change were identified as key traits for succeeding in the evolving entrepreneurial environment.
