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Factors Hindering Small, Medium, and Micro Enterprise Business Growth in South Africa
Abstract
Small, medium, and micro enterprises (SMMEs) are critical contributors to the gross domestic product (GDP) rise and the creation of employment opportunities. In South Africa, SMMEs receive funding for sustainability and job creation. The current SMMEs' contribution to the country's GDP and employment creation has, over the years, been on a decline. Therefore, the study aimed to explore the factors hindering SMME business growth. SMMEs experienced challenges of lack of financial assistance, lack of information, unavailable mentorship, unskilled administration, limited assessment within the various institutions, and access to financial support. Significant priority is placed on support institutions and government to create sector specific SMME assessment criterion instead of applying a blanket approach to all business sectors' support.
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