Enterprise development is defined as the act of investing time and capital in helping people establish, expand or improve businesses. Enterprise development helps people to earn a living; it helps them out of poverty; and it leads to long-term economic growth for themselves, their families and their communities.
Not only is enterprise development one of the elements of BBBEE, it is also accepted at a global level as an effective way to combat poverty.
The objective of enterprise development is to create sustainable businesses which grow and lead to job creation, which in turn contributes to economic growth. Enterprise development in South Africa will allow for the growth of more businesses that can provide those entering the job market with opportunities, and will ensure that the provision of these opportunities is sustainable. ED programmes should be aimed at transferring skills and wealth, and to leading to sustainable growth. For this reason, ED initiatives must be carefully thought out, and strategically approached.
Read more in University on Stellenbosch Business school - Thought Thursdays