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Build Hope: Empower South African Entrepreneurs

by The Hope Factory
Build Hope: Empower South African Entrepreneurs
Build Hope: Empower South African Entrepreneurs
Build Hope: Empower South African Entrepreneurs
Build Hope: Empower South African Entrepreneurs
Build Hope: Empower South African Entrepreneurs
Build Hope: Empower South African Entrepreneurs
Build Hope: Empower South African Entrepreneurs
Build Hope: Empower South African Entrepreneurs

Summary

South Africa has one of the highest gaps between the rich and the poor in the world. Over 10 Million people live below the international poverty line, the majority falling within the Black population. This is exacerbated by a high unemployment rate of 36.3% (8.9 Million people), StatsSA. The Hope Factory plays an active role in transformation through ensuring the sustainability of small black businesses. We build economic hope through personal, financial and business development.

$150
total raised
5
donors
0
monthly donors
3
years

Challenge

One of the key ways to rectify inequality and poverty issues within South Africa is to address the high unemployment rate. Entrepreneurial Development, with the aim of creating sustainable small businesses, is a solution to addressing some of the country's socio-economic challenges. However, 71% of small businesses in South Africa fail within their first year of operation due to a lack of support and skills.

Solution

Statistics show that 70% of businesses that are mentored are more likely to succeed than those without support. The Hope Factory therefore provides entrepreneurs with access to experienced business mentors and financial and industry experts who address key entrepreneurial challenges. A comprehensive business analysis is conducted with each entrepreneur, followed by a personal and business development plan, including goals and tasks that are monitored with the business mentor.

Long-Term Impact

Research has shown that every entrepreneur has the potential to positively impact the lives of seven people within their immediate community. With more individuals starting and succeeding in their own businesses, the South African economy has the potential to grow as it provides opportunities for those who are currently unemployed to become economically active. Creating sustainable small businesses therefore addresses some of the country's greatest socio-economic challenges.

Additional Documentation

This project has provided additional documentation in a PDF file (projdoc.pdf).

Resources

http:/​/​www.thehopefactory.co.za
Gearing for Growth Entrepreneur Directory
2015 Year End Report
A good news story of one of our entrepreneurs
The Hope Factory Twitter Page

Organization Information

The Hope Factory

Location: Johannesburg - South Africa
Website:
Facebook: Facebook Page
Twitter: @HopeFactorySA
The Hope Factory
Margaret McWalter
Project Leader:
Margaret McWalter
Johannesburg, Gauteng South Africa

Retired Project!

This project is no longer accepting donations.
 

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