An Evaluation of the Factors that Impact the Sustainability of Maritime SMMES in the Kwazulu-Natal Province
The general state of entrepreneurship reveals that despite the efforts of the South African government to stimulate entrepreneurship through a policy framework, many SMMEs remain unsustainable. SMMEs in the country continue to experience a high failure rate of almost 70% to 80% within the first 5 y...
| Main Authors: | , , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Research and Postgraduate Support Directorate
2023-03-01
|
| Series: | African Journal of Inter-Multidisciplinary Studies |
| Subjects: | |
| Online Access: | https://journals.dut.ac.za/index.php/ajims/article/view/1040 |
| _version_ | 1797859031480532992 |
|---|---|
| author | Bheka Zulu Tony Ngwenya Bonginkosi Zondi |
| author_facet | Bheka Zulu Tony Ngwenya Bonginkosi Zondi |
| author_sort | Bheka Zulu |
| collection | DOAJ |
| description |
The general state of entrepreneurship reveals that despite the efforts of the South African government to stimulate entrepreneurship through a policy framework, many SMMEs remain unsustainable. SMMEs in the country continue to experience a high failure rate of almost 70% to 80% within the first 5 years of operation. Policymaker’s have attempted to advance local economic development through various developmental models, as key economic development drivers, without success. Studies reveal that there is a misalignment in the various developmental instruments aimed at the development of the SMME sector and its reality. This study sought to explore challenges faced by SMMEs within the ocean economy in KZN province. This study was conducted with SMMEs in the ocean economy in the KZN province. Semi-structured qualitative interviews were conducted with 12 SMMEs participating in the ocean economy in the KZN province. Thematic analysis was used to analyse the data. The generated data from the research study showed that entrepreneurs are faced with various challenges which influence the organisation’s capacity to operate appropriately and sustainably. Understanding key challenges faced by entrepreneurs in the ocean economy in the province can help policymakers and entrepreneurs to navigate sustainable approaches to the sector’s development.
|
| first_indexed | 2024-04-09T21:22:54Z |
| format | Article |
| id | doaj.art-96d6ab9c158744009959ecfb45019f4c |
| institution | Directory Open Access Journal |
| issn | 2663-4597 2663-4589 |
| language | English |
| last_indexed | 2024-04-09T21:22:54Z |
| publishDate | 2023-03-01 |
| publisher | Research and Postgraduate Support Directorate |
| record_format | Article |
| series | African Journal of Inter-Multidisciplinary Studies |
| spelling | doaj.art-96d6ab9c158744009959ecfb45019f4c2023-03-28T04:36:00ZengResearch and Postgraduate Support DirectorateAfrican Journal of Inter-Multidisciplinary Studies2663-45972663-45892023-03-015110.51415/ajims.v5i1.1040 An Evaluation of the Factors that Impact the Sustainability of Maritime SMMES in the Kwazulu-Natal ProvinceBheka Zulu0Tony Ngwenya1Bonginkosi Zondi2University of KwaZulu-Natal, South AfricaUniversity of KwaZulu-Natal, South AfricaMangosuthu University of Technology, South Africa The general state of entrepreneurship reveals that despite the efforts of the South African government to stimulate entrepreneurship through a policy framework, many SMMEs remain unsustainable. SMMEs in the country continue to experience a high failure rate of almost 70% to 80% within the first 5 years of operation. Policymaker’s have attempted to advance local economic development through various developmental models, as key economic development drivers, without success. Studies reveal that there is a misalignment in the various developmental instruments aimed at the development of the SMME sector and its reality. This study sought to explore challenges faced by SMMEs within the ocean economy in KZN province. This study was conducted with SMMEs in the ocean economy in the KZN province. Semi-structured qualitative interviews were conducted with 12 SMMEs participating in the ocean economy in the KZN province. Thematic analysis was used to analyse the data. The generated data from the research study showed that entrepreneurs are faced with various challenges which influence the organisation’s capacity to operate appropriately and sustainably. Understanding key challenges faced by entrepreneurs in the ocean economy in the province can help policymakers and entrepreneurs to navigate sustainable approaches to the sector’s development. https://journals.dut.ac.za/index.php/ajims/article/view/1040ocean economymaritime economyentrepreneurshipSMMEsKZN |
| spellingShingle | Bheka Zulu Tony Ngwenya Bonginkosi Zondi An Evaluation of the Factors that Impact the Sustainability of Maritime SMMES in the Kwazulu-Natal Province African Journal of Inter-Multidisciplinary Studies ocean economy maritime economy entrepreneurship SMMEs KZN |
| title | An Evaluation of the Factors that Impact the Sustainability of Maritime SMMES in the Kwazulu-Natal Province |
| title_full | An Evaluation of the Factors that Impact the Sustainability of Maritime SMMES in the Kwazulu-Natal Province |
| title_fullStr | An Evaluation of the Factors that Impact the Sustainability of Maritime SMMES in the Kwazulu-Natal Province |
| title_full_unstemmed | An Evaluation of the Factors that Impact the Sustainability of Maritime SMMES in the Kwazulu-Natal Province |
| title_short | An Evaluation of the Factors that Impact the Sustainability of Maritime SMMES in the Kwazulu-Natal Province |
| title_sort | evaluation of the factors that impact the sustainability of maritime smmes in the kwazulu natal province |
| topic | ocean economy maritime economy entrepreneurship SMMEs KZN |
| url | https://journals.dut.ac.za/index.php/ajims/article/view/1040 |
| work_keys_str_mv | AT bhekazulu anevaluationofthefactorsthatimpactthesustainabilityofmaritimesmmesinthekwazulunatalprovince AT tonyngwenya anevaluationofthefactorsthatimpactthesustainabilityofmaritimesmmesinthekwazulunatalprovince AT bonginkosizondi anevaluationofthefactorsthatimpactthesustainabilityofmaritimesmmesinthekwazulunatalprovince AT bhekazulu evaluationofthefactorsthatimpactthesustainabilityofmaritimesmmesinthekwazulunatalprovince AT tonyngwenya evaluationofthefactorsthatimpactthesustainabilityofmaritimesmmesinthekwazulunatalprovince AT bonginkosizondi evaluationofthefactorsthatimpactthesustainabilityofmaritimesmmesinthekwazulunatalprovince |