Failure is basically being encouraged in Silicon Valley. The old-time favourite “failure is the greatest teacher” saying seems like their daily bread and butter. In South Africa on the other hand, there is a general fear of failure when it comes to risk-taking that makes the process much more intense, where the crazy ones are more likely to survive. With good reason, of course.
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Hard truths
Five out of seven small businesses started in South Africa will fold in the first year. At least that’s according to South Africa’s Minister of Trade and Industry Rob Davies, cited in an article by Sowetan Live. These figures stack up against a global average of every one out of two small businesses.
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