Africa’s dire unemployment rates have encouraged Uganda’s youth to take initiative. The country boasts the highest percentage of youth entrepreneurs (aged between 18 and 34) – with 55.4% involved in nascent, new or established businesses, according to a study by the Global Entrepreneurship Monitor, released by colleges Babson and Baruch.
South Africa, on the other hand, recorded the continent’s lowest figure at just more than 12%. Worse still, in terms of total early-stage entrepreneurial activity, only 7% of working-age South Africans are starting or running new businesses.
The report found that while entrepreneurial activity in South Africa is quite low, it has increased marginally over the last decade. Last year, however, it dropped by 34%.
Business Tech reports that just one in 10 people who are latent entrepreneurs intend starting a business within the next three years, while fear of failure holds 25% back from setting up a business.
