There is a need to support historically disadvantaged entrepreneurs in running successful businesses that will ultimately contribute to economic growth.

These are the sentiments of Danny Meyer, Director of SME Compete.

Meyer stresses that, while running a business is challenging, it is crucial that more individuals are encouraged to venture into entrepreneurship, as it aids in the development of the country's economy.

Meyer says many individuals opt for employment due to the perceived security this offers, but he stresses the importance of innovation in business, particularly in markets saturated with similar businesses.

He advised that hobbies can often be successfully transformed into business ventures.

He noted that transforming hobbies into business ventures often leads to successful enterprises.

Meyer underscored the role of SME Compete in assisting businesses in transitioning from informal to formal settings.

He stresses that encouraging entrepreneurs to stand out in competitive markets is essential for economic development.

The call to support historically disadvantaged entrepreneurs comes at a time when there is growing recognition of the potential impact of a diverse and inclusive entrepreneurial landscape on overall economic success.