The sustainability of entrepreneurship for economic development in South Africa

Abstract

Previous studies indicate the adverse effect of the COVID-19 pandemic on entrepreneurship sustainability and socio-economic development. The emergence of the COVID-19 pandemic caused an economic crisis in global economies. This study acknowledged that entrepreneurship is a crucial component to consider in mitigating the aftereffects of the pandemic on economies and their recovery. The study examines the characteristics that encourage the survival of entrepreneurship in the COVID-19 pandemic environment and investigates the link between entrepreneurship and long-term development. The study evaluated the relevant literature to validate the correlations between the key variables to accomplish this goal. Given the setting of the Coronavirus pandemic, the study determines what the future of entrepreneurship will look like. The study is interested in knowing what path the entrepreneurs will choose regarding recovery. The method used to perform this study was a judgemental survey on the future trends in entrepreneurship. According to the findings, the top three positions are freelancing, internet and innovative entrepreneurship, and business globalisation, which will follow the trend in entrepreneurship. The practical implications of this research support entrepreneurs in their pursuit of new business trends.