Authors : Thula Ralph Mkhwanazi, Arthur Mapanga and Elias Munapo
Abstract: The study focused on business mistakes and how these influenced future decision making of the successful entrepreneurs. The study gave particular attention to mistakes made by entrepreneurs interviewed as well as the available literature which also highlighted mistakes made by entrepreneurs and other related matters. Entrepreneurship is a tough field which requires an individual to be well versed and savvy on a number of different fields. Entrepreneurs are at the helm of their businesses and their decisions are final and binding. Insights into the entrepreneurial traits will be explored further. The research aims to address the issue of repetition of mistakes and non-sharing of lessons learned. The research aims to develop a good tool, knowledge base and theoretical sounding board to those who want to enter the business world. A mixed research approach was adopted and interviews were used as a research instrument for collecting data. The study was undertaken on entrepreneurs owning single and or multiple business within certain parts of KwaZulu-Natal. Education and business support were amongst clear findings from the study. As a recommendation, incorporating entrepreneurship into the school curriculum would not only enhance but also accelerate entrepreneurship in South Africa. Policies need to be explored and regulation needs to encourage as well as create a conducive environment for entrepreneurship are necessary.
Thula Ralph Mkhwanazi, Arthur Mapanga and Elias Munapo, 2017. Overcoming Entrepreneurial Demise: The Importance of Prior Mistakes. Pakistan Journal of Social Sciences, 14: 22-29.