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Small businesses can help South Africa fight unemployment if given the right support – study

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South Africa has an alarming unemployment rate of approximately 32.1%. Solutions were elusive. The unemployment rate stays stable high for several many years.

Our research focused on entrepreneurship. We examined the “liability of newness” related to small and medium-sized enterprises and entrepreneurship development normally. In particular, we checked out the differences between very latest small and medium-sized enterprises and people who have established themselves in the market. Our goal was to know vulnerabilities and what support was needed to make sure longevity.

In recent testwe examined the relationship between globalization – the integration and interconnectedness of economies, societies and cultures around the world – entrepreneurial development in South Africa and unemployment.

The interaction between these three entities is essential to informing what institutional support and policies have to be put in place to create jobs.

We found that globalization has a dual impact on business and entrepreneurial development. On the one hand, it helps existing enterprises create jobs and reduce unemployment. With the right support, globalization can help latest businesses grow into established, job-creating enterprises. This is finished by providing local entrepreneurs with latest opportunities corresponding to trade, technology transfer and access to latest markets.

On the other hand, globalization may weaken early-stage entrepreneurial activities. Local startups often struggle with global competition.

These findings show that established businesses can help reduce unemployment. However, latest corporations need the right environment if they’re to develop into recognized job creators. The latest business organization is in its early stages of development; a longtime company has a proven business model.

This has vital political implications.

Integration with the world economy

Globalization is a double-edged sword. It offers opportunities for prosperity, but in addition challenges.

On the positive side, developing countries have actively embraced globalization extraordinary improvements in the way of life and economic development. This is true for China and India after they adopted trade liberalization and other market-oriented reforms.

There are also higher income countries corresponding to Korea and Singapore, which were poor until the Nineteen Seventies. By integrating into the global economy, these countries:

However, it also exists convincing evidence that globalization can cause harm. Lower-income countries are particularly vulnerable. For example, multinational corporations may reduce the entrepreneurial prospects of local firms. Walmart’s entry into India for instance, the retail sector put enormous pressure on local retailers who fought against its competitive advantage. This shows that globalization have to be managed rigorously.

This is the crux of our study. It shows that if a rustic doesn’t put in place solid support systems for entrepreneurs, it’s going to have a negative impact on entrepreneurship. They need access to finance, simplified regulations, infrastructure, training programs, market access assistance and legal protection.

If these conditions will not be met, latest business organizations cannot get off the ground or make progress towards a greater position.

However, under the right conditions, globalization favors the transformation of recent enterprises into more established ones. An excellent environment that supports enterprises of their transformation enables local entrepreneurs to make the most of the opportunities created by globalization.

Next steps towards reducing unemployment

Our findings provide insight into how established businesses can help reduce unemployment and what must occur to enable them to be established. Strategies should due to this fact be developed to support their growth and sustainable development.

We recommend plenty of interventions, corresponding to ensuring:

  • Access to vital resources, corresponding to credit. For example, Germany has a robust economic system that supports entrepreneurs. Government programs corresponding to KfW Entrepreneur Loan and ERP Start Loan offer low-interest loans and guarantees for entrepreneurs.

  • Reliable infrastructure. This means ensuring that the vital physical and organizational structures can be found to support business activities. Examples are transport networks (roads, railways, ports), communication systems (web, telephone lines) and utilities (electricity, water supply).

  • Social protection and inclusive development. This includes skills development, microfinance initiatives and targeted tax incentives.

This article was originally published on : theconversation.com
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Business and Finance

Top-earning LIME Painting franchisee celebrates success and community –

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R.L. Hunnicutt, LIME Painting Oklahoma City Franchise


BLACK ENTERPRISES first mentioned by R.L. Hunnicutt in an October 2022 article “Oklahoma City’s only upscale painting franchise is Black-owned and committed to ‘leaving the door open’ for others to follow.” Two years later, Hunnicutt’s LIME painting The franchise continues to grow. This will be attributed to his understanding that a successful business is built on strong relationships and a real connection to the community. Through various community-focused initiatives, Hunnicut actively partners with local organizations, schools and non-profits to support urban development and enrichment projects.

Whether it’s revitalizing community centers, painting schools, or offering free services to underfunded local institutions, Hunnicutt ensures that his work contributes to the well-being of his neighbors. In addition to his hands-on projects, he is devoted to constructing lasting relationships along with his clients, providing exceptional service and maintaining an unwavering commitment to quality. Hunnicutt’s fame for reliability and excellence has made LIME Painting a trusted name within the OKC area, further strengthening his ties to the community.

In honor Junewe caught up with Hunnicutt and asked him to share his insights on how the meaning of the vacation manifests itself in his business.

BLACK ENTERPRISES: Juneteenth is a celebration of freedom, empowerment and community. How does your franchise promote and/or have fun these principles?

RL HUNNICUTT: I’m currently working with This is My Community Foundation, which is an initiative that helps underprivileged youth and adopted children and helps families stay together in northeast Oklahoma City. I check with local students about entrepreneurship and offer them internship opportunities with my company. I speak and mentor about 10-15 kids at college. The children are mostly minorities and come from economically disadvantaged backgrounds.

TO BE: Why is African American business ownership crucial to the American landscape?

HUNNICUTT: African American business ownership is central to the American landscape for quite a lot of reasons. First, it provides diversity to the economy, which helps generate revenue through unconventional and often neglected methods. The black dollar is robust in America and is over a trillion dollars. Then it creates freedom. When you run your individual business, you may dictate what you ought to do. You not must wait to your boss’s approval. Now you control your path. The sky is the limit and you will have the liberty to do what you ought to make a difference.

TO BE: What advice do you will have for young African-Americans about entrepreneurship?

HUNNICUTT: Put God first. Without Him nothing is feasible. Then be consistent and persistent. Finally, eliminate your plan B. If you will have something to fall back on, you will certainly do it. Make sure your corporation is all it’s worthwhile to focus and work on. If you haven’t got anything to fall back on, you will approach every day like a hunter intent on conquering all the pieces in your path!

Hunnicutt is considered one of the best-earning LIME Painting franchise members, showing which you can run a successful business while caring for your community and paying it forward.


This article was originally published on : www.blackenterprise.com
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Business and Finance

Reginald Lewis’ daughter opens Beatrice Advisors

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Christina Lewis, Reginald Lewis, Beatrice Advisors, Reginald Lewis


Daughter of a superstar Black financier Reginald Lewis followed in his father’s footsteps opening Beatrice Advisors to assist families like hers.

Christina Lewis opened an organization publicly on June 13 in New York. It is the primary multifamily office of its kind to be owned by a Black woman. Meredith Bowen, former partner at Seven Bridges Advisors, will function president and chief investment officer. With a few of their assets coming from the family business BFO21 and Lewis’ personal network, the band is pushing to maneuver away from the established order of occupying a particular area of interest.

Lewis’ goal is to spotlight the importance of getting a tax-efficient portfolio for the following generation of heirs, entrepreneurs and multiracial families like hers. He also desires to set a regular for having a solid team of investment managers, lawyers and accountants that clients can trust and never feel obliged to do.

“The next generation may be very uninformed, just like me and my whole family were when my dad died,” she said, recalling her father, who died when she was 12.

“He had all the intellectual capital around investing and financial access, and of course he never expected to die at 50.”

Her father was the one black person on Forbes’ list of the 400 richest Americans after appearing on the list in 1991 – with a net price of $340 million and an estimated net price of $400 million – which increased in 1992 that very same 12 months he was diagnosed with a terminal brain tumor and died in January 1993, aged just 50.

His estate was left to his wife Loida Lewis and daughters Christina and Leslie. Now, greater than 30 years later, she lives by the three mantras her father left her: do your homework and follow it, make a plan and follow it, and be good at your job.

Beatrice, apparently named after the landmark Beatrice acquisition, which was curated by Christina’s father and have become the primary Black-owned billion-dollar company, offers clients single-family offices and an progressive and technology-driven approach that encourages clients to tailor their investments to suit their individual goals. The current offer includes three key services: investment management, financial planning advice for clients and own investments.

However, Lewis doesn’t stop there and plans to expand his business over time.

Former vp and financial advisor at Shufro, Rose & CoMichael Hymes will function managing director and head of client advisory on the chief team. Bowen spoke highly of Lewis’s leadership she said she was excited to be a part of a “new level of autonomy”.

“Meeting customers where they are now and where they will be tomorrow, while giving them a new level of autonomy, makes Beatrice’s offering an exciting one,” Bowen said.

“Christina has demonstrated an exceptional ability to drive meaningful change, and I am excited to work with her and the team to build a truly differentiated set of solutions for our clients.”

The latest investment firm owner also serves as vp of the Reginald F. Lewis Foundation and is an executive producer of the upcoming biopic about her father’s life, named after his autobiography, “Why Should White Guys Have Fun?”


This article was originally published on : www.blackenterprise.com
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Business and Finance

4 ways to protect your credit during the holidays

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Black-Owned Credit-Building App, Michael Broughton


The holiday season is sort of here. But before you finalize your plans, stop and be certain that you are not practicing behaviors that might jeopardize your credit.

Falling into vacation mode – and the charging frenzy that comes with it – is what gets lots of us into trouble. Here are 4 ways to keep your credit in great shape during the holidays:

Don’t apply for retail credit cards

Getting 10% off your purchase really is not value it in the long term. Opening a brand new account could mean problems for your credit rating, as the length of your credit history accounts for 15% of your FICO rating. The older your credit age, the higher, because it shows you’ve a protracted history of credit management. Opening a brand new credit card account will lower your overall credit age and, subsequently, your rating. Applying for a loan also signifies that an inquiry can be processed on your report. Inquiries make up 10% of your FICO rating.

Be careful when shopping online

If you might be purchasing gifts online, remember to only visit sites you might be conversant in or have done business with in the past. Don’t share your credit card number with anyone.

Don’t overload

Be careful how much you spend. If at the end of the month you might be unable to repay the amount charged, reconsider your purchases. Overcharging your card will end in a rise in the amount due. Amounts owed are 30% of your FICO rating.

Don’t forget to pay your bills

It could appear obvious, but when traveling and visiting relatives, it is easy to forget to pay the bills. Set reminders on your calendar or automatic bill payments so you do not miss a payment and get a negative mark on your credit report. Your payment history accounts for 35% of your FICO rating.


This article was originally published on : www.blackenterprise.com
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