CONSEQUENCES OF FAILURE AND CHALLENGES OF SMALL BUSINESS IN SOUTH AFRICA: A THEORETICAL REVIEW

Abstract

In most nations, small businesses are viewed as vital to economic advancement. These smaller businesses can take advantage of environmental opportunities more effectively than huge corporations since they are more adaptable. Nevertheless, in the course of their activity, they also face numerous challenges. The study aimed to look at the challenges faced by Small businesses in South Africa and the consequences of small business failure within the country. The study also made recommendations on how to sustain these small businesses. This paper was written by employing a descriptive literature review. The descriptive literature review approach is an organised process that seeks out, collects, and evaluates published works in a specific area to identify any discernible patterns or trends. Every SME failure situation ought to be reviewed as a unique case and treated on its merit. Consequently, the success of small businesses would be found in the reverse of these elements, namely, entrepreneur capacity, enterprise competitiveness, and environmental conduciveness.