Youth Advance and King Price work together to support sustainable SMMEs

South Africa’s unemployment challenge has made entrepreneurship an increasingly important route into economic participation, particularly for young people. As context, the latest Quarterly Labour Force Survey from Stats SA puts unemployment among 15-34-year-olds at around 47%, almost twice the 23.8% recorded among 35-64-year-olds.

To help solve this challenge, Youth Advance, a national entrepreneurship programme for 18-35-year-olds, aims to create pathways into entrepreneurship, but at the same time recognises that starting a business and building one that can employ others are very different propositions.

Supported by King Price Insurance in partnership with Primestars, YouthStart Foundation and Seed Academy, Youth Advance focuses on building entrepreneurial capabilities, supporting sustainable enterprise development, and creating employment opportunities.

For Adele Beetge, Head of Training at King Price, this emphasis on capability is essential. “If we want entrepreneurship to become a genuine entry point into economic participation, we have to give people access to the skills that help them make informed decisions, solve problems, and keep learning as their businesses evolve.”

Survival is part of the opportunity

The need for this kind of support becomes clearer when considering how difficult it is for small businesses to survive. Research puts SMME failure within the first five to seven years at 70%.

There is no single explanation. Poor cash-flow management, limited business experience, weak planning, skills shortages, restricted market access and an often difficult operating environment can all undermine an otherwise promising enterprise.

This is why entrepreneurial support needs to address the mechanics of running a business, alongside nurturing the entrepreneurial mindset. Financial literacy, pricing and costing, planning, marketing, compliance, and understanding customers can determine whether an idea remains an idea or becomes a viable enterprise. Mentorship and practical exposure can be particularly valuable because many of the decisions entrepreneurs face only become apparent once they are operating in the real world.

“Entrepreneurs have to be able to understand the numbers behind their business, identify opportunities, respond when things change, and make decisions with confidence,” says Beetge. “These are skills that can be developed, and they become increasingly important as a business grows – and this is why we believe that what Youth Advance does really matters.”

King Price’s involvement builds on its relationship with Primestars, which began in 2025 through the Step Up 2 A Start Up Programme, focused on developing entrepreneurial skills among high school learners through theoretical and practical learning.

There is a natural progression between the two initiatives: Developing entrepreneurial capability early, and then supporting young adults as they apply those skills to building sustainable enterprises.

The potential impact extends well beyond the individual entrepreneur. A business that grows creates employment, supports households, buys from other businesses, and contributes to the economic activity of its community. Multiply this across thousands of sustainable SMMEs and entrepreneurship becomes part of the infrastructure needed to create a more resilient economy.

“The real opportunity is to help people build something that lasts,” says Beetge. “Because when an entrepreneur succeeds, the impact reaches far beyond their own livelihood. It can create careers, support families, and give other people the opportunity to participate in the economy too.”