The paper "Business Competition and Regulation - New Growth Path Policy in South Africa" is a perfect example of a micro and macroeconomic case study. A small business refers to a business unit which is owned privately and also operated in a private manner. These types of businesses are characterized by their relatively small number of employees as compared to larger businesses and companies. The definition of small businesses varies from one country to another. This is normally based on the number of employees that these businesses have with most of them ranging from less than fifteen to even less than five hundred in other countries.
There are also other ways of defining businesses as small. These include parameters such as the annual turnover, the values attached to the assets that the businesses have and also their net profits. In today’ s world, it is estimated that these small businesses contribute majorly to the creation of job opportunities for people in individual countries. This is the same case in South Africa, where these small business ventures contribute greatly to the gross domestic product of the country.
Most people in that particular country are employed in this sector. This paper aims at exploring whether the new growth path and the industrial policy action together with the budget support the development of small businesses in South Africa. New Growth Path policy The new growth path policy is a policy that projects at the creation of jobs for the people of South Africa (OECD, 2011). The plan here was to empower the people of the country so as to encourage them to start up their own businesses and in the same instance get other people employed in these ventures (Lipczynski et al, 2009).
This was to be done through the creation of jobs and entrepreneurial enabling environments in all the sectors of the economy. An example was the creation of eighty thousand jobs in manufacturing and others in the construction industry. The jobs were also to be created in the operations sectors of the economy.
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