Developing Small Businesses within the Cultural industries
as a strategy for reducing youth unemployment
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Small businesses are vital for the well-being of an economy and the livelihoods of the citizens of a country. The nation of South Africa is currently faced with three main economic challenges namely, poverty, income inequality, and unemployment (Centre for Development and Enterprise and Parliament of South Africa, 2017). The purpose of this study is to design a model to support small businesses owned by youth in cultural industries which include drama (theatre), arts, crafts, music, manufacturing of beads, and design of traditional apparel and painting to reduce unemployment. The researcher ut...
Small businesses are vital for the well-being of an economy and the livelihoods of the citizens of a country. The nation of South Africa is currently faced with three main economic challenges namely, poverty, income inequality, and unemployment (Centre for Development and Enterprise and Parliament of South Africa, 2017). The purpose of this study is to design a model to support small businesses owned by youth in cultural industries which include drama (theatre), arts, crafts, music, manufacturing of beads, and design of traditional apparel and painting to reduce unemployment. The researcher utilized a quantitative research method with an econometric regression. Secondary data was sourced from Statistics South Africa, the South African Reserve Bank, Quantec, and the Department of Higher Education and Training websites. The dependent variable Employment in Arts and Culture (EmpArt) was regressed in EViews 8 econometric regression software against the independent variables Gross Domestic Product (GDP), Tourist Arrivals (Tourists), and Youth Unemployment (Yup). The results of the econometric regression model show that Gross Domestic Product and Tourist arrivals are significant.
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