During the week of November 16 to 22, millions of people in 85 countries participated in over 25 000 events in support of Global Entrepreneurship Week, a time especially set aside to encourage people worldwide to celebrate the power of individuals with ideas to drive sustainable economic growth.

The Ewing Marion Kauffman Foundation, of Kansas City, in Missouri, US, together with Enterprise UK, began Global Entrepreneurship Week to underscore the importance of risk taking – both its success and, inevitably, sometimes its failure. Global Entrepreneurship Week connects young people everywhere through local, national and international activities designed to help them explore their potential as self-starters and innovators. Students, educa- tors, entrepreneurs, business leaders, employees, leaders of nonprofit organisations, government officials and people from all walks of life parti- cipate in a range of activities – from online to face to face and from large-scale competitions to intimate networking events.

The goal is, through this initiative, to inspire the next generation of entrepreneurs, and, in so doing, they will begin to acquire the knowledge, skills and networks needed to grow inno- vative, sustainable enterprises that have a positive impact on the lives of the entrepreneurs, their families and their communities. US Secre- tary of State Hillary Clinton endorsed Global Entrepreneurship Week, saying: “The Obama administration is dedicated to boosting entre- preneurism both in the US and in other countries where talent is widespread but opportunity often is not . . . . Global Entrepreneurship Week reflects a sense of collective responsibility to encourage young minds to pursue fresh ideas and unleash the full range of human potential.”

The US sees South Africa as a key partner in Africa and the entire world, and entrepreneurship is a critical part of that relationship. Through the South African International Business Linkages (SAIBL) programme, USAid provides technical assistance to enhance the competitiveness of historically disadvantaged small and medium-sized enterprises (SMEs) in the manufacturing, services and agricultural sectors and helps them to build commercial trade ties with larger, more established businesses in South Africa and around the world. This programme has created over 18 000 jobs and generated $1,7-billion in SME revenue over ten years.

During President Obama’s last visit to South Africa, as a US Senator from Illinois, he visited an award-winning South African entrepreneur’s factory near Soweto that partici- pated in the USAid SAIBL programme. Issy Penniken’s Petite Designs & Upholstery shop transformed from an apartheid-era family- owned garage business into an impressive operation that today employs 150 staff at his factories in two countries. Penniken explained: “I wouldn’t have been here if it was not for USAid. USAid did not give me cash – it gave me much more: mentors and technical experts, who taught me how to run my business effectively.”

Through programmes such as the SAIBL programme, the US is committed to expanding the capacity of South Africans to start businesses. In South Africa, the US embassy also regularly sponsors workshops on entrepreneurialism, small and medium-sized business management and financial planning for businesses, in conjunction with universities and business organisations. Over 500 people attended US embassy-organised workshops in the last year.

Wise political leaders and economic managers understand the value of supporting entrepreneurship. Start-ups provide opportunities for entrepreneurs and their families, employees and business partners. Frequently, the ones taking advantage of these new opportunities are women and others traditionally outside the economic mainstream of their countries. Entrepreneurs often have strong ties to their communities and make civic contributions like promoting educa- tion, supporting charitable organisations, upgrading local infrastructure, supporting environmental protection or encouraging respon- sible stewardship of natural resources.

Cultures that encourage entrepreneurship also have in place government policies, business practices and financial markets that create an environment favourable to business deve- lopment. Even the most daring risk takers need confidence that the merit of their ideas and effort will determine the profitability of their products and services.

Failure can be valuable when it serves as a learning experience, but it is unacceptable when it results from political favouritism, onerous regulation or corrupt and arbitrary application of laws. Indeed, the ideal environment for innovation is one in which people have the freedom to take risks, which lets the market make its judgment and gives business owners the chance to learn from mistakes and start again.

Globally, as we apply the lessons learned from the economic downturn and restart the engines of growth, we will need to turn to the entrepreneurs in our societies and unleash the potential created by their own experiences with both suc- cess and failure. Global Entrepreneurship Week gives us the chance to assess where we are and tomove ahead and turn this potential into reality.