New insights are emerging about how small business owners in South Africa can draw valuable lessons from leading entrepreneurial ecosystems worldwide.
Insights from Xero highlight that while South African SMEs are known for their resilience, the next leap in growth will come from embracing digital transformation and global strategies already proven in markets like Australia, Singapore, and New Zealand.
“South African entrepreneurs have always shown incredible determination,” says Colin Timmis, Regional Director EMEA at Xero. “But as technology levels the playing field, the real advantage will come from connecting with global trends and applying those lessons locally. This is a moment to take a refreshed mindset, pair it with purpose and digital capability to unlock a new level of growth.”
These global insights cluster around three key themes:
Embracing digital tools to power the next phase of growth
In one of the world’s most digitally connected societies, Singapore’s small businesses are embracing technology to strengthen customer engagement, manage financial performance, and improve resilience. Xero’s research shows that 99% of Singaporean SMEs now view digital tools as essential, and 99% are comfortable in experimenting with and adopting new technologies.
“These tech-minded SMEs are demonstrating that digital confidence drives competitiveness, and it is a mindset that’s been built over years of consistent government support, with initiatives like the Productivity Solutions Grant laying the groundwork for digitalisation and helping businesses build lasting resilience,” adds Timmis.
Reframing success beyond hustle culture
Australia has seen a shift away from the traditional ‘hustle culture.’ According to Xero’s It’s Your Business Report, business owners there are increasingly focused on flexibility, wellbeing, and the smart use of digital tools. Three archetypes of SMEs in Australia emerged, and while 30% were defined as ‘ambitious achievers’, 47% were identified as ‘lifestyle entrepreneurs’. Prioritising their lifestyle and being their own boss are key characteristics for this group, and for these entrepreneurs, success is finding freedom and purpose, and spending time doing what they love.
“We’re seeing a trend emerge in how success is defined in Australia. It’s moving away from simply working longer hours and instead focusing on what matters most by reaping the benefits of digitisation,” says Timmis.
Purpose-driven ambition as the ultimate fuel
Insights from entrepreneurs around the world show that the key to navigating the highs and lows of growing a business is a deep-seated passion and purpose. This mindset is captured by New York City-based entrepreneur Josh Turner who founded Stand4Socks, a company that matches every pair sold with a pair donated to someone in need, building his purpose directly into his business model.
“Running my own business allows me the opportunity to take risks and course correct in real time. Sometimes those risks lead to flops, but other times, they’ve led to great success. The sense of freedom to build something your way is what keeps me going,” adds Turner.
Timmis sees this echoed strongly in local businesses: “South African entrepreneurs are no strangers to this approach. Many already embed community upliftment, inclusion and social impact into their business” adds Timmis.
“This is a powerful advantage. By ‘doubling down’ on that purpose-driven approach, entrepreneurs can tap into that same level of ambition. It’s the ‘why’ that carries you through the good days and the bad, and it’s what gives you the energy and clarity to take the business further, even in uncertain times.”
Redefining resilience back home
The blueprints for SME success are already being used in some of the world’s most dynamic markets. For South Africa, the opportunity now lies in adapting these lessons, fostering a culture of innovation, and writing the next chapter in the country’s entrepreneurial story.