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This paper attempts to explain the major reasons for the low levels of entrepreneurship in South Africa. The paper challenges the commonly held notion that entrepreneurial success is correlated to educational achievement, even though entrepreneurship is heavily reliant on innovation processes. This paper uses the Global Entrepreneurship Monitor (GEM) study reports on South Africa as a reference framework for its theoretical analysis and raises issues related to ethnicity, education and innovation as possible factors for success. In addition, the paper reiterates that innovation need not be technical but also social and call on the government to enhance the entrepreneurial mindsets of its people.