Citing research on entrepreneurship by Monitor Group, experts gathered at the State of Entrepreneurship Summit in Johannesburg said South Africans need to address their culture and critical attitudes toward failure if they want to create a better environment for business risk-takers, the news website BUSINESSLIVE reported.

The summit participants cited Monitor research that describes four key archetypes for "ideal ecosystems for entrepreneurs."

In 2009, Monitor published a report, "Paths to Prosperity: Promoting Entrepreneurship in the 21st Century," a study that identifies key drivers for promoting entrepreneurship. Read more about the report here.