The main purpose of this research was to explore the challenges that business leaders are facing in an emerging market such as South Africa. A qualitative research approach was followed with semi–structured interviews conducted with five corporate leaders. The findings showed that challenges relating to emerging markets included rapid technological advancements, skills shortages and poor infrastructure. Local challenges that were identified included poor political leadership, trade union power and poor educational systems. The outcomes of this study can assist current business leaders in taking cognisance of global and local challenges affecting their business and assist them to take proactive measures to eliminate the adverse impact of a rapid changing business environment.