In a world where gender equality remains a major challenge, South Africa is celebrating the remarkable rise of women entrepreneurs in its dynamic business ecosystem and emerging as a trailblazer for progress.
Our country is one of only 12 countries where women's entrepreneurial activity is increasing year on year, and in 2021 it was reported that: 11.1% Number of working-age women engaged in early-stage entrepreneurial activity.
The rise of female entrepreneurship means more women are breaking barriers, breaking stereotypes and paving the way for other aspiring women business owners.
Although 21% of the formal small business sector is owned by women, these women still face considerable obstacles. With the help of female small business experts, we set out to help women succeed as entrepreneurs.
Establishment of a complete support system
Women all over the world are in between 14 – 38% They are less likely than men to have large, diverse, and strong networks. A strong support system is essential to the success of any entrepreneur, and this is especially true for women entrepreneurs who regularly face challenges. Networking and mentorship can not only provide valuable insight and guidance, but also lead to your next big business deal.
There are several valuable networking events and communities focused on all things women in business. These include Xena, Future Females, and Innovation City: Digital Divas. By stepping out of your comfort zone and putting yourself and your business outside, you can connect with like-minded individuals, potential partners, and investors. If you don't live in a big city, look for online girlfriend networking platforms where you can ask questions and build your own girlfriend circle.
“Ultimately, it should start at home and you should seek entrepreneurial guidance from your parents and family friends. Then move on to your social circle. Women talk more about business and money with their girlfriends This is not being done nearly enough. Then networks like Xena provide a safe place to meet tens of thousands of women who are also on your entrepreneurial journey and who can support you. Join us,” said Cate Williams, Head of Product at Xena World.
Equally important is finding a mentor. Your mentor can be a woman in the same industry as you or an influential woman you want advice from. The woman aspires to uplift other women in the business world, and her mentors help her navigate her entrepreneurial journey by sharing her own experiences.
Master financial management
Funding is the lifeblood of any business, and access to capital is often a major barrier for women entrepreneurs in South Africa. Historically, women have been limited in accessing the funds they need due to gender bias and a lack of adequate credit history.
In 2021, the global women's funding gap reached $260 billion to $320 billion. New financing models and women-centered institutions are essential, and South African organizations and lenders are taking action. There are a number of government and private initiatives aimed at empowering women-owned businesses.
Initiatives include the Inabris Acceleration Fund for local small and medium-sized enterprises, the Business Partners Women's Fund, which offers investments between R500,000 and R50 million, the National Empowerment Fund for black women-owned businesses, and Affordable Loans for Empowerment. Includes the Ishibande Women's Fund, which provides. “Women have the ability to take charge of the financing process themselves, especially if they have a strong business model.
Marketplace platforms like FundingHub allow entrepreneurs to compare multiple financing offers and find the best option for their needs. ” said Ashleigh Butterworth, her manager of marketing at FundingHub.
Success in business as a female entrepreneur also includes knowing how to manage cash flow, create a proper budget, and set achievable goals. Talya Plaatjies, founder of Fashionally Financial, said:
Literally write them down and remind yourself every day. He doesn't need to earn R100,000 in the first year of business. It can be as simple as attending a networking event and connecting with two girlfriends who are in the position you want to be in five years. Personally, I still follow the SMART rule when setting goals that are specific, measurable, achievable, realistic, and time-bound. ”
Embrace innovation and adaptability
In South Africa's fast-paced and ever-changing business environment, innovation, technology and adaptability are key to staying ahead of the curve, especially for women entrepreneurs.
For women business owners in particular, technology not only gives businesses a competitive edge, but also breaks down gender bias by offering flexible work arrangements, facilitating virtual networking opportunities, and expanding the variety of roles women often experience. and respond to responsibility.
Women are 87% more likely to embrace product innovation, which shows that not only is it essential, but that women have an innate ability to innovate. Innovation begins by identifying pain points and unmet needs and developing creative solutions. Innovation does not necessarily mean breakthrough inventions. It also involves finding unique ways to deliver existing products and services more efficiently, as well as creative marketing strategies.
“For me, innovation and adaptability came from curiosity and being present. Putting yourself in different situations increases your level of awareness and makes you aware of the next steps you need to take and the steps you need to solve. I was able to bring it out.
Combined with awareness is genuine curiosity. Being genuinely curious about things has opened up opportunities, perspectives, and questions that would not have been open to me without challenging the norm. “According to Buhle Tsasilanye, founder of the skin care line Maria Grace Cares.
Adaptability is equally important in dynamic market environments. Stay agile and be prepared to pivot if necessary. Market demands and customer preferences can change, and being flexible allows you to respond to new challenges and opportunities.
By gaining knowledge, building strong networks and continuing to leverage innovation, women entrepreneurs can continue to drive positive change and shape the future of entrepreneurship in South Africa.
