Strengthening her network for women’s entrepreneurial success in SA

However, despite these achievements, our country is still falling on track when it comes to our entrepreneurship framework, dropping two levels from 2020 (ranking 54). This indicator is based on access to infrastructure and access to skilled workers. In addition to endless gender bias, women entrepreneurs face inevitable challenges such as high tax rates, burdensome trade barriers, and a rocky political environment.

As of 2020/21 Women’s Entrepreneurship ReportIn Africa, more than 50% of entrepreneurs are women, 70% of whom are from the informal sector and have limited access to financial services. So how do women business leaders decide to stay focused and build their companies even when the odds seem stacked against them? In an effort to help female entrepreneurs thrive in South Africa, a couple of empowering women share their insights on how to take action.

Build your network and knowledge

Only 17 percent of South African women aged 25-34 have attained tertiary education. According to the Organization for Economic Co-operation and Development (OECD), this is one of the lowest rates among African countries. Knowledge is power, especially for female business owners who lack formal education due to gendered career paths. If you’re looking to acquire advanced skills, organizations such as GetSmart and Cape Town University of Technology offer short courses in business management aimed at entrepreneurs in SA. Websites like Fincheck Academy and Sage Blog are also an option, providing invaluable financial and business education for entrepreneurs. Financial literacy is key for female entrepreneurs. It allows them to take control of their finances and make smart decisions about spending and cash flow. This is very important for small businesses, because it helps them increase their chances of survival.

Connecting and leveraging your female communities is especially important in your early stages of development. Building these strong networks not only leads to business growth, but also boosts self-confidence, something that female leaders often lack. according to Harvard Business ReviewWomen can benefit from taking a strategic approach to networking. The report also says that focusing on high-level centralization and connecting with people connected to multiple networks should be integral to your strategy. LinkedIn reiterates the need to get started on the network, with 14-38 percent of women globally less likely than men to have a strong network – large and diverse. Organizations like Future Females, a community-based learning experience for women and women building Africa, the Women in Technology Network, provide opportunities for women in South Africa to thrive in the business world.

“Entrepreneurship is a team sport – having a network of supportive peers, mentors, coaches and team members is critical to success. At Future Women, we approach networking like any other business – my co-founder, Serina, and I have monthly targets for the number of connections made and relationships built – online through LinkedIn or community groups or online through events or social circles. After all, people buy from people. Lauren Dallas, co-founder and CEO of Future Women.

Advances in technology help women-owned businesses

As for the digital gender gap, 60 percent of the world’s GDP is set to be digital by 2022, which alone proves how critical it is for female entrepreneurs to get on the digital bandwagon. Technology plays a vital role in ensuring that business growth is accessible. according to Harvard Business ReviewAccess to technology is not only a fuel for business growth, but also a key driver for accelerating global gender equality. The United Nations has echoed this idea by making it a key part of its technology innovation strategy for 2018-2021.

Women entrepreneurs around the world are using technology to get one step ahead – however, the missing piece of the puzzle is skill development. Action needs to be taken to significantly improve training and support for women-owned businesses in South Africa to access and use new technologies. The sad reality in sub-Saharan Africa is that most women entrepreneurs make ends meet and are often not in the formal business sector. These women operate mostly in the informal sector with very limited opportunities to increase their profits, and this is where technology plays a role.

“Womxn in business often play multiple roles in their lives, so they need structures that enable them to create efficient and effective work. Another added benefit of introducing technology into one’s business is the changing demographic of the consumer profile – as business owners, half of the consumer base is tech-savvy. We need to be valuable by fulfilling a path and fulfilling it in a way that differentiates you from your competition.Buhle Chasilane, founder of skin care line, Maria Grace Cares.

“Mobile phones and digital platforms are already benefiting women entrepreneurs: connecting them to markets, providing multilingual training and facilitating their collective activities.” According to the United Nations High Level Panel, if technology is effectively implemented, it will provide an opportunity for growth in this sector. Entrepreneurship empowers anyone, regardless of gender. For women in particular, it’s empowering to be flexible, to be able to take control of their business journey and pursue their other interests. The adoption of technology in Africa has made it easier for women to balance family responsibilities with their careers and developing their skills.

Another contributor to accelerating global gender equality in the business sector is addressing the underrepresentation of women in technology. We want more women designing products with female business owners in mind. Inclusive product design begins with ensuring that the teams building these products are diverse and truly understand the needs of the end user.

“Working in a diverse team and organization encourages diverse solutions to business problems, such as female entrepreneurs. It gives you access to a diverse group of individuals as well as greater creativity and broader skill sets, which ensures inclusion in the product development process,” said Anja Gregory, Product Manager at Peach Payments.

Access to finance

Business funding is perhaps the biggest hurdle for female entrepreneurs. For example, in In 2019, we saw less than 5% of VC funding for African startups going to companies with female founders. In sub-Saharan Africa, there is currently a $42 billion funding gap for women entrepreneurs, and it is estimated that closing the gender gap could result in a GDP of $316 billion by 2025. More women-oriented credit institutions.

Women entrepreneurs in South Africa generally have less assets than men, and this makes the loan process difficult as they lack collateral. Networks like Xena Connect enable women to access financial support tailored to their needs – in doing so, they unlock women’s economic potential. FundingHub is another platform of its kind, though it’s not just for women, but puts the power at the borrower’s end, allowing Shepreneurs to choose among offers from various lenders. According to Sage, women manage loans better than men, and when it comes to investing, women account for 27% of loan transactions, compared to 8% in men’s businesses.

“Historically, finance has been a male-dominated part of business, but today, business finance comparison platforms like FundingHub make access to finance more realistic for female entrepreneurs, saving time and money. FundingHub not only compares offers, but also narrows down all the different types of business finance in South Africa. Enterprises will ultimately find the best financing for their business needs. If female entrepreneurs can confidently navigate their business financing journey, it will put them in a better position to grow and grow their businesses.” Lara Du Plessis, Head of Product & Partnerships at FundingHub.

The South African government should take the necessary steps to provide better financial support, especially to women entrepreneurs. The NEF Women Empowerment Fund and the Isivande Women’s Fund are two such funds (focused on black women entrepreneurs) created with the help of the government and big banks. The fact that such formal financial structures are available to women can take their businesses from idea to success in no time. There is no denying that businesses run by women are just as profitable as those run by men. But what’s even more valuable is that these businesses are more likely to make a positive social impact.

“Many of our members have found the network incredibly useful for building much-needed relationships and seeking advice on how to market their business, grow their business and pitch their business to investors. It’s no surprise, though, that one of the most frequently asked questions is where to get funding for their business. Our information According to Kate Williams, News Product Manager, 5% of female entrepreneurs have received business funding from traditional financial institutions, with most business loans being rejected due to outdated and irrelevant scorecards or credit requirements.

If you can’t see it, you can’t be it.

Role models and mentors are critical for entrepreneurs, especially business owners where there aren’t as many female leaders. In the year The fact that there are only four female CEOs among the 40 companies listed on the JSE in 2021 is a matter of concern. Additionally, only 5% of listed companies have a female CEO. So how do we get more women into leadership roles, and how do more women become successful and successful entrepreneurs? Every bit of advice and guidance is important on your business journey, but role models you love can give you that extra boost of confidence to reach your goals. The phrase “You can’t be what you can’t see” resonates perfectly with the women in business narrative – budding entrepreneurs should be able to relate to women who have been through it and overcome similar challenges.

You need to start the conversation at an early age – young girls who want to be business owners and/or leaders need role models. They need to see that these success stories exist, so they can strive to become one themselves.” Taryn Augustatos, CFO, Finch Technologies.

Tips on how to stand out from your male counterparts, how to put together a new business plan that investors can’t resist, or simply how to get people to buy into your product – all important questions are better answered by people who walk the walk. The same way with yourself.

If women are to be equal players in the entrepreneurship game in South Africa, support needs to be facilitated by government, lenders, private companies and consultants. This support, coupled with energy and commitment to success, will be critical to increasing the number of successful women’s businesses.