Women also often shoulder the majority of the household responsibilities. In addition to the unwillingness of banks to give them credit, women have the added challenge of negative socio-cultural attitudes and limited access to business and development services. The corporate space in South Africa is largely dominated by men, so women simply have fewer advantages.
#Smashing four best challenge deck 2021 how to
Know all the facts and figures and focus on the finances when pitchingĭownload your free copy of how to pitch investment as a small business 2.There are a few things you can do to overcome this: Women tend to be less comfortable when pitching, and this can make their pitches less compelling. Research suggests that men are more confident in their pitching techniques than women. It’s structures like these that will move women from dreaming of a business to smashing it. Government has begun to acknowledge the importance of female entrepreneurs, and is giving them financial support along with private enterprises. Yet studies show that women manage credit better than men, and when invested in, women achieve a 27% credit turnover, compared to 8% in businesses run by men.
Many women in South Africa also don’t own property, so they have no collateral in the loan application process.
With less access to capital and fewer assets than men, getting a loan to start a business can be difficult. This is, historically, the largest barrier to entry for women. Let’s take a closer look at the top 4 challenges faced by female entrepreneurs in South Africa, and the advice you can follow to navigate through these challenges. We all know that SMEs are vital in creating a stronger economy and reducing unemployment, so it’s more important than ever that women are supported in starting their own businesses. While funding and access to loans is slowly improving for women, it’ll be a long time before these practical developments change the messaging that women have heard for decades, which is that they simply weren’t welcome at the table. Nkhensani Nkosi created Stoned Cherrie, one of the country’s most successful fashion brands.Īrlene Mulder, owner of WeThinkCode and ToyBox, is a recipient of the Forbes Woman Africa Technology and Innovation Award.īoitumelo Ntsoane founded AfrilinkHealthcare, a small medical centre that helps the Tshwane Department of Health conduct health campaigns in schools. Vuyolwethu Dubese founded InnovTel, a learning platform that offers free or affordable knowledge-sharing experiences to help entrepreneurs and students build impactful businesses. Yes, there are women owning it all over the country. More than half of our population is female but MIWE found that women make up only 19.4% of business owners, making us 45 th in the world when it comes to female-run companies. While this is good news for the continent, in South Africa, it seems that women are still in the minority when it comes to running businesses. The World Bank put Africa at the top of the list when it came to the growth rate of female entrepreneurs worldwide in 2019. All things being equal, the end of the pandemic should see entrepreneurs reaching new levels of success.Īccording to the South African results of the latest Mastercard Index of Women Entrepreneurs Index (MIWE), as women try and move forward to overcome gender biases, the pandemic worsened social and cultural obstacles, taking them a few steps back. We’re already seeing signs of recovery in the entrepreneurial space. Their passion means they take control and own their futures like the bosses that they are. Considering the impact of COVID-19 on small businesses in South Africa, 2021 may not seem like the year for entrepreneurship.īut it’s in environments of rapid change and uncertainty that entrepreneurs have been known to thrive.
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