How SA women entrepreneurs can thrive against the odds

South African women entrepreneurs can thrive if they are supported and financed to achieve the broader objective of fostering a more diverse and inclusive business environment.

It also aligns with the greater call for economic development in a country like South Africa, where small businesses are one of the strongest drivers of GDP growth.

“We have made great strides as a nation to create a more enabling environment for entrepreneurship that addresses gender-specific challenges, such as financial inclusion and access to finance, but there is still a lot of ground to cover,” says Megan Dedekind, area manager at SME financier, Business Partners Limited.

“As a private sector role player in the SME eco system, we remain committed to equipping women with the tools, finance and technical skills they need to succeed as businesspeople.”

Recent data collected for an academic study published by the University of Johannesburg found that almost half of women in developing countries, such as South Africa, see entrepreneurship as a gateway to a more prosperous future, compared to only 25% in developed nations.

This is encouraging, given the fact that women currently represent one third of growth-oriented business owners in the world, Dedekind says.

“Women are an integral part of the bigger picture of economic reform and as entrepreneurs they have the ability to start businesses that can address some of our most pressing issues, such as unemployment.”

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Entrepreneurship can lift people out of poverty

Entrepreneurship has the power to lift people out of poverty and as a country, we need to ensure that all women who see entrepreneurship as the means to support their families, create jobs and build wealth for themselves, receive financing and optimal support, she says.

Dr Millicent Motsepe, a client of Business Partners Limited and a qualified orthodontist who runs her own business and works as a part-time consultant at the University of Pretoria, says the business world is notoriously male dominated and assertiveness is the key to breaking through the glass ceiling and establishing yourself as a force to be reckoned with and an expert in your field.

After obtaining her Bachelor of Dental Surgery degree from Sefako Makgatho Health Sciences University (formerly MEDUNSA) in 2009, she went on to complete a master’s degree in orthodontics in 2016. She then founded MDM Orthodontics, a specialised orthodontic service business, now in its seventh year of operation.

Motsepe emphasises the importance of “finding your voice” as a woman business owner.

“Stand up for yourself and speak your mind. Breaking down the barriers to entry is not an easy task, but it is a necessary part of carving out a niche for yourself in the business world and developing the resilience you need to be successful in the South African environment.”

She says learning to lean on the support of others, is also a key part of being a successful entrepreneur.

“As women we have grown accustomed to being self-sufficient, but you cannot do everything on your own. The best you can do for your business is to ask for help when you need it.”

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Women entrepreneurs must reach out

Women entrepreneurs must reach out, ask questions and delegate.

“Build a foundation on the shoulders of your support network and use it as a stepping stone to achieve your goals.”

Motsepe also advises women entrepreneurs to develop healthy saving habits and invest in a robust financial plan.

“Build something that will see you through the turbulence of your formative years as a business owner. Make a concerted effort to service your debts and financial obligations.”

She adds that you must then be disciplined around your spending and put money aside that can tide you over when you are not paid a salary.

“While this may be difficult at first, being prudent will help you lay the groundwork for financial success in the long-term.”

After bootstrapping the launch of her business and relying on the contributions of family and friends, Motsepe enlisted the financial support of Business Partners Limited to grow her venture.

Through this business relationship, she gained access to a business loan, expert advice and guidance, as well as resources to assist her in navigating some of the unique challenges faced by local entrepreneurs.

“There is nothing more impactful than women sharing their lived experiences with other aspiring entrepreneurs who can relate to the unique challenges that women face. By supporting many more entrepreneurs like Motsepe, we hope to make a meaningful contribution towards building an inclusive business landscape that can contribute towards the economic prosperity of our country and compete on the global stage,” Dedekind says.