In recent years, South Africa has seen a rise in female entrepreneurs who are breaking barriers and making significant shifts in various industries. According to research, female entrepreneurship is an upward trend that is shaping post-pandemic employment. These women are not only contributing to the country’s economy but are inspiring others to follow in their footsteps. Here are some valuable pieces of advice from women-led small businesses that can help aspiring female entrepreneurs navigate the entrepreneurial landscape and achieve success.
Educate yourself and gain the right skills.The journey of entrepreneurship can be challenging but success can be built by investing time in understanding the intricacies of running a business and trusting one’s instincts.
“Having access to digital tools that will help build core business skills such as financial literacy are significant factors in the success of woman-led small businesses. In fact, as per Xero’s 2023 State of Small Business Report, the two most significant factors that helped small businesses survive and grow in the past year were technology (41%) and their accountant (28%),” says Carla Thiele, Head of Marketing at Xero South Africa.
Embrace Resilience.
Owning a small business within the South African environment can often be a rollercoaster ride but resilience is key to overcoming challenges and setbacks. Mariaan de Kock, owner at Grit Accountants, a professional accounting firm situated in Pretoria East since 2009 knows this all too well.
“Our name, GRIT, represents what we believe and stand for – strong character, passion, perseverance, initiative, resilience, tenacity, and guts. All the characteristics that are essential for success as a female entrepreneur. What I learned very quickly is that things will get tough – but you need to have the grit to push through. Have the tenacity to not give up when you do not get your first paycheck,” says Mariaan de Kock, small business owner of Grit Accountants.
Surround yourself with the right people.
De Kock also advises that hiring the right people can make or break your business.
“At GRIT, we hire for attitude and train for skill. When the business started out, the influence on each other as a team played a major part in our journey. Having an energised, positive person beside you makes a huge difference, particularly in in the world we live in today,”
Connecting with experienced partners and mentors can also provide valuable fresh perspective and help you navigate obstacles you might encounter on your journey.
“Networking is a critical component of startup success. By building a solid network of contacts, entrepreneurs can connect with people that can inspire and help them along the way, which will assist you when things get tough,” adds de Kock.
Being mindful of mental health
Entrepreneurship can be demanding, but it’s important to maintain a healthy work life. Prioritise self-care, set boundaries, and make time for your personal life to prevent burnout.
“Mental health and wellbeing has emerged as a clear priority for small businesses, with 99% noting its importance in the business – a 5% increase from 2022. Over half (53%) respondents of our 2023 Xero State Small Business Report support wellbeing in the workplace by creating an open environment where everyone feels comfortable discussing and caring for their mental health,” adds Carla.
Tap into Technology
In today’s digital age, technology can significantly boost your business. According to Xero’s research, nearly three-quarters (74%) say the importance of technology has increased in their business, with 43% reporting that tech has enabled them to reach new customers.
Depo Ogunruku, Managing Director of Outsourced Finance is a digital accountant who works with small businesses in South Africa. She says that using a range of software and hardware solutions has helped her practice transform the finance function and empowered her team to unlock critical financial data for better decision-making.
“I am naturally drawn to technology and its capabilities. It is a passion that keeps me on my toes to learn, and see where the roadmap is going. I am constantly looking for the evolution of the Internet of Things (IoT),” says Ogunruku.
“My computer science lecturer in University said women struggled with his course because we cannot think singularly in coding, our permutation roadmap is broad, this actually became a trojan horse for me for the course, I later realised the broad permutation ability of how female brains are wired to multitask and process multiple permutations in split second, is the driving focus behind the technology like AI that is advancing in our world today. I believe that it is not tech that will impact the future of women in business, but women entrepreneurs that will impact the future of tech that will change business,” added Ogunruku.
Being mindful of mental health
Even in mastering multitasking, entrepreneurship can be demanding so it’s important to maintain a healthy work-life balance. Prioritise self-care, set boundaries, and make time for your personal life to prevent burnout.
“Mental health and wellbeing have emerged as a clear priority for small businesses, with 99% noting its importance in the business – a 5% increase from 2022. Over half (53%) support wellbeing in the workplace by creating an open environment where everyone feels comfortable discussing and caring for their mental health,” says Thiele.
The journey of a female entrepreneur in South Africa comes with its own set of challenges and opportunities. By leaning in on technology, continuously learning, and embracing resilience, female entrepreneurs can make a lasting impact on their industries and inspire others to follow suit – driving innovation and economic growth in the process.
