Nora Dawud | CEO and Founder | Black Pen Recruitment and Immigration Specialists | mail me |
The recent economic reconstruction and recovery plan delivered by South African President Cyril Ramaphosa, emphasised the intention of Government to assist female-led businesses that have experienced hardships as a result of COVID-19.
Female-owned businesses have the ability to minimise the unemployment rate in the country, grow the economy and close the gender gap the country currently faces.
To do this, it is imperative that the barriers attributed to market entry and the challenges faced by female entrepreneurs, and those wanting to grow their businesses, be addressed.
The economic inclusion of women
Ramaphosa’s plan states that gender equality and the economic inclusion of women will be geared towards promoting greater participation across all economic levels, and will form part of transforming the patterns of asset ownership and income distribution in society.
This includes such mechanisms as the 40% set aside for women in public procurement, legal remedies to close the gender pay gap, female participation in key economic sectors, access to assets such as land, and female financial inclusion and empowerment.
This is crucial seeing that recent data from Harambee Youth Employment Accelerator reveals that as South Africa’s COVID-19 restrictions began to ease, more young women struggled to return to work than young men.
The insights indicate a drop in female employment from 23% to 18% during the lockdown in May, and while the male unemployment rate fell to 23% from 30%, it rose soon after, whilst the employment rate for females remained at 18%.
To tackle this, South African women should consider starting their own business, and in doing so, create their own employment which will lead to possible future job creation for others.
This is backed by the Global Entrepreneurship Monitor 2019/2020 report, which reveals the various reasons for men and women starting their own business, with 91% of women claiming to make a living while 87% said to make a difference.
I can personally attest to these findings as I started my business based on my lived experience and a passion to help people. I started as a one woman show and did everything myself.
Today, I am the CEO of a successful company. We are a diverse, innovative and 100% female-owned recruitment firm, which provides simplified and transparent recruitment solutions for start-ups and big corporates globally.
To accomplish this, I had to strive to advance my knowledge while continuing to grow my business, irrespective of the challenges I faced. I found that one of my biggest struggles was hiring talent, as I find attitude to be an important quality and one that is not apparent on a CV.
Today I am enabling talented people from all over the world to live their dream and to find a new sense of belonging in the countries we operate in. Once I discovered this power it opened a number of doors for me which has leant to my business now enjoying international status and recognition.
Advice to aspiring female entrepreneurs
When it comes to deciding on what business to start, it is key for aspiring entrepreneurs to choose a business model that they are passionate about. This will give them an edge above competitors and ensure the business is not based on a copy of an idea that made someone else successful.
For female-owned businesses to be best supported from the start-up phase, they must have access to networks, mentorship and the best talent when it is time to take their operations to the next level.
It is advisable to seek the professional services of a recruitment agency when hiring talent as the process can become far more expensive when considering the costs associated with the appointment of the wrong person and their impact on the business.
Luckily when it comes to financing the business, support structures are strengthening in South Africa, with recent statistics from local risk financier Business Partners stating that female-led businesses present a lower risk when it comes to funding.
We also have great support networks such as Future Females or Lionesses of Africa where female-led enterprises as well as ‘momtrepreneurs’ can network and make use of these great platforms to soundboard challenges and learn from each other.
However, it is important to note that there remains some stereotypical thinking about a woman’s ability to own and run a successful business.
In conclusion
Women bring different assets to the workplace which can assist in creating even more diversity in South Africa’s business arena, and offer a different type of emotional intelligence as well as an inherent ability to multitask, manage time well and take calculated risks.
Female entrepreneurs need to rise above the negative labels and believe in themselves and their abilities.
I look forward to seeing how the Government intends to assist the growth of female-led businesses in the country, and I strongly believe that given the right tools and mindset to start a business, female-led businesses will see a closing of the gender gaps, and will drive an inevitable resurgence in the South African economy.
