In today’s rapidly evolving business landscape, celebrating women in business is more important than ever. Women-owned enterprises are not only breaking barriers and shattering glass ceilings but also contributing significantly to economic growth, community development, and innovation. As a founder myself and having the privilege of having access to two phenomenal networks being the EY Winning Women Network as seen in our featured image on this blog and The African Women’s Entrepreneurship Network, I have seen first hand the grit and tenacity shown by women entrepreneurs. Here’s a closer look at why recognising and supporting women in business matters and the profound impact these enterprises have.
DRIVING ECONOMIC GROWTH
Women-owned businesses are a powerful engine for economic growth, especially in Africa. In South Africa, women entrepreneurs are increasingly becoming key players in the economy, creating jobs and contributing to GDP. Across the continent, the impact is profound. For instance, Rwanda stands out with its majority female parliament, demonstrating a commitment to gender equality that translates into robust support for women in business. This progressive stance has helped foster an environment where women entrepreneurs can thrive, significantly boosting economic activity. According to the International Finance Corporation, women entrepreneurs are responsible for creating millions of jobs worldwide, and their impact in Africa is particularly noteworthy. By promoting gender equality in entrepreneurship, we can unlock substantial economic potential and drive inclusive growth across the continent.
According to the Mastercard Index of Women Entrepreneurs 2020, women account for 21.9% of business owners in South Africa and a report by South Africa’s Small Enterprise Development Agency (SEDA) highlights that small, medium, and micro enterprises (SMMEs) owned by women contribute significantly to job creation, with women-led SMMEs representing around 40% of all SMMEs in the country.
During a visit to Rwanda in 2018 I learned that Rwanda boasts the highest percentage of women in parliament globally, with women holding 61.3% of the seats as of 2020. This political representation has translated into stronger support for women’s economic initiatives. The Global Entrepreneurship Monitor (GEM) reports that Rwanda has one of the highest rates of female entrepreneurship in the world, with women making up 54% of the entrepreneurial activity in the country.
The World Bank reports that women in Africa are twice as likely to start a business as women elsewhere in the world. The African Development Bank (AfDB) notes that increasing women’s economic participation could add $316 billion to Africa’s GDP by 2025.
FOSTERING INNOVATION AND DIVERSITY
Diversity in business leads to innovation, and women bring unique perspectives and experiences to the entrepreneurial landscape. Women also have a deep compassion for the people within the organization. Women in leadership roles are able to foster a supportive and inclusive workplace culture, nurturing collaboration and driving both individual and organizational success. Women-owned enterprises often explore untapped markets and introduce innovative products and services that cater to diverse consumer needs. This diversity not only fosters creativity but also enhances problem-solving and decision-making within organizations.
EMPOWERING COMMUNITIES
Joyce Banda said: “Empower a Woman, Empower a Nation” Women entrepreneurs play a crucial role in community development. They are more likely to reinvest their earnings into their families and communities, leading to improved education, healthcare, and overall quality of life. By supporting women in business, we are empowering entire communities and fostering a cycle of positive change.
A perfect example of this in South Africa is The Clothing Bank now known as Taking care of business, founded by Tracey Chambers and Tracey Gilmore, The Clothing Bank is a South African initiative that empowers unemployed women by teaching them entrepreneurial skills. The organization collects excess stock from retailers, which women then sell in their communities. This program not only provides a sustainable income for the participants but also helps uplift their families and communities, contributing to improved educational opportunities and economic stability.
PROMOTING GENDER EQUALITY
Celebrating women in business is a step towards achieving gender equality. Despite significant progress, women still face numerous challenges in the business world, including access to funding, mentorship, and networking opportunities. Highlighting and supporting women-owned enterprises helps to level the playing field and encourages more women to pursue entrepreneurial ventures. By breaking biases, we are able to help women see their own potential to take these steps to build successful businesses. By breaking down stereotypes and challenging traditional gender roles. It sends a powerful message that women are equally capable of leading successful enterprises and making significant contributions to the economy and society. This shift in perception is essential for building a more inclusive and diverse business environment. We see this at Sheer Bliss with something as simple as therapists getting their driver’s licenses, many women have been raised in communities that still speak to the narrative that women “can’t” and as a business, we are committed to helping these women see their potential and unleash their fear to empower themselves.
CREATING ROLE MODELS AND MENTORS
Successful women entrepreneurs serve as role models and mentors for the next generation. Their stories of resilience, innovation, and success inspire young women to dream big and pursue their business aspirations. Mentorship from experienced women in business can provide invaluable guidance and support, helping emerging entrepreneurs navigate the challenges of starting and growing a business.
CONTRIBUTING TO SUSTAINABLE DEVELOPMENT
Women-owned businesses often prioritize sustainability and social responsibility. Many women entrepreneurs are at the forefront of developing environmentally friendly products, implementing ethical business practices, and advocating for social causes. By supporting these enterprises, we are contributing to a more sustainable and equitable world.
Recognizing and supporting women in business is not just about gender equality; it’s about harnessing the full potential of our society. Women-owned enterprises are vital to economic growth, innovation, community empowerment, and sustainable development. By supporting and promoting these businesses, we can create a more inclusive, diverse, and prosperous future for all.
As we celebrate Women’s Month, let’s continue to champion the achievements of women entrepreneurs and work towards a world where their contributions are recognised, valued, and supported. Together, we can build a stronger and more equitable business landscape.
