16 July 2024
Women face significant barriers in the realm of entrepreneurship, including access to finance, networking opportunities, societal norms, and mentorship.
Securing funding and investment can be particularly challenging, limiting their ability to grow their businesses. Additionally, limited access to professional networks can hinder their business expansion and knowledge acquisition.
Societal norms and prevalent gender biases often discourage women from pursuing entrepreneurship, further compounding these issues. A lack of mentors and role models in their industries can impede women’s entrepreneurial growth, making it harder for them to navigate and succeed in their business ventures.
In a collaborative effort to bolster budding women entrepreneurs, the Sanlam Foundation is funding 30 women entrepreneurs as part of the Sanlam Foundation Enterprise and Supplier Development programme, with Black Umbrellas, a partner entity of Cyril Ramaphosa Foundation, as the implementing partner.
As part of this effort Sanlam Foundation and Black Umbrellas recently visited Moponi Auto Parts in Randburg, owned by Beauty Risenga, a participant in the support programme.
The site visit provided valuable feedback and practical advice on improving efficiency and expanding her services.
“By engaging directly with Beauty and her team, Black Umbrellas and the Sanlam Foundation were able to further tailor their support to her specific needs, fostering a collaborative environment where Beauty could express her challenges and aspirations openly,” says Raymond Matlala, Black Umbrellas Project Manager.
The visit also underscored five important benefits of fostering entrepreneurship in South Africa, particularly among women.
- Breaking Gender Barriers: Beauty’s success in a male-dominated industry serves as a beacon of empowerment, encouraging other women to pursue their entrepreneurial dreams regardless of societal norms.
- Economic Growth: Women entrepreneurs contribute significantly to economic development. Supporting them can lead to job creation, innovation, and a more inclusive economy.
- Diverse Perspectives: Women bring unique perspectives and problem-solving approaches to the business world, fostering diversity and creativity in the industry.
- Role Models: Successful women entrepreneurs like Beauty serve as role models, inspiring the next generation of women to explore entrepreneurship as a viable career path.
- Community Impact: Women often reinvest in their communities, leading to broader social and economic benefits. Supporting women entrepreneurs can thus have a multiplier effect on community development.
“The visit to Moponi Auto Parts exemplifies the critical need to support women entrepreneurs,” says Nozizwe Vundla, head of the Sanlam Foundation.
“By providing them with the necessary resources, guidance, and encouragement, we can help women like Beauty Risenga thrive in their ventures, breaking barriers and contributing to a more inclusive and prosperous economy. Supporting women entrepreneurs is not just a matter of equity but a strategic imperative for sustainable development for the Sanlam Group, which is why the Sanlam Foundation invests in such programmes.”
