Let’s raise a glass to SA’s women entrepreneurs

A few weeks ago, champagne brand Veuve Clicquot hosted a morning of interesting discussion and the sharing of bold ideas. The event was held at the Four Seasons Westcliff in Johannesburg and featured a range of interesting panellists from around the country. The aim was to inspire and embolden successive generations of audacious female leaders in SA.

In a survey it was found that 54% of South African women consider themselves entrepreneurs — the highest level of women entrepreneurship among 17 countries measured.

Ninety percent of South African women entrepreneurs believe that to succeed they need the support of a network of women entrepreneurs.

South African women remain resolute and bold in business: SA’s aspiring women entrepreneurs are facing the Covid crisis with increased determination and an eye towards the future.

Madame Clicquot’s story is one of boldness, creativity and entrepreneurial spirit. In 1805, at just 27, she took the reins of Veuve Clicquot after the death of her husband, at a time when women could neither work nor hold a bank account. Revered as one of the first businesswomen of modern times, Clicquot’s focus on new opportunities and willingness to take risks as she expanded her business to all four corners of the globe, set the stage for the brand’s support of women entrepreneurship to this day.

The maison unveiled its first International Women’s Entrepreneurship Barometer study in June 2019, with the aim of delivering clear insights around the state of female entrepreneurship, identifying common prejudices, mental and structural barriers to be overcome and, most importantly, driving public debate.

The meaning of work-life balance is very different for men and women. When you ask women about this they think of family and cooking. Men don’t necessarily think of these aspects.

—  Nomndeni Mdakhi

The Veuve Clicquot 2020 Barometer (second edition), conducted as the Covid crisis exerted pressure on global cultures and economies, updated the status of women entrepreneurs across the world and has provided the community with a rare tool: a true understanding of the state of female entrepreneurship. Led by chairperson Rapelang Rabana, the Bold Conversations by Veuve Clicquot experience — which took place with 50 live and 200 digital guests — saw passionate conversation as two panels of business leaders including Amanda Dambuza, Nthabi Taukobong and Mzamo Masito unpacked and debated the findings of this latest study.

The findings of the barometer shed a fascinating light on the state of entrepreneurship in SA..

The majority of women (82%) and men (87%) who aren’t currently entrepreneurs are interested in becoming one ... a trend that is rising. Women entrepreneurship has increased since the 2018 study by 11%, yet mostly in lower revenue sectors. Additionally, 12% more women and 9% more men aspire to entrepreneurship in a country with high levels of entrepreneurship already.

Dambuza, Nomndeni Mdakhi, Taukobong and Erik Kruger started the day’s proceedings with an enlivened discussion around two important and time-appropriate themes.

The first — overcoming barriers for women entrepreneurship — saw Rabana frame the discussion with three interesting statistics:

• Women increasingly choose entrepreneurship for financial reasons: 31% of women and 28% of men rate money as the top benefit of being an entrepreneur and it’s on the rise.

• Sixty percent of women feel that it is much harder for a woman than a man to balance work and family life as an entrepreneur (55% of men agree), as they face the age-old problem of balancing work with their other full-time job and caring for their family. Yet women entrepreneurs and wantrepreneurs are determined to achieve this balance.

• More than half of women (and only 32% of men) believe that it’s riskier for women to build a business, and believe that the risks of entrepreneurship outweigh the benefits, but start a business regardless.

These findings resonated with Dambuza. “I realised at the start of my entrepreneurial journey that I needed money to be able to change my ecosystem, to create more jobs, to empower other women and to be independent and that actually, it had been in my hands all that time to create something new.”

Madakhi added: “The meaning of work-life balance is different for men and women. When you ask women about this they think of family and cooking. Men don’t necessarily think of these aspects.

“One of the things we’ve done at Agenda Women is to do away with the word balance and use the word harmony and a strong focus on self-care. And in this way, I have fallen in love with my journey.”

The second theme, “leveraging opportunity in times of crisis”, saw discussion centred on further findings:

• Fifty-nine percent of women entrepreneurs report growing more confident in their business dealings, and 63% say they’re more professionally bold than before the Covid crisis.

• Caution and determination have increased among women entrepreneurs.

• In the long run, the pandemic has created a more cautious-yet-determined group of entrepreneurs who are optimistic about new opportunities. More than half of male and female entrepreneurs (57% respectively), have realised new opportunities created by the post-Covid recovery. More than this, entrepreneurship is a way of life for many South African women who have no other option if they wish to provide for their children — they’ll do whatever it takes, even if that means selling amadombolo on the side of the road, said Taukobong.

Leading business figures Dr Theo Mothoa-Frendo, Masito, Adriana Marais and Matsi Modise formed the second panel, with Rabana Rapelang opening the discussion around the concepts of networking and mentorship, with questions referring to some insightful statistics:

• Ninety percent of women and men agree mentorship is key for anyone who aspires to entrepreneurship. Wantrepreneurs (92%) and entrepreneurs (92%) confirm this belief.

• Ninety percent of women entrepreneurs agree that a network of other women entrepreneurs is essential for women who want to become entrepreneurs and have support throughout the process of building their business.

• The vast majority of entrepreneurs (of both sexes) are making the impact of the crisis on communication with their networks work in their favour, by employing digital and electronic communications methods. “I am in contact with my peers, colleagues, mentors and professional network more now than I ever was before, thanks to electronic communication methods”, say 70% of entrepreneurs  and 60% of wantrepreneurs.

While most women consider mentors to be an elite businessperson with whom they should share a formal relationship, the reality is that there are people with whom one is in contact daily — whether they are neighbours, family members, or fellow school moms — who may be able to shed light on the specific challenges one is experiencing.

“Help can also come from authors or global entrepreneurs who have shared their struggles. After all, with the wealth of information available online, it is more than likely that you will find information from someone who has gone through a similar battle,” said Mothoa-Frendo.

Masito added: “I learnt that every entrepreneur needs three people on their business journeys. An influential person of power who speaks about you and your business, a mentor who speaks to you about your business and someone who speaks to you within your business”.

To close the debate on the topic of the importance of resilience and the ability to adapt, Rapelang drew on three final statistics:

• Internationally, women are as professionally confident and resilient as men. Women’s professional confidence is equal to men’s, with only 18% believing they don’t deserve their professional situation.

• Though 55% of women entrepreneurs have overcome professional failures, few allow failure to dampen their enthusiasm for taking professional risks (only 29% of women entrepreneurs are deterred). All of this indicates that women accept failure as a part of the entrepreneurial journey.

• Women increasingly say they’re the ones in control of their professional destiny. Fewer report feeling undeserving of the professional situation, attribute their professional success to luck or feel unappreciated for their leadership skills.

Notably, what made the difference, suggested the panellists, were the realisations brought about by the pandemic, including that you cannot rely on anyone else to make your dreams and ambitions come true and remain resilient.

“After all, who besides yourself can be in charge of your own destiny?” Modise pointed out. Marias, meanwhile, observed that Africans have a natural resilience, accustomed as we are to finding solutions while operating in resource-constrained environments. This has helps to hone our spirit of innovation.

The 2020 Veuve Clicquot Women Barometer study was conducted in the US, UK, France, Belgium, Mexico, Japan, Canada, Australia, Germany, Switzerland, Italy, Spain, Nigeria, SA, Russia and Hong Kong between December 2020 and January 2021. Those who entered the survey were screened on age, gender and region (where applicable), with quota stops in place. Results were analysed by Market Probe International.