An Overview of the State of Women’s Entrepreneurship in South Africa – iAfrica

As part of Veuve Clicquot’s ongoing commitment to support and celebrate women in business, the Maison has created the Bold International Barometer in 2019 to shed light and provide insight into the progress of women’s business . Now on its 3rd^rd During the year, Barometer continues to lead the debate on women and their presence in business, providing a deep dive into the issues of female entrepreneurs in South Africa.

In 2023, more than 49,000 women and men from 25 countries were surveyed. Encouragingly, South Africa’s data results speak to a strong female-led industry. The survey, which was based on the Internet, asked respondents to give their opinion on several statements related to the limitations of being a business owner and entrepreneur. From a global perspective, this study suggests that the rate of female entrepreneurship has decreased and is decreasing in some countries. In some cases, this is due to both – such as ongoing political problems – and internal reasons, such as a healthy work-life balance.

However, this is not the case in South Africa, where data suggests a strong environment for women, driven by an infectious desire among them to become entrepreneurs. Amanda Dambuza, Founder and CEO of Uyandiswa and 2017 winner of the International Entrepreneur Award by Veuve Clicquot says, “I am forever impressed by the spirit of South African women entrepreneurs. Despite the many problems they face, they get up and go back to ‘bringing the bacon’. Next to Nigeria, we stand above the rest with a high number of self-proclaimed women entrepreneurs. ”

In short, women’s business in South Africa is thriving. South Africa proved to be one of the world’s leaders in female entrepreneurship where, currently, 61% of women call themselves entrepreneurs (especially between the ages of 20 and 29). According to the survey, they tend to be better educated and have higher incomes than their male counterparts. Yet they tend to focus on low-income sectors such as beauty, food, retail and fashion, while men dominate technology. However, in industries such as transportation, finance and real estate, there is relatively equal representation, suggesting that there may be an opportunity for more women to succeed in these fields, if they want to exchange.

WHAT HELPS WOMEN BECOME BUSINESSMEN?

According to the data, 39% of female respondents said ‘being your own boss’ is the biggest driver of becoming an entrepreneur. Despite this, the majority of women and half of men believe that it is more difficult for women to become entrepreneurs. Furthermore, many women believe that getting business finance is easier for men, a view that is consistent with previous years. “[This] finding out is very emotional,” says Morongwe Mokone, 2024 Bold Woman Award by Veuve Clicquot winner and Co-Founder of Mo’s Crib. “It highlights the persistent gender and structural barriers that women face.” He goes on to suggest that there is a need for strong role models among respondents, and the majority of women and men agree on their importance. “[This] it highlights the need for visibility and representation of women,” Morongwe adds. 72% of South African businesswomen want to name successful women they admire, which is higher than the global average. Refilwe Sebothoma, winner of the 2024 Bold Future Award and Founder of Hakem Energies adds, “It is still our responsibility to continue to pave the way for those who come after us. In this way, success does not become an abstract concept but a reality that can be achieved by other women entrepreneurs.”

However, as bright as some of these statistics may be, women still face challenges that their male counterparts often do not. In addition to the difficulties of obtaining funding, women also have to deal with balancing work and family, and 63% of women and 56% of men believe that this is difficult for female entrepreneurs. Furthermore, since a conversation about working women cannot take place without talking about their families, half of the women respondents believe that women’s business destroys family life, compared to only 25% who feel like it’s a man’s business. Amanda says: “Women must know without a doubt that despite cultural and family pressures, they deserve to pursue their dreams of owning a business. In addition, two out of three women say that managing a business with family life is more difficult for women, and almost half say that working full time affects family life. This shows that although business is thriving among women in South Africa, there is still a lot of work to be done to support women entering the business, as well as helping them stay there. Morongwe says: “It is encouraging to see the growth and stability of women in this profession despite the economic problems. “However, it is important to focus on breaking down barriers that limit women’s participation in high-income sectors and ensure equal access to financial opportunities. By addressing these issues and promoting diverse models, we can empower women and drive sustainable economic growth.

“Being true, being strong and being ourselves is very important. As women, we need to continue to make a difference, no matter how small we think it is because when that process is If I was there, women will change the world,” concluded Refilwe.

About the Bold Woman Award

In 1805, Madame Clicquot took over the reins of the House after her husband’s death, at a time when women did not have the right to work or have a bank account. Over the years, he changed the department. To mark its 200th anniversary, Veuve Clicquot decided to pay tribute to this great, bold woman, and in 1972 created the Veuve Clicquot Business Woman Award (Bold Woman Award), followed by Clémentine Award (Bold Future Award) in 2014. For 50 years, the House has been honoring and presenting women who have built, created, or developed a business – to date, more than 450 women in 27 countries. As a response to social progress since 1972, starting in 2019 the award has been part of an international program: Bold by Veuve Clicquot, a series of initiatives to generate dialogue around the world, designed to be influential and inclusive.