Pela Pela Foods
Yoco Merchant #30 952
Just start
Most women started their first business before they turned 30. Some always dreamed of becoming an entrepreneur. Others came up with a brilliant idea and decided to run with it. A few started a side hustle that turned into a thriving business.
No matter how they might have started, the majority said that starting their business was much more difficult than they expected it to be.
What motivates women to start?
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One of Each
Yoco Merchant #620
iNkosi Eco Lodge
Yoco Merchant #415
What worries women most about running a business?
Challenges for women in business
When comparing the top challenges for women vs men, there aren’t many differences at all.
The top two challenges for both genders are the poor state of the economy and troubles with cash flow.
The third biggest challenge for women is a lack of access to finance, while men are more concerned about the political uncertainty in South Africa. Political uncertainty is only the 6th biggest challenge for women, with worries about growth of their customer base and competition with big business beating it.
Top Three Challenges
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Access to finance for women in small business
Growing your business relies on funding. Sometimes the profit you make just can’t cover your growth plans. Whether you’re buying more stock, marketing your business or opening a new location, you need funding to grow.
The top three reasons why owners applied for funding:
Funding for the future
But where women set themselves apart is in the ‘why’. Why keep pushing when confronted with the many challenges that small business owners face? Whether it’s Gugu’s goal of making women feel as if they belong in their own skin, Mokgadi’s passion for natural honey or Tina’s Xhosa-inspired fashion, women tend to be more motivated by love and the desire to build businesses around their unique skills.
Gugu puts it best in the foreword: it’s insanity! But it’s the type of madness and passion that drives the economy forward and enables the country to thrive.
For that we salute them.