“What support do you require?” These were the pivotal words posed to me a fortnight into navigating a new role while endeavoring to craft my MBA research paper, due in just four weeks.
At the time, meeting the deadline seemed improbable. One glaring necessity I faced was time, a privilege generously granted by my manager at Visa.
Additionally, I sought a robust support network, which included my husband assuming full parental responsibilities and his colleagues stepping up at work to cover for him (I’m sure they rejoiced when I submitted my research).
A friend also aided with school runs and took care of my children every Sunday, affording me the opportunity to focus on my paper while my classmates held me accountable.
My supervisor offered guidance and encouragement, urging me to persevere. The result: not only did I submit my paper with days to spare, but I also achieved outstanding results. Would I have succeeded without their support? Perhaps. However, would I have excelled and performed exceptionally well? Certainly not!
Having adequate support is crucial for excelling in any endeavor. In Africa, entrepreneurship is pivotal for economic growth and development, with women entrepreneurs playing a vital role. Yet, they encounter numerous obstacles that impede their success.
These challenges range from limited access to financial resources to cultural biases and discrimination. Therefore, providing both financial and non-financial assistance to women entrepreneurs is imperative for their success and, ultimately, the continent’s advancement.
Financial aid is essential for the success of any business, and it’s no different for women entrepreneurs. They disproportionately lack access to capital and financial resources, hindering their ability to start or expand their businesses.
This disparity can be attributed to various factors, including limited collateral, discriminatory lending practices, and inadequate financial literacy. Consequently, women entrepreneurs struggle to secure capital, restricting their capacity to invest in their ventures, hire staff, and grow their enterprises.
Visa and Visa Foundation are dedicated to bolstering entrepreneurial ecosystems and addressing some of these challenges. In Kenya, Visa partnered with Hand in Hand Eastern Africa to provide training and financial support to women entrepreneurs.
The initiative aimed to assist entrepreneurs in Kenya, 80% of whom were women, in accessing markets, enhancing productivity, and improving livelihoods.
As a result, participants experienced an average monthly income increase of $156.
Additionally, Visa’s She’s Next Program has collaborated with several organizations to support women entrepreneurs across the continent and beyond.
Non-financial aid is also crucial for women entrepreneurs’ success. They face various challenges beyond financial constraints, including limited access to information, networks, and mentors.
These obstacles can make it challenging for women entrepreneurs to navigate the business landscape and make informed decisions. Thus, offering non-financial support, such as training, coaching, and mentoring, can equip women entrepreneurs with the knowledge and skills needed to thrive.
At the 2023 Sankalp Africa Summit in Nairobi, Visa Foundation unveiled two new African-led initiatives aimed at providing tailored business development support to women entrepreneurs and facilitating access to capital.
The Firestarters Initiative, spearheaded by the Graça Machel Trust, aims to reach 100 women-led businesses in Uganda, Kenya, and South Africa, while also advocating for gender-lens investment and women empowerment.
The RevUp Women Initiative, led by AfriLabs, seeks to support early-stage, women-led startups with capacity-building training and mentoring across five countries—Nigeria, Kenya, Cameroon, the Democratic Republic of Congo, and South Africa.
These programs cover various topics, including business planning, financial management, marketing, and customer service. Additionally, mentorship programs provide women entrepreneurs access to experienced business leaders who can offer guidance, advice, and support.
Through its partnerships and initiatives, Visa and the Visa Foundation are playing a vital role in supporting women entrepreneurs in Africa. By offering both financial and non-financial assistance, women entrepreneurs are receiving the backing necessary to overcome challenges and achieve their entrepreneurial aspirations.
These commitments are not only empowering women but also contributing to the economic growth and development of the African continent.
Indra Nooyi, in her book, “My Life in Full: Work, Family, and Our Future,” recounts the lack of access to support networks for women. Despite leading an international organization, she faced exclusion from certain professional networks solely due to her gender.
This sentiment was echoed at the Sankalp Africa Summit, where less privileged women entrepreneurs highlighted similar challenges they encounter.
This underscores the prevalent gender discrimination that still exists and the hurdles women face in achieving parity.
“What support do you require?” is a question we should pose to women entrepreneurs more frequently to ensure they receive the necessary assistance to thrive.
I am optimistic that by supporting women’s businesses, nurturing their ideas, and fostering their ambitions, we will continue to be agents of positive change in our society.
Source: Techeconomy
