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The profitability of women-owned businesses

The profitability of women-owned businesses

Written by Editor

February 20, 2024

10 Essential skills for every woman entrepreneur

By Raine St.Claire

There is a critical need for increased levels of entrepreneurship and small business in South Africa – particularly from women. In order to grow the economy, South Africa needs jobs to be created. 

Research has shown women-owned businesses tend to be more profitable than those run by men.

However, the current challenge lies in transitioning these female entrepreneurs from necessity-driven ventures to builders of sustainable businesses that contribute to job creation and economic growth. Initiatives like business development programmes for women play a crucial role in helping women navigate obstacles and achieve remarkable results.

We look at 10 essential skills necessary for women entrepreneurs to thrive in a competitive business environment and contribute to sustainable economic development.

1. Time management

The ability to plan and prioritise tasks is essential for successful business management. Learning effective strategies for organising tasks, multitasking efficiently, and prioritising responsibilities helps women entrepreneurs avoid feeling overwhelmed and ensures a focus on essential business functions.


2. Financial management

Possessing financial knowledge is paramount for running a successful business and should not be outsourced. Understanding balance sheets, registrations, contracts, tax exemptions, and expense accounting is essential for making informed decisions and operating a company effectively. Through women entrepreneur development initiatives, financial expertise can be acquired, enabling women entrepreneurs to confidently manage their finances and make strategic choices for long-term success.

Work-life balance

3. Communication

Excellent communication skills are crucial for articulating ideas, presenting businesses effectively, and fostering lasting relationships. Business development programmes for women assist in enhancing communication skills, enabling women entrepreneurs to convey their value proposition, pitch products and services, and engage clients and stakeholders confidently.


4. Networking

Establishing a solid network is crucial for business development and success. Women entrepreneur support programmes provide platforms for women entrepreneurs to connect and collaborate, keeping them updated on industry developments. Actively engaging in these platforms helps women forge beneficial connections, access resources, and interact with like-minded individuals.


5. Confidence

Confidence is a vital skill for every woman entrepreneur, empowering them to take risks, make bold decisions, and navigate challenges with resilience.


6. Technology

Proficiency in technology is crucial for streamlining operations, enhancing productivity, and expanding market reach. Staying updated with technological advancements empowers women entrepreneurs to gain a competitive edge in the digital era.

Close up confident african american businesswoman explaining new responsibilities.

7. Analysis

Analytical skills involve gathering and analysing data, identifying trends, and making data-driven decisions. Women entrepreneurs can enhance their analytical skills through workshops, training sessions, and mentorship offered in business development initiatives.


8. Negotiation

Effective negotiation skills significantly impact long-term financial health and business success. Women often face challenges in negotiation, such as reduced confidence or societal expectations. Through women entrepreneur support initiatives, women can gain techniques and confidence to emerge as skilled negotiators, advocating for themselves and their businesses.


9. Research

In-depth market research is essential for the sustainability of an organisation. Women entrepreneur development courses offer access to industry experts and mentors who provide insights and clarity on various aspects of business planning.


10. Patience

Successful businesses require patience and perseverance. Patience enables entrepreneurs to maintain a positive attitude, make wise decisions, and persevere through failures, resulting in sustained growth and success.


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