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Passion Drives South African Entrepreneurs To Contribute Nearly R530 Billion To The After-Hours Economy

Business-owners have sacrificed love, family and fun for their dream business ideas.

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South African small and medium business owners contribute nearly R530 billion ($38 billion) to the annual GDP by working beyond the standard industry hours for their businesses, according to a new global survey by Sage.

The world’s small and medium business sector has added R115 trillion ($8.3 trillion) to the global economy through after-hours work.

The survey by Sage,  the market leader for integrated accounting, payroll and payment systems, highlights the true sacrifices made by entrepreneurs around the world. The sample included 200 small business owners in South Africa.

We-recommend-tickWe recommend: Enko Education Investments Matches Money With Passion

The contributions entrepreneurs make come at a price. Some 51% of South African business owners work more than 40 hours a week and 22% work more than 50 hours a week.

Around 44% of local business owners have chosen their work over their family and 26% have taken less than five days holiday in the last year.

A quarter admits that their personal relationships have been affected while making their business successful, but 29% say it was worth it.

Furthermore, 29% of the country’s business owners have cancelled a date because of work. Half of respondents in South Africa compromise taking holidays in order to make their business successful; 45% compromise their social life, and 37% compromise their own health.

Why do they do it? More than half (51%) say they are motivated by the love of their business, with 59% motivated by the sense of achievement, 60% by growing the business, and 58% by making money. Some 77% say that working outside their industry standard hours to make their business successful is worthwhile.

Paperwork is the bane of many South African entrepreneurs’ lives: 35% say that more efficient administrative processes would reduce the time spent working after hours.

Time management is another challenge, with 33% saying that understanding how to use their time more efficiently would reduce the time spent working after hours. On the upside, 64% feel smartphone emailing reduces the time spent working after hours.

Stephen Kelly, CEO of Sage comments: “We know it takes hard work and human sacrifice to turn a dream business idea into a way of life. This survey highlights the extent of that commitment. It is the entrepreneurial spirit that makes the difference all over the world, and the contribution of these businesses that powers the global economy. We should do all we can to support these heroes and recognise all those hours of hard work they are putting in after the rest of the world has gone home”.

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Adds Anton van Heerden, Executive Vice-President and Managing Director of Sage in South and Southern Africa: “Small business owners in South Africa are driven by a love of what they do and the sense of achievement they get from seeing businesses succeed. It takes hard work and human sacrifice to turn a dream business idea into a way of life, but the rewards are immense, both for the entrepreneur and his or her community. We are proud to stand with South Africa’s entrepreneurs as they grow our economy.”

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Share your local small business success story with us

The research has been launched as part of a broader campaign by Sage to recognise and celebrate the contribution small business owners make to the global economy.

As part of this campaign, Sage is calling for small business owners to let it know why they do what they do, via a short video submission.

Enlist in a Sage Advice session

Sage will also be running a series of advice sessions, from 30 November – 4 December. Each will involve a number of Sage executives, including CEO Stephen Kelly, and will address the key challenges of running a small business – as identified by the research.

We-recommend-tickWe recommend: 5 Steps to Help You Turn Your Passion Into Profit

To find out more about the video submission and the advice sessions, please visit here.

Research methodology

The survey was conducted among 2621 BDMs in companies with under 100 employees in 11 countries.

The interviews were conducted online by Redshift Research in November 2015 using an email invitation and an online survey.

Entrepreneur Magazine is South Africa's top read business publication with the highest readership per month according to AMPS. The title has won seven major publishing excellence awards since it's launch in 2006. Entrepreneur Magazine is the "how-to" handbook for growing companies. Find us on Google+ here.

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Winners Of The 2018 FAIRLADY Santam Women Of The Future Awards Announced

FAIRLADY magazine has announced the winners of the annual FAIRLADY Santam Women of the Future Awards at an exclusive VIP luncheon at Summer Place in Hyde Park.

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The three winners were selected from a shortlist of finalists by a panel of South African judges – FAIRLADY editor Suzy Brokensha, Professor Thuli Madonsela, Head HR business partners at Santam Annette La Grange, media entrepreneur and international speaker Jo-Ann Strauss and businesswoman Dawn Nathan-Jones.

Through an independent survey, Santam found that the first 1 000 days of a business are the hardest. If you’re still in business by day 1 001, they’ve found, you’re likely to succeed long term. These high-fliers have either already surpassed that critical point or are well on the way to doing so!

“Through this competition, we have seen remarkable women that have achieved amazing results.  Our aim is to ensure that these businesses have a greater impact in the South African economy. We’re honoured to have been part of their entrepreneurial journey.” said Mokaedi Dilotsotlhe, Chief Marketing Officer at Santam.

Related: 13 Female Entrepreneurs Rising To The Top In SA

We are proud to announce the winners:

Patricia Schröder of Reclite SA has been named the 2018 FAIRLADY Santam Woman of the Future (awarded to a female entrepreneur who has survived the first 1 000 days of business). Reclite SA collects, transports and recycles lighting, batteries and electronics. ‘Winning the Woman of the Future Award is recognition for all the hard work that my team and I have done and a reminder that hard work does pay off in the end! It will also serve as inspiration for other women to chase their dreams and passions,’ says Patricia.

She receives R50 000 in cash, a mentoring session with one of the judges, an Issey Miyake fragrance hamper worth R6 990, an IMM Graduate School short course worth R15 000, a Michel Herbelin watch worth R10 500, a Samsonite Karissa Biz Bailhandle and Spinner suitcase worth R7 298, a Madrid ladies handbag and purse from Jekyll & Hide valued at R4 799, a Cross pen worth R2 500 and one media training session.

Vere Shaba of Shaba & Ramplin Green Building Solutions is the winner of the 2018 FAIRLADY Santam Rising Star Award (awarded to a female entrepreneur who is still within her 1 000 days of business). Her engineering consulting firm specialises in green building certifications, engineering solutions, energy solutions and strategic partnerships across the African continent. ‘Winning this award will enable me to create opportunities in the green building sector for South Africans in the future, as well as expand the business into key economic hubs in Africa and Europe,’ says Vere.

She receives R20 000 in cash, a mentoring session with one of the judges, an Issey Miyake fragrance hamper worth R6 990, an IMM Graduate School short course worth R15 000, a Michel Herbelin watch worth R10 500, a Samsonite Karissa Biz Bailhandle and Spinner suitcase worth R7 298, a Madrid ladies handbag and purse from Jekyll & Hide valued at R4 799, a Cross pen worth R2 500 and one media training session.

Lindiwe Matlali of Africa Teen Geeks won the 2018 FAIRLADY Santam Social Entrepreneur Award (awarded to a female entrepreneur who is making a real difference in her community). Africa Teen Geeks offers children between the ages of six and 18 free lessons on how to code. The NPO has partnered with UNISA to facilitate Saturday classes in their computer labs countrywide. ‘Knowing that we give kids hope and raise their aspirations is my biggest achievement and driver,’ says Lindiwe.

Related: Watch List: 50 Black African Women Entrepreneurs To Watch

She receives R20 000 in cash, a mentoring session with one of the judges, an Issey Miyake fragrance hamper worth R6 990, an IMM Graduate School short course worth R15 000, a Michel Herbelin watch worth R10 500, a Samsonite Karissa Biz Bailhandle and Spinner suitcase worth R7 298, a Madrid ladies handbag and purse from Jekyll & Hide valued at R4 799, a Cross pen worth R2 500 and one media training session

‘I always find the winners of the FAIRLADY Santam Women of the Future Awards absolutely admirable,’ says FAIRLADY editor Suzy Brokensha. ‘But what has really struck me about this year’s winners is how they are future-proofing the world through their businesses: Patricia and Vere through huge green initiatives that have gone out of the domestic and into the commercial world, and Lindiwe through giving marginalised kids a real shot at competing in this economy on an equal footing.’

Guests in attendance at the luncheon included businesswoman Wendy Luhabe, philanthropist and author Sonia Booth, businesswoman Judi Nwokedi, Miss World SA Thulisa Keyi, international activist Catherine Constantinides, media personalities Ashley Hayden and Penny Lebyane.

Read more about the winners and their businesses in the latest issue of FAIRLADY magazine, on sale Monday, 20 August 2018.

Follow FAIRLADY on Facebook, www.facebook.com/fairladymag, @FairladyMag on Twitter and @Fairlady_Magazine on Instagram.

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Business Linkages And Investment Readiness

The Africa Women Innovation & Entrepreneurship Forum (AWIEF) is hosting its flagship Growth Accelerator Programme for 2018, sponsored by Nedbank.

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The Africa Women Innovation & Entrepreneurship Forum (AWIEF) is hosting its flagship Growth Accelerator Programme for 2018, sponsored by Nedbank. AWIEF is seeking 25 ambitious, innovative and committed early-growth-stage South African women entrepreneurs, from a variety of sectors, looking for support to scale their businesses.

Access to finance is the most cited challenge to the growth of women-owned businesses in Africa. Bankability and investment readiness are major impediments to attracting business finance.

This is an intensive six-week programme designed to support participants with the business modelling and growth strategy required to scale their enterprises, become investment ready and develop entrepreneurial leadership. The programme will cover:

  • purpose and values
  • target market, competitive landscape and value proposition
  • delivery model
  • financial modelling
  • conduct a creative force
  • growth strategy
  • financing for scale
  • pitch training.

Related: Watch List: 50 Black African Women Entrepreneurs To Watch

Nirmala Reddy, Senior Manager of Nedbank Enterprise Development, says: ‘We support initiatives such as this in line with our pledge to help clients see money differently, which is aimed at making a difference in South Africa, not just for women and children and business, but also for communities throughout the country. The bank strongly focuses on the development of female employees and black-women-owned suppliers, and this can be seen through our development and training programmes. We are also proud that women make up 62% of the workforce at Nedbank.’

The 2018 AWIEF Growth Accelerator, with its first 25 participants, is implemented as a build-up programme that will culminate at the 2018 AWIEF Conference, Exhibition and Awards event taking place on 8 and 9 November at the Cape Town International Convention Centre, where participating entrepreneurs will pitch their business to an audience of investors, business leaders and corporate decision-makers.

The three best ventures stand to win monetary prizes from AWIEF and financial management advice from Nedbank.

The programme details are as follows:

  • Dates: Starts on 17 September and culminates on 8 and 9 November 2018
  • Location: Cape Town and Johannesburg
  • Participation fee: Free 

Eligibility

Businesses must be:

  • in a post-revenue phase;
  • scalable and innovative ventures;
  • in operation for not less than two years (ideally three to five years);
  • owned or led by ambitious and committed women entrepreneurs; and
  • seeking investment or funding to grow.

If you are interested in participating, click here to apply. Applications close on 31 August 2018.

The event is hosted by AWIEF and sponsored by Nedbank.

Read next: Kid Entrepreneurs Who Have Already Built Successful Businesses (And How You Can Too)

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Investing In Women Key To SA Socio-Economic Development

Investment in women’s empowerment delivers long-term socio-economic returns, says Novartis. Women’s networks and mentorship engagements can help unlock personal and career success.

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Empowering women has long-term positive socio-economic impacts, making women’s empowerment, career development and mentorship programmes a compelling narrative for companies.

This is according to Sibonile Dube, Head of Communications & Public Affairs at Novartis South Africa and a mentor at Phakama Women’s Academy. Marking the start of national Women’s Month, Dube cites Bain & Company research into how and why the career paths of South African women and men differ, which found that in 2017, 31% of South African companies had no female representation in senior leadership roles. The research noted that the Businesswomen’s Association of South Africa (BWASA) census on women in leadership indicated that 22% of board directors were women, but only 7% were executive directors. Only 10% of South African CEOs and only 2.2% of JSE-listed company CEOs were women.

“Considering that recent research by MCSI concluded gender diversity on the board has significant benefits for both productivity and profits, South African enterprises need to become more proactive about supporting women’s empowerment in the workplace,” says Dube. But Dube adds that while formalised empowerment and mentorship programmes are important, South African women hold some of the keys to helping both themselves and other women unlock success.

She outlines three key factors that hold women back from corporate and entrepreneurial success, and how these challenges can be overcome:

Lack of confidence

A key factor holding women back from achieving their true potential in the workplace – and as entrepreneurs – is fear and a lack of confidence, says Dube. “As women, we often undersell ourselves – we underestimate our potential, our power and the amount of influence that we have. In contrast, men are typically quite confident in themselves and their capabilities,” says Dube.

The Bain & Company survey of over 1000 women found an apparent loss of confidence amongst women in junior- and middle-management positions that they could rise to the top. At this level, some respondents noted political imbalances that were difficult to navigate; while their male colleagues had access to a sponsor or mentor (normally of the same sex and colour) to help navigate these issues.

Dube believes women need to become more proactive about empowering themselves, equipping themselves with a broad range of skills, and actively working on building their self-awareness and self- esteem. “Building skills goes beyond developing academic or technical expertise – we need to work on our relationship skills and communication skills, because human relations are crucial for success in a setting where you are looking for influence and significance.”

“Dealing with fear and lack of confidence is important, because this enables us to have relevance and contribute more meaningfully to in the workplace and in business,” says Dube.

Related: 13 Female Entrepreneurs Rising To The Top In SA

Lack of support networks

More than women, men generally back one another be it in corporate or in business deals and this has supported their career success a lot, says Dube. “Having a network is important – it is through these networks that opportunities are shared and support is gained. Having a strong network of people that back your career becomes an effective reference point especially in times of challenges. And through these networks, people are also able to find mentors.”

Dube believes mentorship is a crucial component of career success, offering both mentor and mentee opportunities to learn and grow. “We need more mentorship. With mentorship, training and coaching, women can actually pull out some of the strengths they possess which they may not be aware of. One is challenged and pushed to aim higher,” says Dube.

Bain & Company research found that sponsorship of individuals, especially at the mid-management level, ensures that contributions and performance are recognised and attributable to the individual. Often women, particularly in middle management, feel marginalised, ignored or simply worn down by trying to get their efforts recognised.

Dube, who mentors a number of women, says mentorship can be formalised through a corporate career development programme, but can also extend to informal and virtual mentor-mentee relationships. “You can be guided by simply reading the books, reading articles and watching videos and talks of inspirational leaders anywhere in the world on social media,” says Dube. Dube points out that good mentorship can be a mutually beneficial in the exchange of ideas and meeting of minds. “In an effective mentor-mentee relationship, reverse mentorship takes place. In an era where we now have four generations in the workplace, the digital and tech savvy younger generation have a lot to offer to the rest,” says Dube.

Poor Health and Wellbeing

In order to cope and remain competitive in the workplace, women have to ensure they take care of their health and maintain some resilience especially when pressure mounts. Recently, there have been a lot of conversations about mental health in South Africa. According to the World Health Organization (WHO), gender is a critical determinant of mental health and mental illness. Gender determines the difference in power and control that men and women have over the socioeconomic factors of their mental health and their exposure to specific mental health risks.

“Women are under immense pressure to perform in various spheres of their lives. Juggling a career, motherhood and marriage or a relationship can be emotionally and physically taxing to the extent of affecting one’s health, especially mental health. It is therefore imperative that women take good care of their health and wellbeing amid the demands of a competitive and fast paced lifestyle presented by the demands of modern society,” says Dube.

Depression is not only the most prevalent women’s mental health problem but may be more persistent in women than it is in men. There is more research needed to determine the reasons for this and what can be done to address it.

Related: 30 Top Influential SA Business Leaders

Unlocking empowerment

This Women’s Month, Dube says women should feel encouraged to be proactive about their own career development, and about helping other women to grow – both personally and professionally.

“As women we should be firm believers in one another. We hold the keys to opening doors for other women. By creating a support structure for one another, we can create phenomenal opportunities to make a difference for fellow women, with the aim of creating leaders and catalysing empowerment that has a ripple effect, benefiting all of society and the economy as a whole. Studies have revealed that women reinvest up to 90% of their income into their families compared to men who reinvest 30-40%. This has far reaching socio-economic gains for any society,” concludes Dube.

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