In cross-border trade, women contribute 70 per cent of the revenue in the sub-Saharan region. Female-run enterprises generate much employment, ensure food security, advance livelihoods and reduce poverty. Unfortunately, the importance of female entrepreneurs in Africa is still not sufficiently appreciated, nor are they properly supported.
A recent study of CCDI lnc commissioned by World Bank shows Africa has the highest growth rate of female-run businesses in the world – it has this despite the challenges faced in the region, including a lack of influential business networks and limited access to finance. With greater recognition, support, and investment, female entrepreneurship will contribute even more towards the economy. The Graca Machel Trust partnered with Virgin Unite to do just this – and together they've designed the 'Women Creating Wealth' programme.
Virgin Unite, Graca Machel
The goal of the programme was to build women's entrepreneurial talents, enterprising skills and awaken motivation and self-belief. Candidates were selected based on three proficiencies: a demonstration of resilience, a minimum of two years' experience in business, and a minimum annual turnover of US$10 000 and maximum of US$100 000. The programme commenced with a six-day foundation course in entrepreneurial competency training – Empretec – pioneered by United Nations Conference on Trade and Development (UNCTAD). At orientation the following question was asked: Who is holding you back in moving your business to the next level? There were two resounding responses: 'me' and 'other women'.
The 'me' factor came across as a lack confidence, inspiration and skills to access the necessary resources. The latter notion of 'other women' – the 'pull her down syndrome' (PHD) – was interrogated, and a strong case was made for women to unite as a collective and work to accelerate gender equality.
Virgin Unite, Graca Machel
Following the orientation training a six-day capacity building exercise began. Candidates were set the task of building new businesses from scratch – testing entrepreneurial competencies aligned with planning, power and achievement. In the nine months following the six-day programme, competencies were tested and verified in monthly 'AIM' masterclass sessions. Peers, mentors and business coaches held entrepreneurs accountable – helping them set goals, inspiring them, and helping them sharpen their mastery of business principles and core functions of entrepreneurship.
It has been inspirational to hear the stories of change in these businesswomen's attitudes and behaviours. New confidence and grand visions emerged in testimonies of personal triumphs. They also demonstrated greater resilience when weathering harsh economic conditions.
Anne, who runs an energy business from Tanzania, testified: "The WCW programme helped us connect with our divine purpose and the power within rather than doing business only to fend for our families. We identified what truly motivates us and many of us have moved into new areas of business as a result. The ability to be able to look deep within is one of the priceless values of WCW programme".
A shortage of female coaches and mentors led us to challenge the 2016 alumni to coach the 2017 cohort. The 'before' and 'after' transformation was obvious at the graduation. It was as if the lights had been switched on from within, the women glowed and exuded great confidence, energy and professionalism.
Virgin Unite, Graca Machel
We believe with ongoing encouragement and engagements, entrepreneurs will continue to unleash their newly found power and potential to drive prosperous and wealth creating businesses. Graduates have formed strong networks and regularly share information, advice and continue to support and inspire each other.
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