Nigerian female entrepreneurs are vessels of potential, some of whom are yet to let loose what is within and elevate themselves to the next level of success. We see thousands of them start up viable businesses on a regular basis, but unfortunately, some of these enterprises remain in the informal sector of the economy or as small, medium enterprises (SMEs) even decades later.
Founder, LEAP Africa, Ndidi Nwuneli was a speaker at the just-concluded African Women Investors and Entrepreneurs Forum, organised by ICO Conferences and Events and other prominent bodies. In her engaging speech, she shared some simple reasons why many Nigerian female entreprenurs are stunted in growth and reaching their full potential of success.
1.
Limited vision: According to Ndidi, many female entrepreneurs today suffer some from limited vision for their businesses, or what we would like to call myopia (nearsightedness). They believe that “small is beautiful” and are happy and content with the state and size of their initiative. In response to this, Ndidi challenged women to be visionaries, and not embark on any business affair without a well-planned strategy in place.
2.
Financial illiteracy and indiscipline: It was also cited that some women are poor at handling money, with limited knowledge on financial issues in tow. Culturally, this may be due to a high dependence on their male partners and family members, with a significant number submitting large portions of their income to their husbands. The solution to this problem is not too far-fetched; learning all there is to know about finances online and at seminars. Be different ladies, and master money-nomics for the sake of your business. This leads us to the next point.
3.
Limited skill-sets: “I don’t want to go back to school.” That’s the unfortunate response of some female entrepreneurs when advised to upgrade their skills. Unknown to them, learning is a lifelong process, and knowledge can be gained through the simplest and informal of means (some of which are listed in the previous point).
4.
No assets: Many women do not possess plots of land or property to submit as collateral for financial loans. This puts them at a disadvantage when attempting to expand their businesses financially.
5.
No support: Isolation can breed complacency and this is why female entrepreneurs should take advantage of networks like Women in Management, Business and Public Service (WIMBIZ) and Africa Women Innovation and Entrepreneurship Forum (AWIEF), that help to foster support systems, mentorship and relationships among members.
Read also:
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Please share your thoughts with us on any of the points mentioned above.
