With a staggering reportage claiming that up to 80% of new businesses in South Africa may fail within the first five years of operation, it’s more harrowing to know that ‘access to financial aid and support’ ranks as the fourth most damaging caveat to a South African startup. This said, women entrepreneurs face further complexities with barriers to entry that seem almost impossible to break.
“A lack of entrepreneurial confidence is undoubtedly on the rise, and funding institutions in our country would do well by our women-led enterprises to start including everyone that has a dream,” says Dudu Zondo, Head of MoolaLend. “It is often due to a lack of financial support and guidance that many women entrepreneurs lack the impetus to keep their businesses afloat. Most women are unsure of who to ask, where to look, who to turn to for funding, all of which leads to missed opportunities and stunted growth,” says Zondo.
This August, in celebration of women leaders, the call has been sounded by pioneering companies like MoolaLend to work harder at removing financial barriers and create opportunities for women to achieve their business goals, with secure and trusted advice on the ready.
“At MoolaLend, we believe in providing the financial tools and support necessary for women to realise their full potential. We are inspired by the innate resilience of women, their unwavering innovation – and for this reason, we are dedicated to helping them achieve their fiercest dreams,” says Zondo.
With its commitment to empowering women entrepreneurs across South Africa, MoolaLend is stepping up to bridge this confidence gap by offering tailored tips with financial solutions, and ongoing business support. To combat the challenges that often arise in business, South Africa’s much loved ‘chomie in funding’, MoolaLend, shares its Top 7 Confidence Climbers in Business: a go-to guide for borrowing, building and bolstering your business while accessing the right opportunities:
1. Demand to be heard
The importance of financial inclusion and equality for any startup is first on the priority list when seeking out backup and support. Women entrepreneurs often face unique financial challenges that can serve as unnecessary barriers to entry. This is why it is crucial to seek out financial institutions that hear you; that are committed to supporting women; that advocate for equal opportunities in the business world.
2. Remember: Lending is not a transaction, it’s a partnership
Collaborations can open new doors and create a more inclusive and supportive business environments. Ensure your funder is a proud collaborator too. By working together towards common goals, women entrepreneurs can benefit from shared resources, knowledge, and support. Seek out funding opportunities that transcend the transaction, aligning with your values first and foremost, for long term mutual benefits.
3. Ask for Tailored Financial Solutions
When seeking financial support, it’s essential to choose services that understand and cater to your specific needs in a business. Since every entrepreneur’s journey is unique, choose customised financial solutions before you accept the ‘tick-box’ approach. From business loans to advisory services, tailored offerings demonstrate a personable roadmap; one that can help you feel secure enough to navigate the densities of running a business, in accordance with your specific needs.
4. Keep Celebrating Achievements and Milestones
No matter the hustle or the hassle of the day-to-day, it’s important to back yourself! Always take the time to celebrate your achievements and milestones. Recognising and honouring your successes as a woman in business is vital for personal and professional growth. Your victories can inspire others and build upon a positive and supportive business culture. It takes resilience, innovation, sacrifice and economic contribution to keep a business going – celebrating this, is part of the winnings!
5. Leverage Community and Growth Opportunities
Building a supportive network is fundamental for any entrepreneur – and it happens to be something that women are innately skilled at. When seeking funding, be sure to enlist a funding partner that represents community, and that is committed to the growth and development of women-led businesses. MoolaLend proudly offers resources, mentorship, and networking opportunities to help women entrepreneurs connect, learn, and prosper.
6. Inspire Future Generations
Empowerment is not only about the present but also about the future. By creating a legacy of empowered business minds, women leaders can serve as successful role models for younger aspirants – encouraging our next generation of women leaders to pursue their entrepreneurial dreams with confidence. Mentorship and guidance from experienced entrepreneurs will play a pivotal role in inspiring and nurturing future business leaders.
7. Stay Resilient and Innovative
Resilience and innovation are key drivers of success in the entrepreneurial world. Despite the odds, or financial obstacles, embrace every challenge as an opportunity to innovate. Women entrepreneurs across history have consistently demonstrated remarkable resilience, and a keen ability to innovate. Stay resilient in the face of adversity. Your determination and creativity can lead to significant breakthroughs and success.
MoolaLend’s commitment to empowering women entrepreneurs involves providing accessible and flexible funding options, ensuring that women have the resources they need to succeed. By offering fair and transparent funding options, MoolaLend stands firm in its mission to empower women entrepreneurs across South Africa.
“Supporting our fiercely feminine leaders in their success stories, is not just a nice-to-do – it’s a non-negotiable in our books – and it’s one of the few ways we, as funders, can help cultivate a lasting impact on the economy,” says Zondo.
For enquiries and funding opportunities, visit: www.moolalend.com or call/WhatsApp on: 087 094 8539.