Keys to Success as Female Entrepreneur
Omolabake Fasogbon
Not a few women are blazing the trail in Nigeria’s business terrain, notwithstanding that their rate of participation in the labour market is not close to that of their male counterparts which represents 65.9 per cent of Nigeria’s labour force.
Challenges abound that restrain women from either accessing jobs or forced out of employment population. This is in spite of their ability to impact growth rapidly. In its recent Employee Satisfaction report, Jobberman Nigeria revealed that 70 per cent of women are likely to leave their current jobs, 24 per cent are yet to make up their minds while only six percent are happy to remain.
Ranging from issues as discriminatory practices, pay, gender bias, denied promotion opportunities, workplace harassment, intimidation and pressures from family, career balance, amongst others, all constrain women in the work place.
The aforementioned challenges also come as major discouragements for Chief Executive Officer of Emerging Africa Group, Dr. Toyin Sanni whose name may not have mattered or impacted generations had she given in to circumstances.
Right from her days as Group Chief Executive Officer of United Capital Plc, the finance guru said she had to leverage connections with family, friends and mentors for advice and encouragement as well as support network to stay.
Not also dismissing the place of resilience, determination and persistence, she encouraged ambitious women to emulate these strategies to succeed in their career path.
Guided by the above, Sanni rose through the ranks to become one of the few women calling the shot in nation’s investment banking space, and in 2018, established Emerging Africa, a leading provider of financial services that is giving competitors a run for their money.
Expected while setting up a new and woman- owned enterprise, those challenges the multiple award winning wealth advisor thought she may have overcome as an employee resurfaced, but in a new dimension.
According to her, establishing own-business poses challenges for women in areas such as financing, doubt or trust deficit from male prospective male clients or partners, amongst others.
Citing her experience, she said, “I recognised a critical gap in Africa’s access to finance and investments, thus the motivation for Emerging Africa to bridge this gap by creating a financial institution that empowers individuals and younger businesses across the continent. More so, my passion for entrepreneurship pushed me.
“However, at the initial stage, I was held back by lack of peer mentors and advisers as well as the underrepresentation of women in the financial space. There aren’t many women controlling this space and that gave me a kind of skepticism about my capacity.
“Also to note was initial bottlenecks to secure mandates for sizeable transactions, in some cases feeling edged out by male figures in the industry. There were instances of male clients who had committed to work with us and would later recant based on pushback from their friends who wouldn’t let us join the “club”. Of course, not all men resist women in business.
“There were also limitations around accessing patient funding to underwrite transactions, being a male-dominated Industry was also a threat while securing investment for a woman-led venture was notably difficult.”
On how she overcame, the Lagos Business School (LBS) alumni said she drew strength from her long-term vision and the support of trusted mentors and colleagues who believed in her mission.
As par sourcing capital to get the business off the ground, she said she took the risk of sacrificing her life savings, family asset, funds of friends and support of mentors like Tony Elumelu, Yinka Sanni at StanbicIBTC, Ike Chioke at Afrinvest and Jimoh Abubakar, amongst others.
She advised that women who are stuck at the capital stage have quite a number of options to explore, including offerings by Emerging Capital Microfinance banks and Venture Capital division.
“They specialised in providing essential funding for early stage businesses who have achieved proof of concept and meet their other criteria,” she said.
Other than that, she said women founders could also explore Incubation programs and investment from angel investors and crowdfunding platforms.
“Better still, applying for grants and loans targeted at women entrepreneurs. Additionally, tapping into personal savings, utilising business incubators or accelerators, and exploring partnerships or collaborations can help secure the necessary capital to launch a successful venture,” she informed.
Acknowledging that some with financial prowess get trapped with business / investment choice, she advised, “Women can leverage opportunities offered by the global demand for sustainable investments such as renewable energy, solar transition, SMEs financing and gender lens investing.
“The female economy also offers opportunities (US economy last year was dominated by the Trio of Taylor Swift, Beyonce and the film Barbie). Opportunities abound in Fashion, cosmetics, make-up and personal care products.
“The recent reforms in the power space has opened opportunities to invest in IPPs and supply power to eligible buyers. Social media have amplified the value of the creative arts like fashion, music, movies, culinary arts and the like. Moreover, our Balanced Diversity Fund at Emerging Africa Group is another great wealth option available for women in today’s economic landscape.”
