Assignment task: Read the case study below and answer the questions that follow.
Women Entrepreneurs out to conquer Africa Regarded for many years as a poor performer in terms of gender parity and the promotion of women's employment, the African continent is now benefiting from the initiative and leadership of women who account for more than half of its population. The goal of creating a profit-making activity to help support their family unit has transformed many African women into budding entrepreneurs.
There are now many more female entrepreneurial initiatives on this continent than elsewhere in the world. It is clear that African women can no longer be relegated to the status of vendors of products on the stalls of these markets. One of the continent's leading female success stories is Massogbè Touré Diabaté , a well-known figure in the promotion of cashew nuts in Côte d'Ivoire. This seasoned entrepreneur in charge of SITA SA has made her mark in the industrial sector and has taken up the challenges of industrialisation and the economic emancipation of women. Magatte Wade, also in West Africa, is another successful entrepreneur.
This businessperson has excelled in the promotion of natural African products in the food and cosmetics industry, mainly on the American market. At just 45 years old, Magatte Wade runs two companies and is one of those young African women who are contributing to the continent's development. While any woman can, in theory, become an entrepreneur, not everyone is equipped to do so. Being successful in business requires a number of qualities and competencies, not all of which can be acquired at school. African female entrepreneurs are often proof of this, exuding a strong personality that helps them overcome the various challenges and difficulties they face on a daily basis. This is the very essence of the African woman: hope, courage and perseverance, values that are now making them an integral part of the economic, social and sustainable development of the continent. Women must also manage their family units efficiently and organise their lives as best they can to meet their needs - essential qualities required by budding female entrepreneurs.
Determined, ambitious and resourceful, African women continue to gain legitimacy within their communities, despite facing sexism and inequalities on a daily basis. When seeking to identify the origins of entrepreneurship among African women, what immediately comes to mind are the women and mothers selling food on market stalls. Over time, a generation of female entrepreneurs has emerged, in this case young women, who are breaking with conventions and succeeding in traditionally male-dominated sectors such as architecture, civil engineering, new information and communication technologies, aviation, geology and science. Ivorian, Edith Brou, for example has managed to ride the digital wave and bring her personal touch to a very masculine world. Access to finance is one of the major obstacles for women starting their own businesses.
Female entrepreneurship has long been considered as a form of subsistence entrepreneurship in Africa, attracting little interest from investors and donors. In addition, many women still do not have bank accounts, and therefore rely on personal savings: their bank-account penetration rate is way behind that of men. Access to information is also more difficult for women and appears to be an important factor of inequality. However, the development of new technologies and the emergence of this new generation of African women entrepreneurs have led to the appearance of a growing number of coaching, training and support programmes, which provide invaluable help for women seeking to start businesses and develop their leadership capacities.
The Internet and mobile phones have made a crucial difference on the African continent, particularly in entrepreneurship-related fields. Technology has opened up very promising fields of action for women. The opportunity to surf the web has enabled the training of networks of women capable of advising and, above all, inspiring others. Women in Africa (WIA) and WETECH Africa (Women in Entrepreneurship and Technology) are two of these networks that promote and finance projects, often with a strong economic and social impact, led by women.
Question 1: "Being successful in business requires a number of qualities and competencies, not all of which can be acquired at school. African female entrepreneurs are often proof of this, exuding a strong personality that helps them overcome the various challenges and difficulties they face on a daily basis. This is the very essence of the African woman: hope, courage and perseverance, values that are now making them an integral part of the economic, social and sustainable development of the continent."
Drawing from the above, elaborate on the personal qualities and characteristics that entrepreneurs are expected to possess.
Question 2: As part of an organisation that promotes women entrepreneurship, you have been tasked with writing a business plan for a group of women who wants to establish a Fitness Centre for women. Write out a business plan for them that encompasses the following:
- Details of the Enterprise
- Executive Summary
- Mission and Objectives
- Business Information/description
- Personnel and Organisation
- Market information (Limit to location, target customers, strengths and weakness of the enterprise).
Question 3: According to the extract, it is clear that African women can no longer be relegated to the status of vendors of products on the stalls of markets. Based on this, first briefly explain the concept of franchising. Then, critically discuss why franchising will be a quick and easy way for African women to start businesses and the benefits they stand to gain.
Question 4: You have been invited as a guest speaker in a conference for small business female owners to talk about the high failure rate of small businesses.
Explain the reasons for this high failure rate and outline FIVE (5) steps they can take to avoid failure of their businesses.