CHAPTER 5: CONCLUSIONS AND RECOMMENDATIONS
2.9 HOW CAN WOMEN WHO OWN SMALL BUSINESSES BE EMPOWERED
42 2.8.3 Limited Knowledge
Being able to provide women with the necessary knowledge is a long-term journey to success. Unfortunately, many women are not able to access the latest information and practical advice due to the competitive environment. Therefore, it is important that they take the time to learn more (Setini, Yasa, Gede, Ketut and Rajiani, 2020). Thus, most women cannot cope in this aspect.
2.8.4 Fear of Failure
Running a business or even starting one is very risky and can involve unforeseen circumstances. Never give up on your dreams despite the odds. There are no guarantees when it comes to starting a business. Women are often more scared of the unknown than men (Van Trang, Do and Luong, 2019).
Most women fear failing, especially if the people around them are not confident in their abilities. Lim, (2018), indicates that fear can make them fail even when they are supposed to succeed. It can also lead to them being afraid to venture out into the unknown.
43 help them define their path. For instance, if a woman is starting out in a new field, she could benefit from having more seasoned women in her circle of influence
One of the most important benefits of having a strong mentor-mentee relationship is building the confidence of your female employees. This is especially important if the work environment is male dominated (McLymont, 2018). Having a supportive environment can help women develop their confidence in their abilities to succeed in their careers (Buntz, 2022)
2.9.2 Find ways to amplify the female voice
Women should be able to have a voice at the table. If they have a great idea, be sure to champion them and prevent them from being overshadowed by other women. There are also opportunities for women in business to speak publicly (Ely and Thomas, 2020).
Make sure that there are opportunities for everyone in your company to connect with senior management. This can be done through networking events and workshops (Dashper, 2019).
2.9.3 Own your successes, your strengths and your knowledge
Being able to overcome negative perceptions can help you build a stronger foundation for your business. By talking about your strengths and experiences in the "I" instead of the "we," you can confidently share these with others (Clark and Sousa, 2018).
Being prepared for questions and anticipating they can help you gain an advantage over others when it comes to being an expert. It can also help people see you as an approachable and knowledgeable individual (Adi, Baum, Cisse, Pinkas and Keshet, 2018).
2.9.4 Financial literacy
In 2015, Nxopo and Iwu noted that although the government has tried to improve the conditions for women in business, it has been a failure. Access to finance is one of the biggest challenges that women face when it comes to starting a business. Women need to become financially empowered so they can plan for the future and avoid getting carried away. It‟s important to remember that there are going to be changes in life.
44 Getting the proper education is very important to ensure that you can manage your money well. Therefore, it's important that you learn about the various aspects of financial literacy. Online resources can help you improve your knowledge about investing, budgeting, and debt (Andriamahery and Qamruzzaman, 2021). Despite being less confident in their investing abilities than men, women are still more likely to trust their gut feeling when it comes to making decisions. Yasin, Mahmud and Diniyya, (2020) suggest that they are more likely to maintain a diversified portfolio and avoid making costly knee-jerk reactions to market downturns.
2.9.5 Balancing business and household roles
According to Siwadi and Mhangami (2011), there is also evidence that shows that women can successfully balance the demands of a business and their household roles.
One of the most important factors that married women consider is their spouses' trust.
By being open and transparent about their activities, they can help minimize any suspicions their partners might have.
2.9.6 Empowerment through marketing
Most businesswomen face challenges in marketing their businesses due to the endless hours they work. They are urged to work together to overcome these obstacles. To empower themselves they allow clients to only deal with the woman-owned small business‟s husband, the woman and her spouse work together to overcome this barrier of marketing (Chinomona and Maziriri, 2015). Although these obstacles can be overcome in the short term, they can still cause problems for women in business. This is because the suppliers are still likely to treat women differently (Ongori and Migiro, 2011).
2.9.7 Empowerment through education
There has been a steady rise in the number of women obtaining tertiary education in South Africa. This is mainly due to the increasing number of women studying engineering (Mbenzi, 2011; Akhalwaya & Havenga, 2012). The increasing number of
45 women studying business could also help boost the number of businesswomen in certain fields. According to Bajpai (2014), businesswomen require pre-entrepreneurial training to plan an organised business venture successfully.
2.9.8 The benefits of empowering women in small businesses
Women's business ownership can have a positive effect on communities and families.
According to studies, it can help women invest more of their income in their family's needs, such as food, education, and medical care. It can also help break down gender- based stereotypes and improve the opportunities for women in leadership positions (Crittenden and Ajjan, 2019).
2.10 THEORETICAL FRAMEWORK