Women entrepreneurs face significant challenges in accessing financial resources compared to their male counterparts. In Kenya alone, while women own 31.4% of SMEs, the financing gap remains stark, with women-led businesses often lagging.
This disparity not only affects individual businesses but also impacts the broader economy. According to McKinsey, if women participated fully in the global economy, they could add a staggering $12 billion to the global GDP.
Recognizing these challenges, Absa Bank has been at the forefront of its Women’s Banking Proposition, organizing the annual Absa InspireMe conference since 2021. This year’s event, held from June 18th to June 19th in Nairobi, gathered women entrepreneurs from across Africa, including Kenya, Uganda, Rwanda, Ghana, Zambia, Mauritius, The Gambia, Nigeria, and South Africa. The conference also welcomed a UK trade mission in partnership with the International Trade Centre, highlighting opportunities for investment in showcased women-led enterprises.
The two-day conference wasn’t just about networking and sharing ideas; it was a platform for empowering women to overcome barriers such as limited access to finance, lack of market visibility, and the need for mentorship. Attendees represented diverse industries, from beauty and textiles to technology and corporate leadership, all united by a common goal: to thrive in business and leadership roles.
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Here are 10 key lessons from the conference:
Provide Value for your customers, be a disruptor
Beauty mogul Maureen Bandari, the founder of Bandari Cosmetics, was one of the notable speakers during this year’s conference. According to Maureen, women should aim to exchange the customers’ money for value as well as to become not just business people but also disruptors in their different fields. Maureen says she used social media to her advantage to establish a niche business that broke barriers and disrupted the entire industry.
Starve your distractions and fears, and feed your goals.
Anthony Mwangi, CEO of the Kenya Association of Manufacturers, addressed the challenge of limited export activity among women-led businesses. He pointed out that despite Kenya having the potential to export a wide range of products, only a fraction are currently exported. Anthony encouraged attendees to explore international markets, emphasizing the need to meet stringent quality standards and navigate regulatory requirements. By expanding beyond local borders, women entrepreneurs can tap into new revenue streams and enhance their business resilience
The Three C’s of Entrepreneurship:
Esmeralda De Souza, CEO of Spez Catering, highlighted the fundamental principles of Consistency, Competence, and Character in building a successful business. She stressed the importance of maintaining high standards across all aspects of operations, from product quality to customer service.
Esmeralda emphasized that building a reliable team of competent individuals who share the company’s values is crucial for long-term success.
Collaboration perspective, rather than competition
It is easier to go further together. Instead of viewing each other as competitors, several speakers encouraged women to seek opportunities for partnerships and alliances. Collaborative efforts not only expand market reach but also foster knowledge-sharing and innovation. By pooling resources and expertise, women-led businesses can achieve collective success while advocating for gender equality and inclusivity in the business ecosystem.
You can conquer anything, change mindsets, and set higher bars
One of the standout moments at the two-day Absa InspireMe Conference 2024 came from Liz Marami, Chief Officer at Celebrity Cruises. Despite facing significant gender barriers on her path to success, she has persevered and continues to reach for the top. As the first African woman to command a billion-dollar ship, Liz exemplifies resilience and determination in a traditionally male-dominated field.
During her inspiring address, Liz urged entrepreneurs to stay focused on their goals, emphasizing the importance of clarity and steadfastness in business. Her message resonated deeply, encouraging women in the maritime industry and beyond to know their direction and confidently assert their place in the business world.
Build a trusted Brand
Effective branding builds trust, fosters loyalty, and sets your business apart in a crowded marketplace, making it a vital component of long-term success.
Effective branding strategies, including consistent messaging, quality assurance, and ethical business practices were discussed. By cultivating a trusted brand image, women entrepreneurs can differentiate themselves in competitive markets and cultivate long-term relationships with customers, suppliers, and stakeholders.
Formalize your business.
For most women in business, documentation is almost non-existent. Most women are in no hurry to get the right documentation. Elizabeth Irungu, Head of Absa Asset Management insisted on the need for proper documentation and legal compliance as important tools for international business expansion. Formalizing operations not only enhances credibility but also facilitates access to financing and partnerships on a global scale.
But fear not, use technology to your advantage.
Today’s world is more connected than ever, presenting a perfect opportunity to connect with customers globally. “You may miss everything else but if you miss the digital transformation risk, your business will be at risk.” – Catherine Muraga of Microsoft Africa.
Be the man in the arena: the only man who matters.
Eva Ngigi Sarwai, Senior Director at Visa Kenya, inspired attendees to cultivate courage and resilience in the face of challenges. She emphasized the importance of staying focused on goals despite setbacks and criticism. Eva encouraged women entrepreneurs to trust their instincts, take calculated risks, persevere through adversity, embrace digital tools and platforms to optimize processes, gain market insights, and leverage data-driven strategies for informed decision-making.
Competence and Confidence are your superpowers.
The Cabinet Secretary for the Ministry of Investment, Trade, and Industry, Hon. Rebecca Miano, EGH,shared her ‘staircase’ story from the lowest ranks to where she sits today. She argued that being confident is one thing, but also being suitable for the job is what elevates you to the next level. Even when critics show up, because they will, it is difficult to challenge one’s credentials when they are evidently the person for the job.
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Curated by Abojani team.