Overcoming Challenges: Strategies for Success for women owned enterprises

In enterprise development, women face economic, social, and legal barriers to setting up and running their businesses. The 12 th Annual SME conference and expo was held at Strathmore University on the 26^th and 27^th of September 2024. The theme for the conference was ‘Empowering Women, Building Futures: The Path to Success for Women-owned SMEs.’  The conference hosted several exciting panel sessions and an exhibition of Women-owned SMEs, to address this important issue and showcase the strides made by many successful African women. This article aims to highlight some of the important insights gleaned from the panel session entitled, ‘Overcoming Challenges: Strategies for Success for women owned enterprises.’

Adopt the right mindset

Entrepreneurs face many challenges in setting up, running and scaling their businesses. Studies suggest that most new companies do not survive the startup phase, with 20% failing after the first year. Furthermore, around 45% of new businesses fail within the first 5 years.

Dr. Esther Muchemi, CEO of the Samchi Group, encouraged aspiring and budding entrepreneurs during the panel session. Dr. Muchemi’s efforts to set up one of Kenya’s most successful businesses has won her several business awards across the continent. She is the author of the book, ‘Give me my mountain,’ where she chronicles her journey as an entrepreneur. As the name of the book implies, the journey was fraught with many obstacles. She described her journey to the audience and urged women entrepreneurs to find ways of overcoming challenges by adopting the mindset that success does not come on a silver plate and must be earned. She stated that, ‘Many are the tribulations of the entrepreneur, if you are not prepared to pay the price, and make the family, social, and financial sacrifices: forget about being an entrepreneur.’

Her remarks reinforce the idea that an entrepreneurial mindset is characterized by resilience but also the belief that an individual has the power to influence outcomes, learn from mistakes and put ideas into action if they are willing to pay the price for success. The mental preparation is critical in this process.

Overcome imposter syndrome

Once an aspiring female entrepreneur accepts that the journey may not be easy and is prepared to be mentally resilient and persevere through challenges, she must deal with any limiting beliefs that are holding her back. Another panelist, Dr. Gilda Odera, the first female President of the Federation of Kenya Employers asserted that in forums where men are in the majority, women tend to hold back. She explained that women must break this mental barrier and allow their voices to be heard if they want to move forward.

Margaret Mutheu, Director, Elevate SMEs Ltd echoed these sentiments and explained that women entrepreneurs should recognize that starting a business is no mean feat and should show up to male-dominated forums and take up space confidently. She outlined that women entrepreneurs were already facing conscious and unconscious barriers and deep-rooted systemic issues such as limited access to finance and opportunities and that the only way to change the status quo is for women to show up and challenge it.

Do not fear failure

The fear of failure has plagued many entrepreneurs. This unhealthy fear can sabotage women entrepreneurs who are already very hard on themselves. A mindset shift can help women reframe failure. Dr. Muchemi suggests that women should not personalize failure and view the idea as having failed and not the individual. Indeed, failures are the seeds of future successes as the lessons they bring can generate further opportunities.

Sarah Karingi, CEO of Sarma Enterprises, another inspiring author has authored a number of books including, ‘Overcoming the impossible,’ where she tells the story of her life, the challenges she faced, and how she overcame them. She reiterated the importance of resilience and learning to continually rise up after being knocked down. Her inspiring journey is a testament to embracing uncomfortable situations and succeeding in male dominated fields. Her story of rebuilding her business after losing 20 million resonated with the audience and the belief that failure is temporary. Sarah believes in investing in personal development and knowledge and is an Alumni of the Enterprise Development programme at Strathmore University which she credited for the changes in the way she approaches business and her belief in the power of networking.

Find the right mentor

The final panelist, Monicah Mwaniki, CEO of Avocarp Assets Managers, explained that women self-sabotage by over-preparing and being too perfectionistic. This delays their contributions because they are waiting to act. Men, on the other hand will act with only half the preparation. This glaring difference showcases that women need to stop overthinking, become more decisive and stop waiting for the perfect moment to act.

Seeking out mentors can help women build their confidence and propel them to new heights. However, the only way that mentorship can work is if there is a genuine connection and shared values between the two parties. Women also tend to be afraid to ask for help which can impede their success.  Self-doubt also holds women back from becoming mentors because they are afraid to peel back their masks and be vulnerable. Mentorship is an essential ingredient to entrepreneurial success and female entrepreneurs should embrace it.

In conclusion, the panel discussion revealed that many of the barriers to success for women entrepreneurs are mental roadblocks and that women can overcome these internal challenges by working on themselves. The audience was empowered to arm themselves with knowledge, challenge limiting beliefs and mindsets, reframe failure, seek out mentors, and show up and lend their voices to create the right ecosystem where women entrepreneurs can thrive.

Indeed, the Annual SME Conference has been a powerful catalyst for changing the ecosystem and creating an enabling environment for all entrepreneurs. Over the years the conference has attracted local, regional and international players who have contributed to shaping this important, evolving conversation and creating positive change. I look forward to welcoming you to the next conference.

Article by Shailja Sharma, SBS Faculty Member and Leadership and Career Coach