Women Entrepreneurship in Bulawayo - How Do We Encourage It?

As we commemorate women during the month of March, it is prudent to consider the most effective means by which we can empower them to achieve growth and success.

Women entrepreneurship is one of the fastest-growing entrepreneurial populations, which contribute significantly towards innovation, employment and wealth creation worldwide. Notably, female entrepreneurship is crucial for a country’s progress and is considered a key strategy for achieving sustainable economic growth. Storey and Greene (2010) states that there is no greater initiative a country could take to accelerate the pace of entrepreneurial activity than to encourage more women to participate actively in entrepreneurship.

Women-owned businesses ought to receive financial support from the government or other interested organizations in the form of loans to facilitate their growth. Research shows that in most instances women in Sub-Saharan Africa face challenges of financing their businesses. It is possible for Sub-Saharan African governments to increase chances of attaining knowledge-based middle income economies in the near future if they support women entrepreneurs.

Financial literacy is another important aspect to be considered in growing women led businesses. This is because it assists business people in becoming self-sufficient and financially stable. This includes the ability to save money, plan, distinguish between wants and needs, manage a budget, pay bills, purchase a home, pay for college, and plan for retirement. The government should provide women with relevant market information to help fuel their ventures.

Local Partnerships and Sponsorship for Women-Led Businesses

Additionally, there is need for local partners and sponsors. Local partnerships expand your brand beyond your industry and generate business from new angles. Businesses engaging with other companies for various services have the opportunity to gain new audiences for their products. As such, one of the pillars of grassroots, community marketing is local partnerships. Subsequently this can include sponsorships of local entities or events, membership in networking organizations and relationships with non-competitive retailers. Local partnerships are a cost-effective strategy to drive awareness and sales in your market.

Financial Support for Women Entrepreneurs

Government plays a very important role in developing entrepreneurship. The government set programmes to help entrepreneurs in the field of technique, finance, market and entrepreneurial development so that they help to accelerate and adopt the changes in industrial development. This should be done to empower women in entrepreneurial businesses.

The government carries the burden of ensuring that entrepreneurship thrives by coming up with policies that conduce the entrepreneurial operating environment. It should offer support to entrepreneurial efforts, research and development and innovation through enabling and conducive public policy interventions. A conducive operating environment provides opportunities and resources upon which entrepreneurship can exploit and in return create jobs and grow the national economy.

Moreover, state policies must have the potential to promote entrepreneurship at a large scale. Reduce barriers and restrictions on entrepreneurial potential of those with limited access to education, credit, technology, and markets. Promote small and medium entrepreneurship for job creation and income generation, despite pressure from big corporates and economic elites to limit competition.

Middle class economy is achievable for Zimbabwe.

In conclusion, it is imperative that Sub-Saharan countries revisit their economic strategies and give serious consideration to entrepreneurial activities if they are to become middle-income economies in the future. Specifically, they must identify and prioritize entrepreneurship as a key driver of economic growth, develop policies and programs that support the establishment and growth of small and medium enterprises, and foster a conducive business environment that encourages innovation and competition