Building a lasting business legacy as an African woman is an incredible opportunity to shape the future for yourself, your community, and the generations to come. Despite challenges such as gender bias, limited access to funding, and societal expectations, African women are increasingly emerging as formidable business leaders. Below are actionable steps to create a business legacy, backed by relevant statistics and insights.
1. Define Your Vision and Mission
A clear vision and mission set the foundation for any lasting legacy. Your business should address a meaningful need, align with your values, and create a positive impact. African women, particularly in sectors like agriculture, health, and technology, are using their businesses to solve local problems.
Figure: Women own about 58% of all African businesses, but only 13% of them are formally registered, often due to lack of support or access to capital.
2. Build Resilience and Perseverance
Entrepreneurship in Africa often involves navigating systemic challenges, including infrastructural limitations and access to funding. Resilience is key. Stories of African women like Ibukun Awosika, the former Chair of First Bank of Nigeria, highlight the importance of persistence in the face of adversity.
Figure: Sub-Saharan Africa has the highest rate of female entrepreneurship globally, at 26%, compared to a global average of 9%.
3. Leverage Education and Skills
Continuous learning is crucial to staying relevant in a competitive market. Seek out opportunities to enhance your knowledge through courses, mentorship programs, and workshops. Education not only refines your skills but also positions your business for growth.
Figure: A McKinsey report revealed that companies led by diverse teams, including women, outperform their peers by up to 25%.
4. Foster Strategic Partnerships
Collaboration can amplify your impact. Whether through partnerships with other businesses, government bodies, or NGOs, working together often leads to growth and innovation.
Example: Partnerships have allowed African women in agriculture to access technology and training, boosting productivity and income levels.
5. Prioritize Financial Literacy and Planning
A solid financial plan ensures the sustainability of your business. African women often face hurdles in accessing loans and grants, but microfinance institutions and fintech platforms are stepping in to close the gap.
Figure: Only 22% of African women have access to formal financial institutions, yet women are more likely to repay loans compared to men.
6. Embrace Technology
Digital tools can exponentially grow your reach and efficiency. Platforms like social media, e-commerce sites, and mobile payment systems enable businesses to scale rapidly.
Figure: By 2025, Africa’s digital economy is expected to contribute $180 billion to the continent’s GDP, with women increasingly participating in the tech-driven marketplace.
7. Mentor the Next Generation
Legacy involves passing on knowledge and opportunities. Mentoring young women or sponsoring educational initiatives ensures that your business values live on.
Example: Aliko Dangote, Africa’s richest man, frequently acknowledges his mother’s influence and the role of mentorship in his journey, showcasing the power of guidance in shaping future leaders.
8. Think Globally, Act Locally
While your business should have global aspirations, staying rooted in your community fosters loyalty and relevance. Identify how your work contributes to solving local challenges while maintaining international standards.
Figure: Africa’s female-led SMEs could add an additional $316 billion annually to the economy if they had equal access to funding.
Conclusion
Creating a business legacy as an African woman requires a combination of determination, strategic thinking, and community focus. Despite challenges, the potential for impact is immense. By leveraging your unique skills and embracing innovation, you can build a business that not only thrives today but continues to inspire and empower future generations.
