Money lessons from SA woman entrepreneurs
25 AUGUST 2023
We celebrate Women’s Month by empowering ladies with lessons on entrepreneurship and money imparted by some of South Africa’s well-known figures in business and entertainment.As we celebrate the women in our lives this August, we also should take time to consider the incredible role women play in their communities as breadwinners, teachers and imparters of a wealth of advice.
With managing businesses and creating a stable financial future being a major concern for most South Africans in the wake of the COVID-19 pandemic, we’ve rounded up a few of our favourite quotes from some well-known South African women on how to handle your finances and recognise your worth as a woman.
According to Expert Hub, on understanding your value, Phuti Mahanyele, executive chairman, Sigma Capital says: “When going into business, you should view yourself as a business person – people treat you the way you treat yourself. If you come in feeling at a disadvantage, then you are already at a disadvantage.”
The importance of regularly taking stock of your achievements is crucial. “It is important to revisit your goals regularly to establish when you know you have succeeded when it is time to move on or move faster or slower and when it is time to perhaps gracefully bow out," said Property entrepreneur and CEO of Innate Investment, Lynette Ntuli shared in a Fin24 interview on her journey as an entrepreneur.
On living within your means, model and media personality Blue Mbombo shared in an IOL interview on how celebrities spend their money, that living below our means could empower us more. “For example, if we paid ourselves first at least 10% of what we earn, that leaves us with 90% or less of our income to live on. Controlling our expenditures enables us to make good use of the money we have leftover after we paid ourselves,” explained Blue.
Having bought land for her son, Nandi Madida shared in an Instagram post the significance of creating general wealth for her family. She said: “I want my children to understand generational wealth. Having grown up in Durban North and having parents who come from rural KZN Maphumulo, I learnt from both backgrounds that generational wealth is more important than buying things that lose value over time (cars, clothes, etc.).”
Speaking to The Citizen on some of the financial lessons she learnt from her parents and how she imparts financial literacy to her children, business and media mogul Basetsana Kumalo aptly said: “No Ivy League institution could have taught me what I learnt in my mother and father’s house.”
FEELING INSPIRED? READ UP ON MORE FINANCIAL WELLNESS TIPS.
If you’re feeling inspired and motivated, find more financial wellness tips to empower you this Women’s Month and beyond on your journey to financial freedom.