Experts advocate collaboration over capital for women's success
Experts have highlighted the persistent challenge of financial constraints that women face when entering the entrepreneurial field.
However, they are now advocating for women to embrace networking and collaboration as essential foundations for achieving entrepreneurial success.
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According to these experts, such approaches provide a more extensive range of support that extends beyond mere monetary investment.
These remarks were made during the She Rise Summit convened under the theme "Cultivating Success through Collaboration." The summit aimed to address the multifaceted challenges faced by women in business, particularly the daunting task of acquiring startup capital.
Marjorine Nantambi, Finance and Personal Growth Coach emphasised a paradigm shift in addressing this issue.
Contrary to conventional wisdom, she underscored the importance of social capital over financial resources in initiating and sustaining successful ventures.
"Today, we have learned that it's not just about the money. Social capital is better than financial capital when starting,” she noted.
Nantambi shed light on untapped opportunities for women in terms of funding and accessing resources for business growth.
Participants engaged in discussions exploring avenues for securing funding and navigating the intricate landscape of tendering processes for major projects.
Acknowledging pervasive challenges such as financial support gaps and limited access to skills and training, Nantambi stressed the importance of resilience and continuous learning.
"It doesn't matter what you know; it is the zeal because you can learn on the job," she affirmed, urging women to seize opportunities for growth and development.
Nantambi urged attendees to transcend competitive instincts and embrace a collective mindset, emphasizing the transformative potential of collaboration.
"Networking and collective belief are very important because when we work together, we can achieve a lot," she emphasized.
Audrey Tumwine, Financial adviser advocated for increased sensitization efforts regarding taxation policies, emphasizing the necessity for tax authorities to comprehend the businesses they tax to facilitate a more lenient tax collection process.
Tumwine underscores the importance of entrepreneurs prioritising aspects such as scalability, profitability, and a comprehensive understanding of the financial aspects of their ventures, noting a common oversight where entrepreneurs prioritize ideas over the financial viability of their businesses.
Angella Muhumuza, coordinator of the She Rise Summit and a customer care coach, emphasized the pivotal role of exposure to diverse financial coaches and career trajectories in fostering women's innovation.
"For women to be more innovative they should listen to different financial coaches and understand how people have navigated various career paths; your mind automatically opens up,” she said.
Muhumuza advocated for women's intentional pursuit of knowledge and impactful spaces, stressing the importance of reading and research.
"As women, we need to be more intentional about putting ourselves in spaces where we are going to get knowledge, spaces that are going to impact our businesses and our lives. Women need to read a lot more and research. This continuous effort will support women to thrive in businesses,” she said.
