Navigating the corporate world and the entrepreneurial landscape as a woman presents unique challenges and opportunities. However, says Nikki Swart, Managing Director at alternative lender Merchant Capital, a journey of continuous self-development, the learned ability to self-coach, and a commitment to showing up every day as your most authentic self, are all useful tools that are within everyone’s reach.
Speaking during Women’s Month, Swart asserts that growing yourself is the first step towards growing your business. “By embracing authenticity, overcoming self-doubt, and being self-led, women can unlock their full potential and lead fulfilling, successful careers.”
While Swart has taken on mentorship roles for women – and some men – in her corporate world she emphasises that these tools are also critical for female entrepreneurs to assimilate into their skill-sets.
For context, only between 30% and 40% of the funding granted by Merchant Capital is applied for by women-led SMMEs and, overall, female ownership of SMMEs in South Africa declined from 48% in 2008 to 38% in 2017. Swart also notes that male entrepreneurs who apply for funding from Merchant Capital are “far more likely” to negotiate terms and numbers.
“It’s possible that imposter syndrome – a psychological phenomenon where individuals doubt their abilities, feel like frauds, and fear that they will be exposed as unworthy of their accomplishments, despite evidence of their competence – holds many women back,” says Swart. According to KPMG, 75% of female executives have experienced imposter syndrome at some point in their careers.
Overcoming imposter syndrome involves recognising and challenging internalised beliefs. “Self-coaching has been a powerful tool for me. By regularly reflecting on my challenges, achievements and capabilities, I have been able to build confidence and reduce self-doubt, and I have found my voice in the working environment. This skill has helped me to transform my interactions in business settings to foster meaningful and productive relationships.”
Embracing authenticity is also key for success. In the business world, being authentic means being honest about what you know and what you don’t know, voicing your opinions confidently, and not feeling the need to conform to traditional roles. Swart notes that the more she pitched up as her true, authentic self, the better she was received, and the better she was able to do, both personally and in terms of her contribution to a thriving business environment.
For women entering the corporate world or embarking on entrepreneurial ventures, Swart offers straightforward advice: “Work hard, be authentic, and don’t be afraid to ask questions and voice your opinions. Try your best at the things you’re good at, learn something new when you start coasting, and don’t feel the need to fit into a certain mould.”