Building Social Capital as an African Woman Entrepreneur - The Secret that’s Hidden in Plain Sight!
Nwabisa Mayema
Africa is considered to be an inherently social hive, yet many women entrepreneurs on the continent struggle to build social and external networks in business. A crucial aspect of successful venturing is creating - and leveraging - social capital.
If they are to explore opportunities for business expansion across the continent and globally, it is vital for African women entrepreneurs to tackle some of the current obstacles to building strong social capital.
Nwabisa Mayema, Strategic Partnerships Director at the Branson Centre for Entrepreneurship South Africa, attributes her new role to the social capital she’s accumulated over the years. A serial-entrepreneur with 15 years of experience, she has managed to tap into this wide-open secret to grow her businesses and career.
AWEC had the pleasure of hosting Nwabisa as a guest on ‘AWAKE with AWEC’, our 30-minute Instagram Live show that aims to build a resource hub to empower African Women in Business. Passionate about empowering women entrepreneurs across Africa, the sought-after speaker was keen to shed some light on the benefits of growing your social capital and more importantly how to do it.
Could you define Social Capital for us and why it is important for African women entrepreneurs?
Social capital is the resources you have in terms of relationships, and, like any capital, you’ve got to work it and nurture it to help you grow. Social capital is the ability to grow your relationships to further your objectives, be they personal, business, or professional.
Women are hardwired to grow and nurture relationships. We instinctively recommend good services and products to our friends. On a good day, we are discussing where to get your nails done and on a bad one, we gossip. It’s in our blood!
So why do we [African women entrepreneurs] find it so difficult to do?
There are mental blocks that prevent women from building social capital:
Firstly, we are reluctant to talk about what we are good at. Sometimes you do not realize the value you bring to the table. It is crucial to know why you are in the room. This gives you the confidence to go out and interact with other people.
Secondly, we are reluctant to look at the transactions that can happen in our relationships. You feel the need to ‘earn’ help from people. The people around you want to help you. It’s okay to ask for help to accomplish something that you want.
What if I’m an introvert or I’m based in the middle of nowhere, how and where do I start?
The first thing you need to understand is your purpose. Why are you doing what you are doing? Understanding your ‘Why’ helps you develop the passion to build social capital. It gives you the passion you need to share your vision and rally people to support you.
A helpful trick is to create scripts that you can use to build social capital. These are simply preset lines that you craft to help you know how to summarise your value. A good place to start would be with the following;
I am the best because…
I will change your life by…
I promise to… and therefore how best can we work together?
Everyone can speak in a room. In fact, some people speak way more than they need to. It’s very easy to stand up, but it’s very difficult to stand out! Have your script ready and be confident about yourself. Your authentic belief in yourself will shine through and people will be attracted to you.
Given the pandemic and lockdowns, how does that challenge the ability to build social capital or present unexpected opportunities?
Let’s focus on the opportunities because we need to learn to face the sun during COVID. Find the silver lining in all circumstances to help you move forward. The opportunity to build your network during the pandemic is huge. Since the world has shifted to working digitally, some barriers to access have been lifted.
For example, in this digital world, you don’t have to physically travel to another country or city to gain access to a potential connection. A simple Zoom call will do. Geographical boundaries have been eliminated and this increases the size of your potential network and customer base. Take advantage of this great opportunity.
Let's say someone follows your advice today and builds a reserve of social capital. How should she spend it?
First of all, I’d like to point out that you need to be willing to put in the hard yards. I say it takes a thousand days to feel confident about your business, idea, or project. As you build, make sure you are growing your social capital to help you get access to better resources that accelerate your growth.
There are some best practices you can start implementing to help you cash in your social capital in an authentic and organic way.
Follow up with a new connection immediately after meeting them to thank them for their time. Ensure you have a clear ask. For example, you can say something like, “ It was great getting to meet you at (Place A). I would like to talk to you about…[X] because I need…[Y]”
Mean what you say and say what you mean. When you mince words or don’t share your true intentions or goal, people can feel it. Be honest from the start and the people who like your authenticity will help you out.
Be credible. When you say you will do something, do it. Your reputation will get you into rooms where your marketing could never.
Be consistent, clear, and actionable. Leave one-hit wonders for the musicians. Consistent action is the key to gaining and keeping the trust of your network.
When you reach out to someone and they say no, do not take it personally. They probably feel that they are not the best person to help you. Or they could be committed to other things that will prevent them from finding the time to help you.
Learning how to have fun and not take things personally is the key to flourishing as an entrepreneur. Have fun and be yourself. Bring your unique personality into conversations and into your work. Remember to surround yourself with people who bring fun to you. They can pull you away from work when you need to and remind you to have some fun.
Social capital is a sum total of sharing who you are, what you care about and why you care about it. The ability to connect with others is innately found in women. So tap into your natural talent and show the world who you are. You’ll have a great time and build a great business.
Building a strong social network either online or offline is like having money at your disposal. Spending time and energy planning and building these relationships can be the best investment you ever make.
For more insights like these, check out our full conversation with Nwabisa here.
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