The city of Johannesburg has been ranked 28 out of 50 cities globally, for showcasing skill development and business opportunities for women in the 2017 Women Entrepreneur Cities Index.
The index compares and ranks global cities according to their ability to foster and incubate “high-potential women entrepreneurs” and business owners to develop the country’s economic status. The study was conducted by technology services company, Dell.
Cities were ranked by virtue of female skill development in the fields of capital, technology, talent, culture and markets. It was found, however, that South Africa’s female population is leading the political field above others.
The Dell index found that 44% of South African women work in parliament, which, according to the index, is among the highest in the world. It also found that women represent 42% of the cabinet and 38.4% of the local government.
South Africa dropped from its 2016 ranking of 23 to 28 in 2017, and this according to the study was due to tougher market conditions.
On Monday this week, Stats SA released its quarterly labour force survey results, which found South Africa’s overall unemployment rate was sitting at a dismal 27.7%. Female unemployment sits at 29.8% and male at 26.0%.
Women in sectors across South Africa are trying to beat this figure. The International Franchising Association (IFA) found that women are leading the figures in franchise ownership and operations in South Africa.
The IFA found that there are more than 25% of women operating franchises in South Africa and the leading industries included education, slimming salons, accessory and arts, beauty salons and nail bars.
Morne Cronje, head of franchising at FNB, said in a statement that women contribute significantly to South Africa’s economic and employment rates by entering the franchising sector.
According to Cronje, “the success rate of a franchise business is far better than a traditional start-up or small business. Consequently, franchising is one of the few industries in South Africa that are showing steady contribution to the economy and employment.”
Females all over the world are entering fields previously populated by their male counterparts. The Dell study shows that businesses owned by men have a 3.5% higher likelihood to break the $1 million mark, but if more attention is placed on developing females toward owning their own businesses, the $1 million mark can be reached and more jobs and “economic prosperity” can be obtained.
“Globally, women entrepreneurship rates are growing more than 10% each year. In fact, women are as likely or more likely than men to start businesses in many markets. However, financial, cultural and political barriers can limit the success of these businesses,” said Karen Quintos, EVP and chief customer officer at Dell.