Women’s Month: Lessons from real estate entrepreneur Matseleng Magodi
A CLEAR vision is very crucial to grow a business, according to Matseleng Magodi, a successful property entrepreneur who has this in spades.
She is the the founder of Snooks Estates and co-founded the Black Estate Agents Forum.
This is significant as a gender gap persists in South Africa.
While the number of women-led businesses in South Africa is on the rise and reaching 22%, according to the 2021 Mastercard Index of Women Entrepreneurs to bridge the gender gap it is essential to shift the conversation.
We need to go beyond acknowledging the gap and understand how 22% of women-led businesses succeed in a competitive business landscape.
Magodi’s insights light the way
She highlights that, “Women should not worry about the how, but focus on the why. When the purpose is clear, the path unfolds, and opportunities become apparent.”
Understanding the “why” provides a compass in a competitive landscape. It allows entrepreneurs to filter out distractions and leverage opportunities strategically. Magodi cautions against letting outside noise dictate women’s decisions.
“The external world should inform, not dictate women’s courses,” she says.
The foundation of support
A crucial element in growing a women-led business is a solid support system, beginning at home and extending through educational and professional networks.
Magodi reflects on her journey: “Growing up, I was very close to my father who was doing business in the construction industry. This relationship grounded me and impacted my confidence and independence which laid the groundwork for my entrepreneurial journey in real estate.”
Building supportive networks is a key quality for women seeking to grow their businesses. Determined entrepreneurs should demonstrate their drive and create networks of like-minded individuals and industry veterans. Supportive networks allow women to access invaluable advice and build bridges that can propel them forwards.
“I have created supportive networks which extend beyond my personal life. In 2008, I co-founded the Black Estate Agents Forum to support black estate agents in townships. Creating this network was more than just a business, it was about uplifting a community which later provided real opportunities for growth,” Magodi says.
Lifelong learning to counter unconscious bias
Navigating the business world as a woman often means facing unconscious biases that can undermine credibility and opportunities.
“Women often face internal barriers which dictate their capabilities and potentia,” notes Magodi.
Encountering these biases is rooted in self-awareness and strategic action in which lifelong learning plays a crucial role. Women need to be proactive and seek out workshops and courses to enhance their skills. In this digital age, there are several free courses online and sometimes in person offered by the government, private sector, and non-profit organisations.
“Lifelong learning promotes critical thinking, problem-solving skills, and a resilient mindset – all vital traits for successful entrepreneurs,” Magodi says.
Stepping out of your comfort zone
To grow their businesses, women need to be willing to step out of their comfort zones. One such unfamiliar step is to transition from a traditional career to entrepreneurship which is often daunting, particularly looking at the financial needs. Magodi’s shift from teaching to joining her father’s construction business exemplifies this leap.
“I started working with my father in
construction. Then people started bringing their properties, saying they wanted to sell or buy; that’s how I began to understand the dynamics of real estate.”
Moving from a comfortable zone creates spaces that often provide experiential learning where women entrepreneurs can benefit greatly, and at times from people willing to provide insights and open doors to new opportunities.
Securing funding
One of the significant challenges for women entrepreneurs is accessing funding, as traditional channels can often be less accessible. Magodi’s creative approach to this issue involves starting small and reinvesting profits back into the business which ensures a business has a strong foundation. Another crucial approach is leveraging relationships and demonstrating persistence.
“When I started Snooks Estates in 1997, I had minimal knowledge of real estate. I relied heavily on building relationships with clients and investors,” she explains. “Persistence and a clear vision of what I wanted to achieve played a crucial role in securing the necessary funding,” Magodi says.
Success in entrepreneurship is lifting others
Business success is not just about personal achievements, it is about lifting others as one climbs.
Women in business need to embrace their ambitions, defy expectations, and lead with purpose in every endeavour.
“I founded Snooks Estates during a time of economic uncertainty, driven by the need to offer quality service and redefine perceptions about black-owned businesses,” Magodi explains. “It was not just about selling properties; it was about building trust and empowering others in the industry.”
Beyond entrepreneurial ventures, championing initiatives to empower young women, particularly from underserved communities is crucial. Being vocal about systemic barriers facing young women, and the need for accessible and sustainable opportunities for them.
“The challenges facing young people in townships are immense,” Magodi stresses. “They deserve more than token gestures or temporary solutions. We must invest in their future with meaningful education and mentorship programmes that lead to real, lasting employment and entrepreneurship,” she says.
Mentorship plays a crucial role in promoting entrepreneurship among women in South Africa. Most entrepreneurs often start from scratch and learn on the job. Such demands require women to be part of mentorship circles that help them challenge stereotypes and pursue their dreams with resilience and determination.