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12 December 2019 | Story Valentino Ndaba | Photo Johan Roux
Refilwe Xaba
Refilwe Xaba’s thesis takes a deeper look into why women entrepreneurs in the informal sector are not thriving as they should.

Refilwe Xaba is not only a Senior Assistant Officer in Entrepreneurship Development at the University of the Free State’s Centre for Development Support. She is also the CEO of Glolooks, a Bloemfontein-based company which manufactures and supplies an organic natural hair product range. All this makes the journey to complete her Master’s of Commerce with specialisation in Business Management more than an academic journey. 

It was not an easy process for Xaba as she experienced a two-year-delay in her studies. “I registered in 2015 while I was a full-time student since I had not started working here and had not started my business,” she explained. Despite the detour, Xaba managed to get back on track and she finally graduated on 11 December 2019.

Sustained impact 

Xaba’s thesis on The Internal Factors Affecting the Performance of Women Entrepreneurs in the Informal Sector focuses on management, money and motherhood. Her research recommendations took into consideration the work-life balance that women have to contend with, in addition to other issues. “Women in pursuit of careers are still mothers and wives,” she said.

The study sampled 300 women entrepreneurs operating in the Mangaung Metropolitan Municipality’s Bloemfontein, Botshabelo, and Thaba’Nchu areas. Challenges experienced by the respondents ranged from having young children, a lack of formal business training, as well as access to human, financial and social capital, low levels of management and marketing skills, family-to-work conflict and work-to-family conflict. 
“This means informal women entrepreneurs have to find ways to ensure that their businesses survive in the absence of support such as basic infrastructure, financial assistance and learning opportunities,” added Xaba.

Hindering women’s performance cripples the economy

According to Xaba, the informal sector plays a vital role in the economic and social development of South Africans. “It is one of the strategies employed in alleviating unemployment and poverty,” she said.

Small-scale operations with relatively low-capital requirements, low-income generation, low-entry requirements with respect to education and skills, and labour-intensive production methods are as important to the economy as multinational corporations. Some of the recommendations Xaba made include prioritising education to equip entrepreneurs with cognitive skills to better identify and exploit entrepreneurial opportunities. Furthermore, mentorship surfaced as a necessary staple to the success formula. 

In addition, “families should find ways of incorporating their skills and knowledge into the running of their businesses”, Xaba advises. In order to mitigate the challenge of inadequate access to finance and low levels of start-up capital, South African banking institutions need to explore microfinancing as a possible funding model for women. 

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Academic addresses financial planning leaders at world summit
2010-05-04

Adv. Wessel Oosthuizen, Director of the Centre for Financial Planning Law at the University of the Free State (UFS), addressing financial leaders at the World Financial Planning Summit.


Adv. Wessel Oosthuizen, Director of the Centre for Financial Planning Law at the University of the Free State (UFS), is chair to four Financial Planning Standards Board (FPSB) expert panels that guide the global Certified Financial Planning (CFP) certification programme. At the recent World Financial Planning Summit, held in Taipei in China, he challenged a group of global financial planning leaders to support the formation of a global financial planning body of knowledge with sustainable career-path development opportunities.

He said: “For financial planning to be recognised as a distinct professional practice and a global profession, the financial planning community must establish a universal body of knowledge that is supported by applicable in-depth research.

“We need to establish how professional bodies should collaborate with academia to integrate a more competency-based education and training environment that combines theory with practice. Fostering and promoting comprehensive research in financial planning topics is another key challenge that must be addressed in order to develop a tertiary knowledge framework for the financial planning profession.”

Adv. Oosthuizen, who is playing a big role in providing consistent and rigorous education and assessment tools for financial planning in 2010, said that a bachelor’s degree should be a compulsory minimum requirement for practising financial planners.

About the learning curve between the academic and work environments in the financial planning profession, Adv. Oosthuizen said: “Implementing a career-path model that supports a more structured approach to apprenticeships and supervised practice would complement a specialised financial planning body of knowledge and provide entrants to the profession with the necessary theoretical knowledge and practical experience to offer competent and ethical financial planning.”

The World Financial Planning Summit engaged global leaders of more than 17 financial planning standards-setting bodies, as well as regulators, financial planning educators and other invited guests in a dialogue about the steps needed to gain recognition for financial planning as a distinct, global profession.
 

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