Women in male-dominated industries, don’t just hold their own, they outshine, outgrow, and outperform. A World Bank Report confirms what many of us already know: female-owned businesses in male-dominated industries are not only larger but also more profitable than their counterparts in traditionally female-dominated fields. And here’s the kicker, when competing head-to-head with men in these industries, we perform just as well, dismantling the tired myths about our ability to lead and scale big businesses.
According to the report, the real barriers are not merely about competence or capability; they are about access, social networks, and the stories we tell ourselves about what’s possible. Success isn’t about degrees or deep pockets, or even technical know-how; it is driven by mentorship, social capital, and the audacity to claim space.
Confidence is one the biggest impediment to women’s success; not because they don’t have the ability, but because they have been conditioned to doubt it. In my decades as a private equity investor, I have witnessed firsthand how the confidence gap holds us women back, shaping not just our leadership style but the trajectory of our businesses. The data is clear: we women are 14% less likely than men to view ourselves as effective leaders.
Women often hesitate to position themselves as industry leaders, not because they lack the skill or ambition, but because society has spent generations disciplining us to doubt ourselves. Conditioned by systemic biases and ingrained self-doubt, too many brilliant women second-guess their place at the top. So, competence is not the issue here, but perception. This chronic self-doubt often translates into less risk-taking, fewer ventures in high-growth sectors, and businesses that don’t reach their full potential. But the real game-changer is mindset. Shifting how women see themselves may hold the key to unlocking their full entrepreneurial power.
Overcoming the female fear factory
In Female Fear Factory, Pumla Dineo Gqola shows that female fear is a patriarchal construct designed to control and limit women. Female fear is so deeply woven into the fabric of our society that even in supportive homes, the public sphere encroaches and remains a theatre designed to instil fear, conditioning women into self-limiting behaviours. For entrepreneurs, this manifests as self-doubt and imposter syndrome—two limiting and paralysing forces that can stifle ambition and success.
At the 2023 International Woman Leadership Conference in Dubai, I moderated an all-male panel designed to offer the mostly female delegates insights into the mindset, strategies, and risk-taking approaches that have propelled men to success. Fear and how it shapes decision-making quickly became a key theme.
Babatunde Fashola, then Nigeria’s Minister of Works and Housing of Nigeria, aptly noted, “fear is good but don’t let it define you.” Joe Tsai, Co-founder and Executive Vice Chairman of Alibaba Group, echoed this sentiment on the panel, emphasising the importance of courage as the antidote to the paralysis of fear. Riffing off Franklin D Roosevelt, Nelson Mandela famously said: courage is “not the absence of fear, but the triumph over it.”
Research in Harvard Business Review argues that building up courage is critical for high-achieving women to push through self-doubt and build confidence. The truth is that courage isn’t innate, it’s a skill, learned and developed overtime through deliberate action. To succeed in business, female entrepreneurs must embrace boldness as men do, dismantling the female fear factory in the process. This means thinking big, taking calculated risks, and claiming leadership without hesitation. Confidence isn’t arrogance; it’s trusting your vision, advocating for your worth, refusing to shrink in the face of scepticism.
The Mindset That Fuels Entrepreneurial Growth
A joint report from the Tony Elumelu Foundation and Stanford University reveals a striking contrast: while women entrepreneurs are deeply committed to impact—creating value for customers, employees, and society—they are less likely to adopt the mindset needed to scale and maximise profitability. This focus on impact is commendable, but it also highlights the need for a shift in thinking to unlock greater business growth and socioeconomic impact.
Traditional business training—finance, marketing, and operations—has long been the go-to support for entrepreneurs. Yet, research shows that such training is not enough to close the performance gap for women. A 2018 World Bank study found that women who received personal initiative training—focused on self-starting behaviour, innovation, goal setting, and resilience—saw a 40% increase in profits, together with greater entrepreneurial passion and long-term resilience. In contrast, those who received only conventional business training experienced just a 5% profit increase. The benefits of personal initiative training persisted years after the study, leading to greater innovation, scalability, and sustained success.
Beyond Finance: The Mindset Shift Women Entrepreneurs Need
Unlocking the full potential of female entrepreneurs requires more than just funding. Structural and systemic barriers continue to shape the trajectory of women-led businesses, particularly in Africa, where societal norms often dictate business choices. As a result, many women remain concentrated in lower-profit industries, face greater vulnerability to economic shocks, and juggle family obligations that male entrepreneurs typically do not face.
While conventional business training in finance and operations is valuable, it is not enough. Women entrepreneurs also need non-technical training that can build confidence, resilience, and risk-taking ability. To bridge the performance gap and truly unleash their full potential, we must go beyond business fundamentals. Social support networks, mentorships and mindset-focused training can equip women with the self-believe and strategic thinking needed to scale their business and drive long-term success.
With over two decades of investing in companies, I have learned that financial support alone isn’t enough. Female entrepreneurs thrive when investment is paired with advisory support. For example, at Alitheia Capital, we are not just financiers; we are our investees biggest champions, providing capital, mentorship, networks and encouragement needed to build confidence, scale their business and drive impact. Through our Nzinga initiative, for instance, are developing the capacity and skills of early-stage women-led and gender-diverse businesses and preparing them for institutional capital and expansion for scale. So far, we have delivered these programmes to over 60 founders from 5 countries—Nigeria, Ghana, South Africa, Lesotho, and Zambia.
Women face deeply entrenched systemic barriers that limit their entrepreneurial opportunities, especially in Africa where socioeconomic realities—particularly familial obligations—have pushed many into the informal sector. To level the playing field, investors, policymakers, and business leaders must go beyond providing capital. A truly effective approach must integrate mindset transformation, mentorship, and financial education. By embedding these elements into entrepreneurial support programmes, we can create an ecosystem where women-led businesses don’t just survive but lead and innovate.
The world doesn’t just need more women in business, it needs more women shaping industries. Africa’s economic future is inextricably linked to the success of its women entrepreneurs, who have long been drivers of economic growth and essential services in their communities. The time for incremental change is over. Bold, strategic action—by investors and women entrepreneurs alike—is required to unlock their full potential and driving lasting economic and social transformation.