17 November 2017
Two MDs who refuse to live by patriarchy's rules
In this frank and honest chat, two inspirational female entrepreneurs take us on their business journey from "the big dream" to how they survived through the mean and lean times. They divulge how they dealt with sexist behaviour, and the financial sacrifices they made when it looked like their companies were teetering on bankruptcy.
Fumani Mthembi is a founding member of the Pele Energy Group, South Africa's largest 100% black-owned independent power production and development firm. She is the MD of its research and development subsidiary, Knowledge Pele (KP). Teresa Oakley-Smith is the founding member of Diversi-T, a change management consultancy with a focus on transformation and diversity training.
Fumani and Teresa spoke at this year’s Investec Women in Leadership event, centred on ‘The Courage to Change' and recorded a podcast with Investec on thriving as a businesswoman in a male-dominated world.
"The thing about being an entrepreneur is it isn't an upward trajectory. Diversi-T has gone through cycles; up and down times. I had to sell a house at one point cause even though the business was performing poorly, I still had such a belief in the dream. You have to make a plan. You have to make a way," says Teresa.
Fumani and Teresa bring two very different and useful perspectives to the discussion on: 'What are we as women doing to challenge the patriarchal mindset that dominates politics and business alike?' But in their call to action directed at women of all races, their message is loud and clear: "We've got to come together and take our power."
Listen to the podcast here
Fumani Mthembi and Teresa Oakley-Smith, both MDs and founders of their own successful businesses, share their personal stories of fighting gender and racial stereotypes in pursuit of a dream.
Jump to the sections you're most interested in by scrolling to the time codes provided below
01:03 Fumani and Teresa tell their founding stories.
03:23 Teresa talks about how her passion for breaking down barriers -of race, gender, culture- even language- started.
04:46 Fumani reveals the sacrifices she made to keep her business afloat.
04:48 Where does the courage to try something new and risky come from?
07:58 Teresa explains how she needed to sell her home in order to keep her dream alive.
10:17 Black Economic Empowerment: How its worked and what needs to change.
14:45 The importance of education in empowerment.
‘Starting a business is like gambling at a slot machine. If you sit there long enough you’ll win. I don’t know how to abandon ship.’
Fumani Mthembi, Pele Energy group
15:57 Discussion around opportunities that exist in all sectors, but especially banking.
17:25 Teresa and Fumani discuss how stereotypes need to be broken down
19:18 Corporates need to build environments that encourage diversity.
20:12 Why Fumani describes herself as privileged when she comes from two previously disadvantaged groups.
23:53 Teresa speaks about the rising sense of anger felt by those marginalised.
25:13 Fumani and Teresa explain the challenges inherent in being a female entrepreneur.
27:39 The need for women to appreciate, and seize, the power they already hold.
32:00 Fumani says of the 25 employees at Pele, only five are men.
33:00 Women are hardworking and bright but risk adverse.
‘I’ve had to work twice or three times as hard as male competitors to gain a contract.’
Teresa Oakley-Smith, Diversi-T