How Psychological Barriers Affect South African Entrepreneurs' Financial Success

In a thought provoking discussion held, in Sandton Johannesburg at the Protea hotel by Marriott Balalaika leadership coach Ziyanda Mazamisa illuminated the psychological barriers that many South African entrepreneurs face regarding their relationship with money.

By addressing the long-held belief that "money is the source of all evil," Mazamisa urged participants to reconsider that mindset, and argued that such notions can severely hinder their business success.

Speaking during a panel discussion titled "Unpacking the Impact Equation," on Thursday, Mazamisa emphasised the need for entrepreneurs to evaluate their personal beliefs about wealth and financial success.

"Now, when you start to open a business... running a business, of course, you want to eventually make money.

But what is your relationship and connection to money?" she said in prompting attendees to reflect deeply on their value systems.

Mazamisa argued that understanding one's "body of money" essentially the beliefs and emotions tied to wealth, which was crucial aspect that needed attention, before delving into the business aspects of revenue generation.

"I think mine is to say you've got to check yourself because if you don't feel a sense of value from within, that will translate to how you also charge and how you make payments," she explained.

This internal struggle is particularly pervasive within certain communities, where the fear of charging appropriately for services can stem from cultural conditioning.

"The fear of charging appropriately is significant in our community," Mazamisa remarked, indicating that this fear often leads individuals to underprice their services, which can inhibit business growth.

Delving into the psychological aspects, Mazamisa highlighted how external narratives influence perceptions of money.

She noted that many are socialised to perceive wealth as synonymous with oppression or greed, which subsequently clouds their ability to see themselves as capable of financial success.

"The church would tell you it is a group of poor people," Mazamisa noted, illustrating how ingrained beliefs can lead to cognitive dissonance.

"So, when I talk about the body of money, I want to encourage people to ask, what is my belief about money?"

"The act of re-evaluating these beliefs can lead to newfound clarity and actionable steps towards financial success.

"Your pricing model would then mimic your belief system," she explained.

By examining and understanding the root of their fears and self-doubt, entrepreneurs can not only transform their businesses but also redefine their narratives around income and prosperity.

Mazamisa concluded her talk by challenging the audience to envision a scenario where they suddenly acquired immense wealth.

"If all of us were to wake up tomorrow with 70 million in our bank account, I tell you, someone has got to reintroduce themselves to themselves.

"You wouldn't even know who this person is," she said, emphasising the importance of personal growth alongside financial growth.