Businesses in Africa urged to evolve from one-man business to Limited Liability Corporations

Businesses in Africa, particularly in Ghana, have been encouraged to transition from sole proprietorships to limited liability companies to ensure that business liabilities are borne by the corporate entity rather than the individual owner.

The advice was given by a Business and Technology leader in Banking and Finance, Mr Solomon Osuoza, during his keynote address at the Legacy Business Summit 2026 held at Trinity Baptist Church, UPSA, East Legon, in Accra.

The one-day maiden summit was organised by the Men of Integrity of Trinity Baptist Church and brought together business professionals, entrepreneurs, aspiring business owners and members of the public, including women.

The event was sponsored by Japan Motors, Globex Energy Limited, Tree Hill Global, Neon Acres Limited, CEO Oil Limited, Purelan Legacy, Hills Oil Marketing Company Limited, Event Pady and Krontiva.

The summit was held on the theme, "Building Wealth, Building Excellence, Building Legacy."

The initiative sought to equip participants with financial literacy, strengthen entrepreneurial capacity and provide practical knowledge to enable them to build sustainable businesses that would support their families, contribute to the work of God and positively impact society.

Among the legacy advisors who participated in the summit were Mr Solomon Osuoza, Mr Olaleke Awonyiyi, Hon Kwadwo Dekyi and Mr Rexford Mann Mensah.

Mr Osuoza urged entrepreneurs with ambitions of expanding their businesses not to remain sole proprietors indefinitely, stressing that many businesses outgrow that structure.

According to him, aspiring entrepreneurs should have a clear long term vision and determine how far they intend to take their businesses.

He noted that remaining a one person business may be a personal choice but often places excessive demands on the entrepreneur, who must shoulder every responsibility alone.

“Deciding to stay small in business could be a personal decision without a lofty ambition. However, it could be really demanding because you have to learn a lot as one man,” he said.

Mr Osuoza also advised young professionals against rushing to resign from paid employment to establish their own businesses. Instead, he encouraged them to plan carefully, acquire relevant skills and gain practical experience before making the transition.

He said paid employment provides an opportunity to build technical expertise, understand established organisational systems and develop valuable professional networks.

According to him, social capital is one of the most valuable assets for entrepreneurs and is built through strong professional relationships over time.

“One of the values of paid employment is that it gives you stability, allowing you to grow and learn established structures while building relationships,” he said.

Mr Osuoza acknowledged that determining the right time to leave employment and venture into business remains one of the most difficult decisions for aspiring entrepreneurs.

He advised individuals to allow time, proper planning and divine guidance to shape that decision, adding that entrepreneurship requires courage, faith and a willingness to embrace uncertainty.

According to him, no entrepreneur begins a business with complete certainty about the outcome, making strategic planning essential.

“This is where proper planning is required and one needs to take a strategic comprehensive plan,” he said.

He suggested that aspiring entrepreneurs could establish clear timelines for their transition from employment to business ownership.

“You can say I would work for ten years, then from the eleventh year, I am going to start something on my own,” he stated.

Mr Osuoza further observed that entrepreneurs stand a better chance of succeeding when they venture into industries in which they already possess knowledge or experience gained through previous employment.

He stressed that leverage remains one of the most important ingredients for business growth. According to him, entrepreneurs should identify their weaknesses, bring people with complementary skills into their organisations and build strong teams united by a common purpose.

Without leverage, he said, businesses would struggle to grow sustainably.

He emphasised that successful businesses cannot be built by individuals alone, noting that the increasingly complex nature of today's business environment requires collaboration and teamwork.

Mr Osuoza also encouraged individuals who find fulfilment in paid employment to remain committed to their organisations and contribute meaningfully to their growth.

During a panel discussion, speakers unanimously underscored the importance of networking and relationship building as critical drivers of entrepreneurial success.

The panelists noted that churches offer valuable opportunities for people to identify trustworthy business partners and establish lasting professional relationships.

They also stressed the importance of learning from experienced entrepreneurs, arguing that no one can master every aspect of entrepreneurship alone.

According to the panelists, passion and vision are more important at the initial stages of entrepreneurship than capital, maintaining that financial resources often follow when entrepreneurs demonstrate commitment and purpose.

They encouraged participants not to allow fear to prevent them from pursuing business opportunities but to remain focused, persistent and committed to developing their talents.

Young entrepreneurs were further encouraged to pool resources and collaborate as a practical way of financing promising business ideas.

One panelist observed that one of Africa's greatest challenges is the mindset that individuals must own and control everything themselves, rather than embracing partnerships and collaboration.

Participants were advised to start with modest resources while maintaining ambitious long term growth plans.

The President of the Men of Integrity, Mr Stephen Tengan, said the Legacy Business Summit would become an annual event aimed at equipping people with practical business knowledge, financial literacy and entrepreneurial skills to help them navigate prevailing economic challenges.

As part of the summit, selected participants with promising business ideas were given the opportunity to pitch their ventures, with up to GH¢100,000 in funding earmarked for each viable business to support its growth and expansion.

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