Formula for success: Dream big, start small and be disciplined
Ghana's foremost Most Respected Chief Executive Officer, retired army Capt. Prince Kofi Amoabeng, says discipline 'to a fault' is a must attitude for any entrepreneur seeking to succeed especially in the Ghanaian context of an extended family and needs.
The Unique Trust Financial Services CEO said for starters, the business idea should be people-oriented and should aim to satisfy the needs of people; improve their lives, lead to their development and make them better, but “if the idea is to make you rich basically and you are skinny about the idea, I think it's a useless idea.”
Prince Amoabeng who was speaking on Joy FM's Super Morning Show, said a second key requirement is that the entrepreneur should believe in the idea and get committed to it.
“Once you start a moving with every new thing, there are numerous obstacles especially in Ghana or Africa for that matter, numerous, numerous obstacles and unless you are committed, and I say some of the time you must be disciplined to a fault to be able to attain success because there are so many things which will come your way; hurdles that you have to go over.
“And it's very frustrating and I think there are a lot of people who could achieve very good things, better than what Unique Trust is doing, who have either left Ghana because of the frustrations or they have just abandoned the beautiful ideas that they have because it is very frustrating especially in our setting.”
He said locally, two key issues confront successful entrepreneurship right from the outset; traditional beliefs and norms of the people and the lack of requisite structures and systems.
“Now the first one, it's very interesting, as soon as you start with the idea and you think that you have some small money to move it, your mother, your brother, your sisters, your uncles, your friends, your chiefs, your ministers, whatever, will actually want to have a bit of you, tour time or your money… that is why you have to disciplined to a fault and say that this is capital I want to keep and move the business forward because you can only help people from a position of strength, so if you allow them to take away your capital because your uncle is dead and definitely you must fund it, then that is the end of your business.”
Prince Amoabeng said the situation is a very uncomfortable one, especially when 'family' money has been expended in getting you education, however, being disciplined to a fault means you must also be practical enough to spurn the scorn that may follow your decision.
He said to be successful also means that the individual must be bold enough to challenge the status quo and be convinced that the results are achievable.