A seminar for Small and Medium scale Entreprises organised by CoinBox under the name Streetwise SME Seminar took place at the Britih Council on 6th November, 2017.
In a detailed presentation on the topic "The Entrepreneurial Journey", Prof. John Aheto, a retired Professor in Law and Financial Accounting, said that entrepreneurship is a journey that most people plan and fail because there is a "Valley of Death" that most SMEs do not know about.
"We start a business in order to grow it and sustain it, not because someone has started a business and is doing well. Be real with yourself in business . Revenue is not the most important thing, profit is" he said.
He pointed out to participants that there are three important things every potential business owner must do; Feasibility Studies, Business Plan and Financing Plan. "Everything you do must be planned and even the Bible encourages us to do so in Luke 14:28-32."
He also said that no one is obliged to give business start ups a loan. He cautioned that one can also go through the three points listed above and still have their business fail because the business environment may change and there could be certain factors influencing it which were not considered earlier.
For entrepreneurs, Prof Aheto said their work involves initiative, creativity, diligence as well as a lot of risks. "Ask yourself if you have the discipline to enter into that business, what product or service do you want to sell, is it what you want to sell or is what the people want to pay for?"
Feasibility studies, he pointed out, are very important because they allow one to know how to acquire products or services, the industry in which you find yourself and so on, because it is important to know your market and the industry in which you are. One should also know his/her customers, how to grow and sustain the business.
Speaking on the topic "Bringing Ideas to life", Michael K. Ocansey, a co-founder of Agro-Centa, a company that aims at improving the agricultural value-chain in Ghana, said that in order to start a business one must consider the following ;
-Plan your move
-Start properly. Get a name that works, get legitimate.
-Just start it.
-Passion doesn't pay the bills. A sellable product does.
-Know your product domain insideout.
-Get a mentor who has walked the path.
-Do you need investor money? Then you probably need a team.
He said "if you're waiting for the right amount of money you may never get it." He also added the advice "stay focused. You are an entrepreneur not a movie star" and urged start-up owners not to get carried away when they start making progress and encouraged those who failed at their first attempts to keep trying.
Other speakers at the event included Doreen Baffoe, a Career Success Coach, who spoke on Personal Branding, Stephen N Boadi, a Digital Marketing and Communications Expert, who spoke on Social Media and Francis Obirikorang, CEO/Co-founder at AgroCenta LLC.