Prince & Joanne, forgive the typos
A person whose focus is to sell to feed her family is not an entrepreneur. You should have a profit and business growth mindset to qualify as an entrepreneur. Same with the example on the difference between subsistence farmers amd larg scale farmers
Mention 3 Ghanaian businesses you know that are a 100 years or more? Ambition is usually fuelled by two things, a desire to simply do better than your current situation or the desire to attain a status that’s bigger than what other people have. A lot of our entrepreneurs start off with the former. Most of those that have come to pursue the latter did so as a result of exposure to people doing way bigger things that made them realise that level of greatness is possible. Granted a few people come with intrinsic ambition for the impossible but that’s a minority, it usually boils down to seeing whats possible. So if there arent enough examples of these immensely successful businesses (like 100 year old businesses), the mindset is set to getting wealth to escape a current hardship.
Training & Business Strategy
Kasapreko is the biggest alcoholic beverages company in Ghana (probably all of West Africa). The CEO once mentioned that he was making enough money around the time he decided to make it a real corporation. He brought in finance people, marketing people etc amd eventually grew Kasapreko into what it is now. Auntie Muni and Kenkey Boutique etc can all grow to become nationwide brands if they had a thought process like that. The problem is, there aren’t enough case studies from Ghana to make it viable to them. Remember a lot of them are not literate, meaning it will take a lot of training and convincing to get them there. Even if we got them there, how many great finance people will be excited to work on the expansion of Auntie Muni’s business when an offer at PWC is available. The few who may be willing will probably ask for amounts that won’t make sense to a semi-literate woman who is making enough money, infact more money than she ever expected from selling waakye or kenkey.
Summary: Culture Is The Problem
In all of this, the one problem we face is our culture. The culture of lack of ambition as a result of a lack of viable local examples of huge businesses successes. A culture of creating businesses simply as a money making venture to better the lives of the owners and their family instead of a businsses for a greater purpose like creating Jobs, affecting change in am.industry or global growth and competition.
Our culture of not realising the importance of expansion for smaller scale businesses that are successful in their small state. One thing that has helped businesses outside Africa is venture capital which isn’t a thing in our culture.
A lot of the most successful Businesses in Ghana are still run by the men and women who started it. These people are most likely not exposed to a lot of the perception-altering ideas that could shake up commerce. So it is up to us the digital natives who see as much or even more of whats going on in Silicon Valley and Wall Street than at MEST and High Street to decide it’s time move for a cultural change.
A cultural change towards unrestricted business ambition, an investor and venture capital culture and a culture where there are enough successful business minds trained to take businesses to the next level