European Union funded not-for-profit organisation No Business as Usual (NBU) Hub has launched a campaign to train young entrepreneurs on the critical subject of failure.
The initiative christened “Screw Up” has become necessary as statistics show that 1 in 5 small businesses fail in their first year of setting up.
A third of all entrepreneurs go down in their first three years. Still worrying is that, half of all small businesses fail after five years in business.
Instead of concentrating on the usual topics of how to start businesses and making it big, the No Business As Usual Hub established to empower youth in Asokore Mampong rather chose to throw the spot light on business failures.
This time not just with academic talk but with entrepreneurs sharing how they failed on their first counts at raising their businesses from the ground.
Pharmacist and Chief Executive Officer of Perfect Health Company Limited, Francisca Ampratwum recounted her story about how she had to close down some branches of her business after accepting that she failed in her choice to start off renting expensive dollar rated apartments for her establishments.
She urged the participants to be bold in taking responsibility for their failures; learn the lessons in order not to repeat the mistakes and be honest in asking themselves the hard questions when they hit a snag in their endeavours.
Dr. Papa Kofi Tinagyei, Founder of Mandate Books shared widely on the importance of reading wide as a pedestal to learn from documented mistakes of accomplished people.
He pointed out that, “Several people have trodden where you are headed and you don’t have enough time to make mistakes and learn from it. There are two ways to make it in life. It’s either making it yourself or learning from other peoples mistakes. The best, fastest and cheapest way to move ahead is to learn from other people’s mistakes because you might not recover from your fall.”
The Chief Executive Officer of Showers Group of Companies Mr. Kojo Ewusie shared an enlightening story many never knew about how his sports hub, play ground projects and money lending business went through several phases of disappointing failures costing him millions of cedis.
He advised that, “In business know that you will fall. Monies over 3 billion old Ghana cedis slipped through my hands just like that but I will leave you with this note that failure is knowledge and knowledge once gained, is your success.”
Speaking to Ultimate News on the sidelines of the event, Project manager with the No Business as Usual Hub, Esther Martey expressed need for youth in Ghana to be exposed to the real business world to avoid the shocks that leave several young entrepreneurs helpless.
She told reporter Ivan Heathcote–Fumador, “We realized that in this municipality, most of them are into petty businesses and most of them have entrepreneurial dreams. They have to come to that realization that even though they are on that track, there will be a point in their lives where they will be screwed up and have their down moments. They will fail at what they are doing but the determining factor is going beyond that failure to achieve what they purposed to do.”
At the end of these sessions the youth shared how much they had been inspired to begin preparing not only for the big bugs but also for failure which they now realized is an inevitable part of business.
A participant, Mohammed Izudeen Ahmed Baba Luais recounted, “I gave up on a failed business I started in 2015 but i think i should bounce back and do something better out of it for myself”.
“I have learnt that in you’re screwed up moments, you have to take full responsibility and not blame anyone for your failures,” Omahir Tahir Imam noted.
A young lady Ibrahim Amamatu said her biggest lesson learnt was to be very careful trusting close friends and family for employment in her business.
By: Ghana/Ultimatefmonline.com/106.9FM/Ivan Heathcote–Fumador