How to be a Ghanaian Entrepreneur
Hmm, let's take a step back; what is an entrepreneur in the first place (in Boxplay’s context as a venture builder)?
To be clear, we are referring to transformational entrepreneurs.
Transformational entrepreneurship refers to an entrepreneur's ability to face global challenges to improve the well-being of the community and humanity at large. At Boxplay, we have made it our core mandate to support African entrepreneurs doing just that.
Our Mission
To be the most preferred partner for transformational entrepreneurs in Africa with ambitions of scaling up across the continent.
Our Vision
To build a portfolio of transformational ventures solving Africa's most challenging problems.
The above clarifies what we refer to when discussing entrepreneurs in the venture-building context.
Transformational entrepreneurs with grit, determination, shrewdness, a fair bit of luck and political alignment can transform our entire nation.
Entrepreneurs such as (forgive my selection bias):
So, again, how can you be a transformational Ghanaian entrepreneur?
Unfortunately, most of my engagements with Ghanaian (tech) entrepreneurs unearth a lack of ambition, willingness to sacrifice and potentially fail (Hi Shai ?? ) and an understanding of what it takes to make a transformational impact. To be clear, potentially transformational entrepreneurs are rare anywhere on Earth (and beyond ?? ). However, comparing, for instance, with my three years in Lagos, I saw more of that transformational spirit within individual entrepreneurs there.
But we know you are out there (few and far between)!?
Yes, here in Accra, Ghana. So, what can you do to fulfill your potential and become a transformational Ghanaian entrepreneur?
No repeatable recipe can guide you in building a transformational venture. Still, some principles increase your chances of building a successful business, and there are many ways to guarantee you will not create a transformational venture or undertaking (so make sure you avoid those).
Think for yourself!
Transformational entrepreneurs need to be truth-seekers and learn more and more insights that bring them closer to their vision. To be a truth-seeker requires humility and openness to criticism without losing the ability to think independently. There are many widely held Ghanaian perspectives and homogenous thinking patterns; be wary not to fall for them. Most will be true, given our context in one way or the other, but dig deeper, decide for yourself and probably most importantly, reason from the ground up to derive your conclusions. Allow your thoughts to explore, irrespective of norms and standards!
Writing the previous paragraph gave me a flashback to my days as a business owner (especially for this article: not entrepreneur, albeit with entrepreneurial ambitions) in the hospitality industry in Ghana, when one of the "GH truisms" I heard over and over again was "With food and booze, you never lose". The rationale behind it is that everyone has to eat and drink; hence, there is always a market within that industry, but I would say that the opposite is somewhat closer to the truth, looking at an area such as Osu in Accra, where my business was located and which has a seemingly thriving hospitality industry I would claim that the aggregate full-cost accounting profit for food selling businesses is closer to zero as competition eats away the profits (there will be few winners and many losers). Based on my estimation of a close to zero aggregate profit, the aforementioned wide-peddled "GH truism" is more akin to a falsism.
Be open-minded!
In the journey to becoming a transformational Ghanaian entrepreneur, open-mindedness will be a cornerstone trait that enriches the entrepreneurial spirit and magnifies its impact on society and the economy. It will make you think across formal to informal and from the bottom of the pyramid to middle class and above markets. Gaining insights and a deep understanding of the various markets and how tech can support offline business models could shape your blue-ocean strategy and provide you with a significant moat. But again, keep reasoning from the ground up and do not fall for herd mentality; we must create and innovate for our context to create unique business models with a competitive advantage that can hold against global competition and scale across the continent and beyond.
Transcending traditional thinking patterns and societal norms will enable you to envision and pursue innovative solutions to complex problems. Combining the above-mentioned ability to think for yourself with open-mindedness fosters a culture of continuous learning and adaptation, which is essential to navigating the uncertainties and challenges inherent in transforming industries and communities. It empowers entrepreneurs to embrace diverse perspectives and insights, enabling them to refine their visions and strategies in ways that are deeply aligned with the needs and aspirations of their communities, as outlined wonderfully by Paul Ninson on our Change Africa Podcast :
Moreover, in a context like Ghana's, where social, economic, and technological landscapes are rapidly evolving, open-mindedness is critical for identifying unique opportunities for growth and impact. The open-minded entrepreneur can effectively harness the potential of new ideas, technologies, and collaborations to increase the probability of creating successful and transformative ventures that can address Africa's most pressing challenges and contribute to the broader well-being of humanity.
In essence, being open-minded fuels the visionary thinking and resilience required to transform ideas into reality, driving progress and inspiring those around them to think beyond conventional boundaries.
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Surround yourself with A-players
As the Akan proverb “Ti koro nko agyina” (Literally: One head (or person) does not hold council.) states, surrounding yourself with a team is critical (probably the single most important factor) to your success. But not just anyone can be part of your team; values, mindset, capabilities, and alignment determine who you should want to be on your team.
Surrounding yourself with A-players is paramount for a transformational Ghanaian entrepreneur aiming to make a significant impact. How did founders assemble winning teams such as the PayPal or Paystack Mafia before groundbreaking success?
Let me tell you, the work of assembling such a rockstar team started long before they started their respective ventures (whether consciously or unconsciously…). So go to the needed places (including the digital world), align with impact-driven people early on, and stay in touch with the ones you find value and vision alignment with. And the most significant thing about all this is that one A-player is your ticket towards the next (group of) A-players. In the words of the super transformational Steve Jobs, "A-players attract A-players. B-players attract C-players."
Once assembled, the advantages are clear: A-players, or highly skilled and motivated individuals, bring a wealth of knowledge, creativity, and expertise that can accelerate the growth and innovation of your venture. They are not just executors of tasks but are visionaries in their own right, capable of seeing opportunities where others see challenges and driving excellence across all aspects of the business. Their commitment to quality, continuous improvement, and results not only sets a high standard for performance but also cultivates a culture of ambition and excellence within the team. In the dynamic and often uncertain journey of building a transformational enterprise, A-players offer:
Their presence in your venture amplifies your ability to achieve your mission of solving Africa's most challenging problems, making the collective effort far more potent than the sum of its parts. In essence, A-players are not just contributors to a venture; they are instrumental in shaping its trajectory, ensuring that your entrepreneurial journey is marked by impactful, sustainable, and transformative success.
Constantly create and add value.
The cornerstone of transformational entrepreneurship, especially within the dynamic context of Ghana, is the unwavering commitment to adding value at every opportunity. For a transformational entrepreneur, this ethos goes beyond mere profit generation to encompass a holistic approach to problem-solving that prioritizes sustainable development, social progress, and economic growth. Adding value means creating products, services, and solutions that significantly improve the lives of individuals, address pressing societal needs, and enhance the overall well-being of communities. This approach solidifies the entrepreneur's role as a catalyst for positive change and establishes a strong foundation for building resilient, adaptable, and scalable ventures across Africa. By consistently seeking ways to contribute positively and meaningfully, transformational entrepreneurs can inspire trust, loyalty, and engagement among customers, stakeholders, and the broader community. Moreover, adding value encourages innovation, fosters a sense of purpose within teams, and attracts like-minded partners and investors, all crucial for scaling impact and achieving long-term success. In essence, the dedication to adding value embodies the heart of transformational entrepreneurship, turning visions of change into tangible realities that uplift societies and propel nations forward.
Learn how to capture value.
For transformational Ghanaian entrepreneurs, mastering the art of capturing value is as critical as creating it. This skill ensures that the ventures generate social and environmental impact and achieve financial sustainability and growth. Capturing value allows entrepreneurs to reinvest in their missions, scale their solutions, and attract additional resources and investments. It involves understanding market dynamics, customer needs, and competitive advantages to develop effective business models, pricing strategies, and revenue streams. Moreover, capturing value is essential for building lasting relationships with stakeholders, securing a market position, and delivering long-term value to the company and its community. For transformational entrepreneurs in Ghana, where economic conditions can be challenging and markets are rapidly evolving, the ability to capture value is a testament to their strategic insight and operational excellence. It affirms the viability of their solutions in the eyes of investors and partners and strengthens their capacity to drive substantial, sustainable change. In sum, while adding value is the soul of transformational entrepreneurship, capturing value is its backbone, enabling the realization of ambitious visions that can redefine the future of Africa.
?Build systems, but be hands-on in troubleshooting.
Your job is to build systems that can still work at scale, but remember that these systems will often break, and you come into play as the Chief Troubleshooter. It is incredible how little bottlenecks can stifle entire organizations and go unnoticed, so be neck deep into any significant challenges of your venture, solve them with entrepreneurial drive and once solved, create systems to prevent or minimize the probability of occurrence.
Start small, think big.
Starting small, with a well-defined overseeable market, whilst having outsized ambition and vision, is a good starting point, a fact that is observable from many outsized successes and transformational companies that have been built.
“Obi nnim obrempon ahyease” (Literally: Nobody knows the beginning of a great man.) Some more wisdom is found in one of our sayings. Remember, the beginnings of greatness are unpredictable. Even though, in our current day, we often despise and even condemn small beginnings. So again, remember, creating transformational ventures is a singular event. There is no recipe to follow other than taking step by step with the humility required to sacrifice and learn and vision and passion to inspire.
Conclusion
As a venture builder and startup & SME consultant, Boxplay Ventures is working towards creating an early-stage financing and supporting system for transformational African entrepreneurs. Still, only so much can be controlled within the entrepreneurial process when creating genuinely disruptive ventures.
We are optimizing for the parts of the entrepreneurial venture creation process that can be controlled (or, in other words, are repeatable). But what are the non-controllable aspects?
This is where singular transformational entrepreneurs come into play. A rare breed, even more so in a world and our society of increased herd mentality. We need to create more spaces for truth seekers and non-conformity that allow heterodox ideas to breathe and enable idiosyncratic thinkers and entrepreneurs to develop and eventually prosper.?
If you are one of these founders who has what it takes, is aware of the high chance of failure, and is willing to go all in and not compromise on your values and ambition, go ahead. It will be challenging, but few can make a difference!?
We would love to be part of your journey.?
Co-Founder, Boxplay Ventures.
Disclaimer: All opinions expressed by the author are his personal views and not the views of Boxplay Ventures Ltd.
Sole Propietor of Apexium Tech, a Ghanaian- American IT Industry Consultancy based in Accra. My categorizations are cybersec, data analysis and telecoms. Ambassador To Ghana For Pesapesa Cash Europe b.v.
6 个月This....this is what I need to keep going. Since my Dad died, it's been tough being a Ghanaian entrepreneur. To be part of the brain drain is very tempting. However much the bulls and bears roar and crash in America, Ghana is taking steady steps to right itself after COVID 19. To be a man means to recognize where the heart is...and the heart is home.... GHANA LET'S GO
Coach | Educator | Podcaster @ Think BIG for Africa - Focused on helping young Africans to develop Africa
7 个月Nice piece! Thinking about our environments in Africa, I've often wondered if African entrepreneurs would learn valuable lessons by studying 19th century American entrepreneurs.