Raising Business Champions: Ghana On The Rise_ Part I

Last week, my good friends at Citi FM, one of the leading radio stations in Ghana, invited me to the annual Ghana Rising Summit. The Summit is a platform to connect entrepreneurs, policy makers and other major stakeholders to identify opportunities and operationalize policies that enable indigenous businesses to thrive and be the drivers of economic development in the country.

Due to my schedules, I could not attend but I did catch some of the interesting conversations from the conference. One of the key highlights was a session on transforming local businesses into global champions with competitive products and services that not only promote these businesses but also positively positions Ghana in the global economy.

This particular session caught my attention because I have been writing and speaking to this for many years and it was good to hear other business leaders speak to this.

For those who attended or tuned in, I am certain you learnt a lot. For those who could not, do take a listen and you will be amazed at the insights shared.

So how do we raise business champions and ensure local businesses thrive and become global brands? Here is part 1 of my take on the subject:

Think global from the onset: Unless you intend to be only a ‘local champion’, you will do well to frame your business proposition from a global perspective. Find out what the market needs, identify how you can meet that need in multiple markets at the same time.

Think brand first, profit later: this is difficult for many entrepreneurs but building a brand that people can trust pays off a thousand times more than focusing on profit from the onset. Your orientation at the beginning should be building a trusted and identifiable brand. The profits will flow in later.

Be competitively minded – competition eliminates complacency so it doesn’t matter whether you are the only player in your market, you must consistently innovate to stay ahead of consumers’ changing needs. A competitive mind-set will ensure you stay ahead always.

Concluding Thoughts

Businesses are the drivers of economic growth. With the right policies and programmes, Ghanaian businesses can thrive both locally and on the global stage. To take advantage of the opportunities in the global economy, local businesses must think global, build a solid brand that transcends geographies and must be innovative in their approach to stay competitive.

Are you an entrepreneur? Share your experience on how you’re driving your brand out there.

Have a great week!