“Create value, don’t cut corners” – Lawyer Kofi Asmah advises aspiring entrepreneurs
Lawyer and entrepreneur, Kofi Asmah, has advised aspiring entrepreneurs to cultivate a genuine desire to create positive change and contribute to the community, rather than solely focusing on financial gains. “Your primary focus should be on making a difference in your community,” he said. “The money will come as a by-product.”
Mr. Asmah, who is the chairman of the Ghana Hungarian Business Council and managing partner at the law firm, Gyandoh Asmah & Co., refuted and challenged a suggestion that conducting business in Ghana is inherently difficult and risky. He argued that the perceived risks arise when individuals compromise their principles and engage in unethical practices driven by greed.
“The risk is there if you feel that you’re going to cut corners,” he said. “If you do business the right way then there’s very little risk.”
Mr. Asmah stressed the importance of forging partnerships with experienced individuals within one’s network. He highlighted the value of seeking guidance from seasoned professionals, as their wisdom and expertise can prove invaluable in helping aspiring entrepreneurs navigate the entrepreneurial landscape.
He advised entrepreneurs to document every stage of their business process meticulously, urging them to rely on written agreements rather than flimsy word-of-mouth arrangements.
Mr. Asmah, a World Bank consultant, also shed light on the significance of entrepreneurship for the youth in Ghana. He indicated that with approximately 70% of the country’s population comprising young individuals, employment opportunities continue to diminish. He emphasized that starting a business is one of the most favourable options for young people to achieve financial independence. He underscored the limitations of the government in creating enough jobs to meet the burgeoning demand and encouraged the youth to take control of their destinies by embarking on entrepreneurial ventures.
“Young people should start businesses,” he asserted. “The government can’t create enough jobs to meet the growing number of young people that are looking for jobs”.
The Ghana Investment Series Workshop, through the valuable insights shared by Mr. Asmah and Mrs. Christine Ntim, provided participants with a clear roadmap for starting and sustaining successful businesses in Ghana. By dispelling misconceptions, promoting ethical practices, and emphasizing the broader impact of entrepreneurship, the workshop served as a catalyst for aspiring entrepreneurs to harness their potential, contribute to their communities and secure their financial futures.
