CEDI Ghana CEO Message To Start-Up Entrepreneurs At The Entrepreneurship Workshop

The Chief executive officer of the Community and Entrepreneurial Development Initiative (CEDI Ghana) Mr. Kingsley Kwaku Pinkrah last week 27th October,  honored an invitation to address  entrepreneur’s workshop held in Accra at the Lucas University.

A day workshop was organized by the Association of Graduates in Skills Development for start – up entrepreneurs under the theme, Equipping the Youth with Alternative Livelihood, A Direct Solution to Youth Unemployment.

Below is the full speech delivered by Mr. Kingsley Kwaku Pinkrah

Representative from National Youth Authority, Lucas College and Funding Ghana Graduates, The President and Distinguished members of Association of Graduates in Skills Development,  Ladies and Gentlemen, it is a great honour to join you today to share my thought with you on contemporary issue of Ghana’s growth which is hinge on business growth. I personally have a great interest in this topic which is ‘growing your business in marketing, branding and good business practices’ since in my capacity as CEO for CEDI Ghana which over the years has been fighting poverty and unemployment in the country, I have realized Ghana’s development is hinge on business growth.We are in a revolution of technology and entrepreneurship and this is the only way Ghana can be transformed. I intend in my address to briefly touch on:

1. The need forentrepreneurship in Ghana
2. Our plans underway for businesses to grow
3. And personal thought on how to grow businesses using marketing, branding and good business practices.

In so doing my aim is not to offer panaceas of knowledge but to make it interactive to benefit us all.

Mr. Chairman, Distinguished ladies and gentlemen, in the middle of the last century, economists predicted the dominance of large firms. Size was needed to obtain economies of scale, to exploit foreign markets and to keep abreast with regulations and new opportunities in technology. Indeed, in the 1960s and 1970s, large companies dominated the economy. Since then, the trend has started to reverse.

Today, there is growing evidence of a significant causal relationship between entrepreneurship, economic growth and poverty reduction. Small, micro and medium-sized enterprises (SMMEs) are often the backbone of the private sector in the developing world, creating jobs and providing a tax base for local government.

Mr. Chairman, Why is entrepreneurship important for development?

The number of poor people on the planet is increasing exponentially and statistics show that more than 1.2 million people from 15 years and above are estimated to be unemployed, representing the total unemployment rate of 11.9%.  Of this number, about 714,916 are females representing 57.2 % and 535,997 are males representing 42.8%. In the area of education, the unemployment rate was relatively higher for persons with education than those with no education which those with tertiary education accounted the highest unemployment rate in the country.

According to the World Bank 2016 report, 48% Ghanaian youth were estimated to be jobless. 1.2 million Ghanaians are unemployed with greater rate for graduates. We must all therefore help grow businesses in the country.

Mr. Chairman, this year August 2017, I organized international symposium for foreign diplomats, government ministers, academicians and business expert under the theme, youth unemployment, a call for action. It is fascinating to know that upon discussions with all stakeholders, it was revealed that unemployment in the country can be solved through industrialization, entrepreneurship which is the major pillar and modernization of agriculture. We are currently joining hands with all stakeholders to help business grow in the country.

I have already met with Business Development, Trade and Employment minister to join hands to grow businesses in the country which will begin early next year. It’s fascinating to know that some of the embassies have a business growth programmes for start-up entrepreneurs.

A major example is the Netherlands embassy Growing Your Business Programme which we have already met with their management to partner us for our programme. Beige Foundation and Private Enterprise Federation also have similar programmes which they train and mentor participants for their businesses to grow which we will bring on board also.

In Ghana, small and medium enterprises (SMEs) are privately-held and comprise almost half of the total economy, create most of the new jobs, and lead in terms of innovation and growth.

Here is what I did to grow my business; I call it BIG STRATEGY. If you want to grow big, then use this big strategy.

B- Is reading of more business books to be versatile with all business principles. I personally learn majority of the books from online including Alison, edx, YouTube and so on.

I- Connect with best individuals you can. Research shows that, we are an average of 5 people we associate ourselves with.I personally grew in business because those I associated myself with which includes university lecturers and top government officials.

G- Set periodic goals. Have daily, weekly and monthly, yearly and long term goals.

Note that marketing and branding is very much important in business growth. How best you market yourself shows how far you will go. As start – up, I will recommend you have a website if you can afford or use more of social media. To me, website and email marketing is a perfect opportunity to establish loyalty. If your customers and prospects are handing over email addresses, it opens the door to send out sale or event notifications.

If sales and events aren’t really your speed, think about sending a weekly or bi-weekly newsletter. Also publish your work and build network.

I will end with this 8 key principles then I will have a seat for any further questioning or clarification.

1. Your primary role in business should be to attract and serve your customers – this is marketing. This is your most important role. If you do this well, you will differentiate yourself from your competitors and endear yourself to your customers.

1. Marketing promotes your brand. And, your brand is how your customers perceive you, your quality, value, customer experience, and everything about you. Since you can’t read the label from inside the bottle, it’s impossible for you to see yourself as your customers see you.
2. Customers perceive value in speed. Getting there the first will increase your value, increase your customer satisfaction, and increase your profits.
3. Have multiple price points. Give your customers choices for how much value they can receive from you. Otherwise, you’re leaving money on the table and your customer isn’t receiving what they want.
4. Train your employees as if you want them to take over the company. That way, someday, maybe they will.
5. Aim high. This alone assures a higher trajectory and increases your chances of success. If you grew 3% last year, ask what you would have to do to grow 50% this year.
6. Think long term. You’re not a publicly traded company with quarterly earnings reports. Build strength and gain market share with strategic investments.
7. Ask for help. Find people who have been there and done that and can show you the way. Asking for help is a healthy sign of strength.

Thank you.

About Mr. Kingsley Kwaku Pinkrah

Mr. Kingsley Kwaku Pinkrah is the Founding President and CEO for CEDI Ghana. Kingsley was awarded this year’s 40 Under 40 Most Influential and Outstanding Social Entrepreneur of the Year because of his outstanding contribution to national progress. His NGO won the 2016 Middle East and Africa Business Award and was a Civil Society of the Year finalist nominee by Africa Youth Award. He is a public speaker, community advocator, social entrepreneur and researcher.

About the Workshop

This was organized by Association of Graduates in Skills Development – Ghana at Lucus University for Start – up entrepreneurs under the theme, Equipping the Youth with Alternative Livelihood, A Direct Solution to Youth Unemployment.