10 important qualities of an entrepreneur in Ghana
Entrepreneurship is just a big word for nothing! All it means is that you’re earning your own money. You’re not working for anyone or being paid by them. So, you can be an entrepreneur in any industry at all you have a passion for. We usually hear people say being an entrepreneur in Ghana is hard. The question is, “by whose standards is success defined, and at what stage of life?” Let’s discuss deeper in today’s article about the qualities of an entrepreneur in Ghana.
Define your success
Is it putting smiles on 1000 faces by the end of the year, investing in 5 grounded businesses in your industry, and releasing 5 singles by the end of the year?
Understand that success is not a destination, but a process and there’s really no end to it, aside from fulfilment.
Can anyone be an entrepreneur?
You mean, can anyone make an initiative and make a profit from it? So you see, it’s not quite as complicated. There’s always a starting point. See the big picture and plan little steps to get there without being discouraged. You know what works best for you. So, people naturally take up initiatives, others do not, but can learn to do so if they want to.
In all, as I say, talent is like 90% hard work and 10% talent. You cannot avoid hard work!
Ask yourself these questions if you want to be an entrepreneur or if you’ve ever thought of being one.
- Why am I doing this?
- Am I passionate about this?
- What would it take for me to quit?
- Do I have enough information to start?
I said, “Information”, not “capital”.
5. Is it worth the risk and effort?
Qualities of an entrepreneur in Ghana
It has been proven that entrepreneurs have continuously portrayed these habits. I’m not saying you should strictly follow these patterns. This is to give you a clue, it could work for you too, or you could cultivate your own magic qualities to be acknowledged in future. Awesome, huh?
Now, let’s look into the details. Behold, the 10 qualities of an entrepreneur.
- Risk takers
You might naturally not be a risk-taker, but for the sake of what you love to do, you know deep down that you do not stand to lose anything whether in the short or long run.
Being an entrepreneur has taught me a lot over the past few years. Even when you know you might make losses, the sacrifices you make to see your plans roll out are crazy. However, what I always ask myself is, “What if it works?”
- Creative minds
There’s no end to creativity. There are great ideas everywhere, you just need the right lens to see them. There’s nothing completely new under the sun. Anything can be modified or built upon. What you need to do is to reflect, network and never stop trying. It hasn’t been done before or others failed, doesn’t mean you will fail. Attempting is in itself the beginning of your success story.
Vision is dreaming with direction. No one begins a journey without a map, an idea of where they’re going or some belief in why they’re embarking on the journey. It’s that simple. If you can’t see it in your mind’s eye, you can’t be it, let alone work effectively towards it.
What keeps you going, especially as a start-up, even when you may not be making as much as your talent or skills are worth? What motivates you when the industry is not doing well, or you don’t seem to have the resources to “make it big”? PASSION. It’s extremely hard to quit, a burning desire that makes you fulfilled. VENTURE INTO AN INDUSTRY YOU’RE PASSIONATE ABOUT, NOT BECAUSE EVERYONE IS INTO IT AND THEY’RE MAKING IT “BIG”. Not every business is for you. You’re not everyone.
An entrepreneur who is close-minded is not open to correction, guidance/mentoring and learning improved methods of doing things. As the Akan saying goes, “Nyansa nni onipa baakofo tiri mu” meaning wisdom is not the preserve of one person. You need someone who has walked that path to help you manoeuvre without making grave mistakes. Open-minded people are more creative and listen to the views of others knowing that they may all not be accepted, tolerant and easily adapt to changes in the industry.
Getting things done the right way, at the right time not only helps you build your brand but saves your reputation as a person. A consistent attitude of self-discipline is the hallmark of excellence.
It is those who know how it feels to hit rock bottom who can best appreciate the fulfilment victory brings. No matter how many times you fail, rising up, again and again, builds your muscles for excellence.
Great entrepreneurs are action-oriented, knowing that they are fully responsible for the consequences of their actions. They know when to act, when not to act, and in which situation. Indeed they may not be always certain of the choices they make, but they move.
- Lead by example
An entrepreneur is a leader, and a leader who acts contrary to what he advises his followers to do soon realizes that he’s walking alone. Sometimes, you don’t always tell, you show them, and they will follow, no questions asked.
The moment you stop learning, you start dying. If you must stay relevant, you must be innovative, you must grow and acquire knowledge to be better. Just your talent is not enough. You need to sharpen it. No one ever died from learning or growing. Be it formal, informal, vocational or technical education, never stop learning.
Failure to plan is like attempting to drive a car with no training. You’re bound to crash. The two most important resources to plan are your money and time. There must always be a backup plan for every action. Now look, all your plans may not pull through, even if you do, but you may just discover something that could change the course of your business. Serendipity! The establishment of Paige Writers Ghana is a testimony.
“If you fail to plan, you plan to fail”
Habits of successful entrepreneurs
Research has proven that habits are formed after practising the same routine for 21 days.
I bet you’d need to be conscious about this, whether good or bad habits. There’s no in-between. If you don’t choose consciously, life will make that choice for you.
These habits include:
- Time and People management
Opportunities of being an entrepreneur in Ghana
Entrepreneurship is not always easy, especially if you’re new to the industry, but you’re a risk-taker, right? Waiting for opportunities without preparation of the mind and acquiring skills leads nowhere. Don’t wait to be selected, create your own opportunities. Choose who, where and how you want to work. Work on the qualities of an entrepreneur in Ghana, study the industry, seek counsel from people who have succeeded in the field and give it your all. Whether it’s part-time or full-time, time will tell. This way, when you see opportunities you can easily identify them too.
Various thriving industries include digital marketing, content creation, photography, IT analysts and so on.
A serial entrepreneur is someone who is able to successfully manage multiple businesses by making their ideas a reality.
Tip: Managing multiple businesses in the same or closely related niche is easier. That way, you can shuffle between resources (human, financial and so on) in any of them.
Best advice for a novice entrepreneur in Ghana
Be passionate about what you decide to do, seek counsel and always be abreast with changes in the market. If you really need to do this, then go for it!
What worked for others will not necessarily work for you too. You have to figure out some things along the way.
There are a lot of businesses where you don’t necessarily need huge capital to start.
Be your brand, exhibit what you stand for and don’t relent on your principles.
Focus on becoming better every day, not on your competitors all the time.
Once you establish your uniqueness, or what makes you stand out in the industry, you redefine competition.
- “The best way to predict the future is to create it.”
– Peter Drucker
- “Winners never quit and quitters never win.”
– Vince Lombardi
- “Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of others’ opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.”
– Steve Jobs
- “My biggest motivation? Just to keep challenging myself. I see life almost like one long University education that I never had — every day I’m learning something new.”
– Richard Branson
- “Every time you state what you want or believe, you’re the first to hear it. It’s a message to both you and others about what you think is possible. Don’t put a ceiling on yourself.”
– Oprah Winfrey
6. “The regret of not trying at all is much greater than the fear of failing”.
-Uncle Ebo Whyte
7. “The way to get started is to quit talking and begin doing.”
– Walt Disney, founder of Disney
8. “So often people are working hard at the wrong thing. Working on the right thing is probably more important than working hard.”
– Caterina Fake, co-founder of Flickr
9. “The most valuable thing you can make is a mistake – you can’t learn anything from being perfect”
– Adam Osborne
10. “Don’t take too much advice. Most people who have a lot of advice to give — with a few exceptions — generalize whatever they did. Don’t over-analyze everything. I myself have been guilty of over-thinking problems. Just build things and find out if they work.”
– Ben Silbermann, founder of Pinterest
11. “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
– Warren Buffett, Chairman and CEO of Berkshire Hathaway
12. “Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great.”
– Mark Twain
Advantages of being an entrepreneur
The process of growth is always uncomfortable, but worth it in the end. The qualities of an entrepreneur in Ghana are not limited to a select group of people. The advantages accrue to anyone who wants and is willing to make profit out of something they’re passionate about.
- Make your own schedules/ flexibility.
- The opportunity for continuous growth.
- Makes you tougher and learn more about yourself.
- Autonomy – You’re at liberty to make your own decisions, to be independent of any other body. Be your own boss.
- Make additional income. You can manage it with other streams of income depending on your industry and how advanced you are in the business.
6 highly recommended books for entrepreneurs
- Emotional Intelligence by Daniel Goleman
2. The 5 am Club by Robin Sharma
3. Think and grow rich by Napoleon Hill
4. How to win friends and influence people by Dale Carnegie
5. Rich Dad, Poor Dad by Robert Kiyosaki
6. The richest man in Babylon by George Clason
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Being an entrepreneur may sound like a lot of work. Well, it is—-everything takes effort to accomplish. You don’t need to check all the 10 qualities of an entrepreneur in Ghana before you “launch in the deep”. A step at a time, a mistake at a time and you’re on your way to building your brand.