Prof. Stanley Moffatt, President, DLIBT
Keys You Need as You Think About Entrepreneurship
1. Access to Finance: In fact, if you can read a lot of genres coming up this entrepreneurship you will realize there is a huge gap between the finances and those of the SMEs, this gap According to research is about 10 billion in African and 10 trillion in the world. So if you don’t have collateral, if you don’t have a very credit history, or if you don’t have a very convincing transaction, it will make it difficult for you to permeate the market. But here is the good news, Remember that even though your innovations or start-ups may not have the financial muscle to propel once the idea is good on demand, you are very likely to pitch and succeed in attracting investors.
2. Technology: The need for fast digitalization of all businesses cannot be overemphasized Technology and digitalization can dramatically transform your business Idea, in fact, some years ago we were trying to incorporate all the business modules, all the business programs with IT courses. Where I came from there was a program we called the management with computing and that became a flagship program, in other words, you are into business, you are into management.
3. A customer Centric Business Module: This allows usage and access to the market, in order words study the market, look at what both on-demand are, and try and fit into that space. About five years ago, I went to Indonesia for a conference and I was amazed by what I saw. I became acquainted with what we called Gojek a start-up that began as a ride pitching up, just for example the Uber and Bolt that we have here in Ghana. It was a very essential app for the people in Indonesia, If you go to Indonesia most of the transportation systems are tricycles and bicycles. Now Gojek has become a super app that offers about 20 answer on-demand services ranging from transportation, food, logistics, and so on. Because customers also need to pay for all these services in an easy and fast way, Gojek again set up its digital system to centralize the business. It's now one of the most used in Indonesia. Gojek is one of South East Asia’s most valuable, without Gojek the economy will collapse.
4. Leveraging Strategic Partnerships: To take up entrepreneurship you will realize that you may not be the only or the sole repository of all the knowledge of all the business module and so you want to strategize by combining the expertise with others and that is the only way you can pick up the momentum. Choose a partner with complementary skills and similar values, select the right business structure, put into writing a plan for What if, because the what ifs are always there and you always need them along the way, be honest, and finally get to work with diligence and determination
5. An Enabling Environment: This is where the government comes in, so the government has to play a very important role in facilitating your agenda. One very important issue is to ensure a level playing field and this is through for all financial services. With new technologies, the likelihood of a winner-takes-all situation could be very pronounced, especially within the digital space. And so for things to work in an inclusive and firmly we need certain premises that are enabling factors for success, and this cuts across gender like customer, data protection, financial and digital literacy, data privacy, and connectivity for all the segments of the population. Ability and intelligence cut across the agenda but opportunity and access to capital driven.
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