Startups enlightened on prudent business management

Startups enlightened on prudent business management

Some budding businesses within the Sekondi-Takoradi Metropolitan area, have been taken through various business ideas under the Start-Up 2023 project of Duapa Werkspace and partners.

The initiative on the theme: “Building Sustainable Businesses for Job Creation” was also to ensure that the small and medium enterprises developed good regulatory regimes and partnership that transcended their existence with a clear path of leadership and sustainability.

The Startups Takoradi hosted over 200 innovators, startups, and individuals who shared their innovations and unique business models to ensure job creation.

Mr. Erasmus Ackon, the Chief Executive Officer of the Duapa Werkspace at the programme, which was preceded by a boot camp, said Sekondi-Takoradi had seen tremendous chains of MSMEs in the region, contributing significantly to the GDP, but has constantly lost investment opportunities to other competitors due to failure to meet statutory compliance, improper financial management practices, low traction due to the use of old marketing practices.

He said many of the SMEs perceived their businesses as family ones and that placed a limitation on how far they could grow.

The Chief Executive Officer said, “This is why other stakeholders similar to Duapa Werkspace can help to engage the SMEs and help them reshape their concept for running a small or medium-scale business with the aim of scaling up and making them sustainable thereby creating more jobs for the unemployed in society.”

Through the engagement, the organisers also hoped to reduce youth unemployment through various capacity-building programmes that empowered the youth to gain employable and entrepreneurial skills.

Mr. Roland Ato Quainoo, the Chief Executive Officer of ‘Run on Time’, an indigenous engineering firm in Takoradi, urged the youth to be ethical in their dealings and stick to professionalism to earn them a good reputation for sustainability.

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He also took them through business and personal branding and judicious management of resources.
Mr. Ralph Menz, the Founder of Ana Shika, took the participants through record-keeping skills and the need for organizational structure to avoid workplace disruptions. Mr. Roland Jesse Prah, the Executive Director of Roland Rice, encouraged them to solve societal problems bearing in mind the SDGs for safer societies.

He reminded them of the need to also perceive and keep focus until the dream was realised irrespective of the tumultuous business environment.

Mr. Till Schmening, executive member of the WIDU platform, a financial platform for startups, explained the many financial and technical opportunities for such businesses to take advantage of to grow.

He said it only took good business practices and right partnerships to receive grants from the WIDU platform.
Three startups that excelled in a pitching competition were given GHS5,000, GHS3000, and GHS2000 each to invest in their businesses.

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