UPSA Alumnus and CEO of the Consolidated Bank of Ghana (CBG), Daniel Wilson Addo, has advised the youth to cultivate an entrepreneurial mindset by venturing into start-up businesses to create wealth for themselves and others.
He explained that contrary to popular perception about startups, one does not require a lot of capital to embark on a business enterprise or venture into entrepreneurship.
Rather, he said, aspiring entrepreneurs need a clear understanding of their purpose and vision, grounded in mental toughness, perseverance, and unwavering focus to achieve their business goals.
“Nothing in this world happens in a vacuum,” he said. “Most of the successful companies you see today started from humble beginnings. Don’t think of entrepreneurship as having a large amount of money to start a business.”
Mr Addo gave the advice to students of the University of Professional Studies, Accra at the fourth edition of the Alumni Spotlight Series, a student career mentorship programme.
The event was put together by the Faculty of Accounting and Finance (FAF), in collaboration with the UPSA Global Alumni Association, on May 26, 2022.
It was on the theme “Looking Forward Backwards; Leading a Volatile Uncertain Complex and Ambiguous World.”
Mr Addo said while the government was creating the enabling environment for businesses to thrive, it was unable to absorb the entire working class, hence the need for young graduates to take advantage of the opportunities provided by the business environment.
He added that as a young generation, students must work to turn things around in the country and further break boundaries with their exploits.
The renowned Chartered Accountant said for young graduates to undertake successful ventures, they must cultivate the spirit of effective planning and develop a resilient attitude of working to achieve their goals.
“Pick up a page and write your plan for the next five years as well as the steps you have to take. Constantly seeing the page and working towards it will help you to achieve your vision,” he said.
“Stay focused, know where you are going and work towards it. You are young and you have a long way ahead of you, there may be twists and turns but that long-term focus on what you want will guide you.”
Using the formation of CBG as a case study on surmounting business challenges, Mr Addo said the bank has currently overcome the initial challenges surrounding its establishment and is now well-positioned to serve its customers better.
He added that the bank has now been turned around into a better financial institution, although it was formed out of five failed banks around 2018, with different cultures, technologies and liabilities.
“The best leaders lift the collective resilience and tenacity of the entire organization,” he said. “Leaders must quickly develop and communicate a view on the best path forward, providing a welcome sense of direction to an organization that might otherwise be paralyzed by indecision.”