"Hope is not strategy" - McDan advises startups to build solid business plans
The Executive Chairman of the McDan Group of Companies, Dr Daniel McKorley, has cautioned young entrepreneurs against over-reliance on funding as the solution to business growth, stressing instead the need for solid planning and strategic thinking.
In a recent social media post, Dr McKorley, popularly known as McDan, challenged the widespread notion that lack of funding is the primary cause of business failure. “Everyone thinks most businesses don't start well, or fail eventually, because of a lack of funding. Spoiler alert: it’s not,” he wrote.
The businessman argued that without proper planning, entrepreneurs risk misusing even large sums of money. “Take any young businessperson. If I gave them $1 million right now, chances are they'd spend it renting a fancy office, buying fancy furniture and office cars, contracting someone for a shiny logo and website—meanwhile, they wouldn’t be able to meet their actual business targets.”
According to him, business failure often stems from the absence of clear systems, processes, and sustainable growth strategies. “You can have all the money in the world, but without a solid plan, that cash will disappear faster than a plate of jollof at a wedding,” he said, using humour to underline his point.
He criticised the trend of running businesses based solely on excitement and energy. “You can’t run a business on ‘vibes.’ Too many entrepreneurs believe passion alone will take them to the top. Spoiler alert: it won’t,” he stated. “You need systems, processes, and—wait for it—a proper strategy.”
McDan called on business owners to focus on long-term planning, stressing that hope and faith, while important, must be complemented by actionable plans. “Stop relying on miracles. Hope is not a strategy. Yes, have faith. Yes, pray. But you need to have a clear plan of action.”
“Bottom line: If you don’t know how your business will make money beyond the next few months, you don’t need more cash—you need a better plan,” he concluded.
In a separate message marking Workers’ Day, Dr McKorley paid tribute to Ghana’s working population, celebrating their contributions to national development.
“Behind every strong economy is someone who showed up — tired, unrecognised, but consistent. This is why Workers’ Day is not just a break, it’s a salute to the silent builders of nations,” he wrote.
He acknowledged the efforts of workers across various sectors—from artisans and traders to professionals and civil servants—and encouraged them to define their worth by their impact, not by their titles. “Here’s to the doers! The dreamers! The everyday warriors! Happy Workers’ Day!” he declared.