My three pillars to early-stage start-up success

After 18 years of experience in banking, marketing, sales, leadership, and business strategy in both public and private organisations throughout Ghana and West Africa, I decided to take a significant step. 

I left the comforts of corporate life to start my own business and coach others. 

I desired the thrill, the rapid pace, and the opportunity to create something totally from the ground up. 

Some of my previous skills came in handy, but I quickly realised that running a business is a whole other ballgame.

It necessitates new modes of thought and behaviour. Today, as a lecturer at the University of Professional Studies in Accra (UPSA), I teach and coordinate MBA Impact Entrepreneurship and Innovation programme.  

From all my experiences, including my own successes and failures, as well as the stories of hundreds of others I've coached, I've discovered that three basic, but strong concepts make the most difference in whether a new firm survives and thrives. 

These are the three pillars that I believe will help early-stage start-ups succeed. They work in every industry, including technology, farming, fashion, and services.

Develop a Growth Mindset

The first pillar focuses on your thinking. As an entrepreneur, you must believe in your ability to develop, learn, and improve regardless of what challenges arise. 

This is what experts refer to as a "growth mindset." Starting a business requires you to deal with challenges daily. Customers can dislike your goods at first. 

Money might run out. A competitor may imitate your idea. If you view these as personal failings, you will become discouraged and give up. But with a growth mentality, you see challenges as opportunities to learn and improve.

I've seen this happen with several Ghanaian founders. One of my pupils opened a tiny internet company that sells local fabrics. Early clients complained about delivery delays.

Rather than being defensive, she listened, improved her logistics, and converted dissatisfied customers into devoted followers.

Today, her business is steadily expanding. Feedback can be uncomfortable, but a growth attitude converts it into fuel. Maintain your flexibility, continue to learn, and you'll recover stronger.

Make Learning Your Number One Job

Entrepreneurship is full of uncertainty. You’re trying to create something new in a world where no one knows exactly what will work. 

That’s why, in the early days, your most important job is not selling, not marketing, and not even building the perfect product. 

It’s learning. Many new founders spend months or years trying to make everything perfect before showing it to customers. That’s a big mistake. 

My advice is always the same: launch a simple version of your product called a Minimum Viable Product (MVP), as quickly as possible. 

Get it into people’s hands and see what they really think. I've seen this happen with several Ghanaian founders. One of my students’ entrepreneurs opened a small online business that sells local fabrics.

Early clients complained about delivery delays. Rather than being defensive, she listened, improved her logistics, and converted dissatisfied customers into devoted followers. Today, her business is steadily expanding.

Feedback can be uncomfortable, but a growth attitude converts it into fuel. Maintain your flexibility, continue to learn, and you'll recover stronger.

Prepare to face the unexpected

Most entrepreneurs are inherently optimistic. However, optimism alone will not shield your firm from unexpected challenges. 

And believe me, surprises will arrive. Things outside your control can change everything: gasoline prices rise, the cedi changes, a new legislation is enacted, a supplier fails you, or a major competitor joins the marketplace. 

I've seen strong concepts fail because the originator was unprepared for these shocks. The approach is simple yet effective: plan for multiple possibilities. 

Begin with your main plan (what you expect will happen). Then make a "best-case" plan (everything goes flawlessly) and a "worst-case" plan (things go wrong). 

What opportunities might arise if the economy improves? For each eventuality, make an advance decision: "If this happens, then we will do that." 

This preparation allows you to remain calm and respond promptly when difficulties emerge, rather than panicking and making poor decisions.