Small beginnings.. The secret of every successful entrepreneur
Type Company Limited is a world-class printing business that serves the needs of hundreds of businesses and individuals nationwide. Due to its good works, the company is virtually a household name in the printing business.
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However, some years back, the name and its line of business was only an idea in the mind of its founder.
With guidance and good nurturing, however, that idea has blossomed into a big brand that delivers results to the satisfaction of many across the country.
This abridged story about the successful rise of Type Company Limited cuts across the life story of almost every venture in the business community, be in or outside the country.
This notwithstanding, not all enterprisers appreciate this maxim of starting small and becoming bigger later, something the Chief Executive Officer (CEO) of Type Company Limited, Mr Coby Asmah, wants changed.
He explained on the Springboard on Joy FM that beginning small was a critical success factor of life development that also applied in business.
His appearance on the weekly motivational talk show formed part of the series on ‘Critical Success Factors,’ which has been running for the past six weeks.
The series is to inspire and motivate audience throughout the country to emulate and imbibe the successful life stories of people and use them to better their lives.
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Observation versus experience
In his interaction with the host, Reverend Albert Ocran, Mr Asmah explained that observation and experience were key ingredients to the success of an individual.
On which is the most important, he said both were, depending on the person involved.
“I think both but it depends on who you really are. For me, experience has worked than observation.”
“So, it could be 70–30 per cent in favour of experience but I still believe it is important to observe,” he said.
Critical success factors
Touching on the critical success factors, Mr Asmah said starting small as an individual or a business was very crucial for development.
“The motivation of every business owner is ambition and that ambition often drives them to start very big. However, with no experience, they will end up failing as a result,” he added.
He further explained that an individual could have all experiences in the world but still be unable to successfully guide a business through the various life stages of a business.
“So, if you do not learn the ropes and you think you can start straight away, you are obviously in for trouble,” he added.
He said people needed to start small to be sure they would not fail. However, in situations where they failed, he said the damage could be contained since it would have been small.
“At the beginning, you will stumble one time or the other but because it is small, the damage or cost will be very little compared to starting big and losing your entire fortune at the end,” he explained.
“When you are starting a business, you need not get into the business straight away; you need to test what you are doing by offering the solution free of charge. By doing so, you will get feedback and that will help you to improve the product or the solution,” he added.
The CEO of Type explained that it was crucial for businesses to diversify their clientele base.
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As a result, he said, it was not the best for a business to have only one customer providing about 30 per cent of its income, given the associated risks.
Build business
The CEO urged Ghanaian entrepreneurs to build businesses that were deep-rooted and could withstand challenges.
“This is because many times you start a venture and you are full of excitement, you start making an income and a friend comes in and tells you about new ideas and it ends up distracting your attention,” he said.
He also advised people to turn their hobbies into commercial ventures.
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Develop your capacity
Going forward, Mr Asmah said it was very crucial for an individual to develop his or her capacity in order to drive his or her career to a higher stage.
Touching on competition, he said: “In today’s dynamic world, it is either an individual learns what is happening around him or her or perish because competition is here.”
He noted that the advancement of technology in today’s world played a key role in helping to build an individual’s capacity.
“So, for me, with the expansion of technology, I do not think people are going to be redundant but I think people are going to be engaged. I think technology is an aid,” he said.
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He also underscored the need for mentorship and, therefore, advised people to identify someone who could guide them in their career or life.
“That person can be someone you admire because of how he has achieved something in a particular field but not necessarily your field of operations.”
“In some cases, you can even have a mentor who you have not met before,” he added.
Spend less on the owner
Another critical success factor he underlined was the need for quick response to changes in the world, which he said would help grow and expand one’s business.
He said most challenges that small businesses encountered in their operations included spending a lot of money on the owners of those businesses.
To check this, therefore, Mr Asmah said it was important for the owner to be paid a regular monthly salary in order to avoid the company spending more on him/her.
“I always advise people to pay themselves a good amount of money. If you are paying yourself and you want to find financial independence, then it means that you need to find a way of identifying areas that you can invest in,” he said. — GB