Mr Charles Mensah, the Managing Partner for Trust Consult on Tuesday urged young people starting businesses to consider partnering with like-minded youths to build strong and sustainable businesses.
He said it was time the youth build on a platform where they could come out as partners towards establishing lasting businesses that could stand the test of time.
He was speaking at the second edition of the National Multi-sectoral Stakeholders’ Dialogue on the theme: “Financing Opportunities for Youth-led Businesses” organised by the Youth Sector Engagement Group.
The National Multi-Sectoral Stakeholders’ Dialogue brought together a number of youth groups from across the country to serve as a platform for engaging with government, the private sector, key development partners and the youth on critical issues affecting youth development.
Mr Mensah said most well-established and sustainable businesses are built on partnerships, made up of shareholders and now transformed into sustainable companies.
He urged the young entrepreneurs to embrace partnership adding that, the youth could run their own business but it is healthier if they should collaborate with others.
“I will love to see five, ten youth coming together to form a company where each has ten per cent, five per cent, 15 per cent and then they themselves will build the business from the scratch rather than going sole,” he said.
Mr Mensah said Microsoft, Facebook and some other big companies who came together now have a viable international company.
He urged the young entrepreneurs to be more committed to their vision saying that young entrepreneurs who want to go start new ventures to commence with their savings, and then later with support from family and friends.
He urged young entrepreneurs to avoid starting their businesses with loans because they would end servicing loans and that the future of the business was not guaranteed.
Mr Mensah said the foundation and pillars of a business should be monies from once savings, friends and family members.
He said: “If the money is not there, work for someone else, earn something first before you go to the bank”.
Ms Matilda Frimpong, an Assistant Investment Promotion Officer, urged the youth to identify their gifts, talent and develop a plan towards it.
She said there was the need for young entrepreneurs to be determined to stand the test of time so when things go wrong as expected in business, they could stick to it.
She also urged entrepreneurs to know their unique selling proposition, each entrepreneur need to identify his unique interests so he could bring out the strategic plans of selling.
Ms Frimpong said there were immense opportunities in the agricultural sector where Ghanaians could do more to promote the agricultural production rather than importing food from other countries.
She urged young people to develop more creative and innovative ways of solving societal problems.