Mergers and Acquisitions; taking the right steps

Various factors come into play when two or more businesses decide to merge, or when (the dominant) one decides to take over the operations of the other.

When management of a firm decides to broaden the scope of operations, one of the options usually considered is the act of identifying a minor playmate in the industry, and then fusing the operations of the two bodies.

Another situation is when an outright purchase devoid of lengthened negotiations, places one firm at the mercy of the other.

READ ALSO: Registering a business in Ghana; the basic steps

A merger becomes a done – deal when two business units with synchronous activities wrap up all arrangements germane to the deal, and as such both derive a form of benefit from the plan.

An acquisition on the other plays a dominant partner against a weaker one, and it is usually sealed when the punier one admits helplessness on the rough corporate terrain, and as such desires an improvement in operations; in instances like this, one has little to say or do.

Whatever the case may be, this strategy involves measures that would be put in place to ensure that a business stays afloat, and it is in that regard that it becomes prudent to identify the various forms of decisions that a business unit can make when such a crossroad is reached.

Various advantages come into play when such a verdict is reached; top on the list is economies of scale. Again the (new) business(es) gain from market expansion or diversification and goodwill. In short a giant attracts more to itself than a weakling.

Industry co – ordinators are usually notified and involved every step of the way. A step in this direction implies a change in product and customer base, and in that regard, the appropriate authorities determine how cards are to be played.

The country’s national bank and its stock exchange (in the case of two financial institutions listed on the Stock Market) would direct the actions to be taken, as in the in Ghana, with regard to the recent deals being executed on the corporate terrain. Mention can be made of the acquisition of Ghana

Breweries Limited (GBL) by Guinness Ghana Limited (GGL) (which changed its name to Guinness Ghana

Breweries Limited, GGBL), Ecobank Transnational Incorporated taking over The Trust

Bank, Ghana Telecom being rebranded to Vodafone, and elsewhere in Africa, Zain (originally Celtel) now Airtel.

Whatever the precursor to the deal is, whenever the right steps are taken to harness the activities of like entities, the various processes engineered to ensure its success would invariably determine the longevity or otherwise of this giant step.

Some terms to note:

  1. An acquisition is the purchase of one firm by another
  2. A takeover is the transfer of control from one ownership group to another
  3. A merger is the combination of two firms into a new entity. In this case, a new company is created and both sets of shareholders have to approve the transaction. It requires a fair opinion by an independent expert on the true value of the firm’s shares when a public minority exists
  4. A Cash Transaction is the receipt of cash for shares by shareholders in the target company.
  5. A Share Transaction is an offer by an acquiring company of shares or a combination of cash and shares to the target company’s shareholders.
  6. Going Private Transaction (Issuer bid) is a special form of acquisition where the purchaser already owns a majority stake in the target company
  7. A conglomerate is a merger in which two firms in unrelated businesses combine – the purpose is often to ‘diversify’ the company by combining uncorrelated assets and income streams
  8. A Spin-off is a debut independent company created by detaching part of a parent company’s assets and operations
  9. Carve-outs are similar to spin-offs, except that shares in the new company are not given to existing shareholders but sold in a public offering
  10. An Asset Sale is the sale of the assets of a division to other firms
  11. Synergy value is created from economies of integrating a target and acquiring a company; the amount by which the value of the combined firm exceeds the sum value of the two individual firms.

READ ALSO: Intellectual Property Law: Getting your trademark

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Editorial – The power of enthusiasm

Enthusiasm is the sparkle in your eyes, the swing in your gait, the grip of your hand and the irresistible surge of will and energy to execute your ideas. — Henry Ford

Welcome to the new year!

A new year brings along new ideas and a great sense of willpower and determination to implement them.

This year, as we make resolutions for our businesses, let us also set periodic reminders and make short term plans on how to realize those resolutions.

READ ALSO: Trailblazer: Meet Emmaline Datey, mentor, consultant, MC and more

At BizzAfrica, we have resolved to serve you with useful information that will help grow your business and also to promote more startups by showcasing what they do, so that others can see and know what they are doing.           

In this edition, we interview Nana Mensah, a gentleman who doubles as a TV/Radio host, and an event manager. He is also the C.E.O of Fame Model Management, Accra Men’s Fashion Week and Mr. Model Africa.

Evans Asante also shares his experience as a student who doubles as a fashion designer.

We bring you lifestyle tips, interesting facts about different countries that you never knew and of course, some ice breakers! It promises to be a remarkable journey. You are sure to learn a thing or two as you flip through these colourful pages.

Do not hesitate to contact us with your comments, questions or suggestions: info@bizzafrica.com

Bon lecture!

READ ALSO: Trending: 10 businesses you can start in Ghana right now

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Trailblazer: Meet Emmaline Datey, mentor, consultant, MC and more

More often than not, the business of entrepreneurship becomes a life-long journey that constantly fuels an inner drive to make an impact in the world.

Stories have been told of determined Africans who defied the odds and carved niches for themselves in the world.

Such has been the story of public speaker, leadership, business and career coach, mentor, HR consultant and MC, Emmaline Datey, who has become a force to reckon with in a fast growing industry in Ghana.

READ ALSO: Registering a business in Ghana; the basic steps

Emmaline was named one of Ghana’s top influential women in 2017 and one of Top 100 speakers in Ghana 2018.

At present, she is part of an online platform for mentors, coaches and young mentees called ‘Dream Hub Africa’, which provides numerous coaching and mentorship opportunities.

She is a regular writer on Facebook (Coach Ema and The Fearless and Fabulous Network), on Linkedin (Emmaline Datey), on Instagram (@thefearlessandfabulousnetwork and @emativator_gh) and on Twitter (@emadatey and @TheFnFNetwork)).

As keynote speaker, she has been on platforms such as Presbyterian University College Women’s Conference, Business Milk Tour Entrepreneurship Seminar, GIJ Students Seminar, Moneywise, Jogging with Heroes, The Bambini Show, Ghana Skills & Employability Summit, The African HR Leaders Conference, Time With Heroes, WordSmith Global Tertiary Tour, Live FM’s Girl Code, The Business Startup Clinic, the Brands Kitchen and Building and Monetizing your Brand Master Class. She was the official MC for African Twin Fashion Festival in 2016 and 2017.

READ ALSO: The 7 serious mistakes startups make

Additionally, Emmaline served on the Ghana Event Awards board as Board Chair from 2017 to 2018, and is a Freelance Leadership Consultant with Ekow Mensah Consulting.

An individual who displays such versatility is usually the ‘face’ of a network of professionals who coordinates their efforts to achieve a goal; but that is not her story.

Emmaline reveals, “Everything happens on my phone; I am a digital media enthusiast and my phone is my working tool. You would become irrelevant if you fail to use technology in getting things done.”

With the device, she employs the use of several social media tools to organize her schedule and influence lives whenever she meets people.

READ ALSO: Top tips for starting your own business

In an interview with BizzAfrica, Emmaline revealed that her story began in the year 2000, when she realized she had become people-oriented and had a penchant for saying positive things about people.

She admits that till today, she is constantly “happy for people; I enjoy saying lovely things about people; I simply don’t know how to envy people. I constantly aim to become either a solutions provider, or a link to someone who can assist people with their challenges.”

Between the years 2000 and 2003, during her “discovery period” in Nigeria, she became part of a youth empowerment organization called The Solid Rock (TSR).

She joined the choreography team, became the women’s leader and took an active role in the choir as well.

And that is where her journey started; as she took every opportunity to inspire and empower every young person she met.

Emmaline left and joined another group, The Rock Foundation (TRF) at University of Lagos Campus, Nigeria, which gave her another opportunity to positively affect lives through youth mentorship and coaching.

READ ALSO: 10 businesses you can start in Ghana right now

A message from her choir director, then at TSR, that her mouth would become her wealth and that is where her gold would be, failed to make sense to her at the time, until she realized she had been constantly practicing the truism in the message all her life.

“I don’t solicit for certain things; it comes to me. When something is naturally you, be you; be passionate because people will trust you. When you are passionate about something, excellence is not debatable,” “What I am today found me; I am just doing what I love” she explains.

A common challenge people face with regard to guiding or being guided, she reveals, is the distinction between mentorship and coaching.

Emmaline explains that in both instances, people are being led or groomed, but the difference is that coaches seek to help people intelligently explore their inner potentials to arrive at a decision regarding their purpose and what they intend to achieve, whilst mentors share their experiences with people with the assumption that their experiences will help in expediting their learning.

READ ALSO: Intellectual Property Law: Getting your trademark

She mentions renowned talk show hostess, Oprah Winfrey, Motivational Speakers Mel Robbins and Tony Robins, as well as popular Christian leaders such as Joyce Meyer, Chris Oyakhilome, Pastor Paul Adefarasin and T.D Jakes, as a few of her role models.

Inspirational speaker and leadership expert, John C. Maxwell adds up to the list of people she also looks up to as role models.

In her opinion, it is wrong to call yourself a mentor or a coach when you are not walking the walk, as people invariably look up to you for guidance and or support.

“Many people who call themselves mentors don’t know what mentorship is”, she discloses, and adds that people are often surprised at the attention they get from her, because they do not get it elsewhere.

 “Entrepreneurship is about building a legacy,” she says; “Funding is big challenge in Africa but there are private people willing to support and some people are working towards that.”

In 5 years, she is convinced mentors and coaches will make sure that Ghanaians are well groomed in the areas of emotional intelligence, financial literacy, leadership, networking, strategy, ethics and integrity.

Touching on entrepreneurship, she says that “a businessman is someone trying to make ends meet; an entrepreneur is someone trying to make a difference. Put the needs of the customer, brand and company before you, and you are an entrepreneur. Attitude is everything; life does not have to be perfect before you start pursuing your goals. Nothing is impossible; you just need to work smart.”

READ ALSO: Intellectual Property Law: Protecting your idea

Emmaline’s message to President Nana Addo Dankwa Akufo-Addo touches on a number of challenges that have bedeviled Ghana’s growth and development plan.

She argues that Ghana’s future is dependent on the capacity of its labor force and the potential of its citizens.

For that reason, there a conducive environment for both strategic partnerships and indigenous entrepreneurship, which would create a win-win situation for Ghana and its citizens.

To her, it is no longer a partnership but a master-slave situation, if one party has nothing to bring to the table.

She goes on to say that Ghana is selling its resources for technical knowhow, and that must be addressed if there is a willingness to balance the odds.

Emmaline is convinced there is an urgent need for the president to focus on Ghana’s educational sector, as the curricula being used in educational institutions appear to be unready to face the current changes.

China’s educational curriculum is futuristic, she says, and futurists are working for tomorrow; sadly, Ghana has been left in the cold.

She advises that it is imperative we change the narrative of our educational system, with specific focus on how talents are grown and treated. She is convinced that there should be a change in our educational curricula to be matched up with the dynamic business environment.

“Our labour force needs to be respected; we need to put people first; China doesn’t play with its people; we need to look within us,” she concludes.

READ ALSO: Meet Ayuba Tanko, founder of Ayuba Tanko Photography

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Memoirs of a leader

“When wealth is lost, nothing is lost; when health is lost, something is lost; when character is lost, all is lost” – Anonymous

The call to leadership is full of complexities. To some, it is an opportunity to improve their status in life; to others, it’s an avenue to change, or better still, improve the situation they came to meet.

It therefore becomes pertinent to judge the output of a leader at the end of his tenure of office, to determine if he lived up to expectation or merely added to the number.

Source: African Centre for Economic Transformation

READ ALSO: 10 businesses you can start in Ghana right now

As the days roll by a myriad of opportunities are created in leadership: in churches, clubs and societies, organizations, campuses and even the nation at large, and it is quite amazing that there are always people ready and willing to fill these vacancies, with various reasons available upon inquiry.

Presenting one’s self for an important office is a giant step since that action could lead to a number of repercussions.

A lucid agenda should be communicated to the people, devoid of otiose ambitions or mendacities in general.

This should be religiously followed to the latter. A level of parity should exist between the leader and follower since a common ground should be reached with regard to executed decisions.

Never should he disregard their pertinent grievances; never forget: the mainstay of successful leadership is a rapid sensitivity to the needs of one’s followers.

Many a leader have come and gone, some with satisfaction written on their faces as a result of a  job well done and others who are steeped in misery and disgrace simply as a result of their unpleasant effort.

Good name is better than riches, goes the age-old adage. It is thus appropriate to leave a legacy worth emulating; an example worth following.

Source: Afrikan Heroes

It is better to be remembered as “a servant-leader whose philosophies and principles were an example to follow, one whose peers loved and wished to be like”.

American statesman cum scientist cum et al Benjamin Franklin observed that “If you would not be forgotten as soon as you are dead, either write things worth reading, or do things worth writing”.

It then becomes clear that for the efforts of a leader to be recognized even after his time, that person would have to implement measures that paint the picture of probity and accountability, the hallmarks of a successful leader.

Leadership in its true sense spans from birth to death – some crucial life decisions are to be taken by the individual in question.

Holding a public office as a leader creates the opportunity for one to prove that merits the position of trust he has been placed in, anything short of which is interpreted as a failure to represent the interests of the followers.

The end-result of a leader’s performance is judged by all concerned; hence prospective office-holders should be true to themselves in their quest for leadership since no one but themselves would be duly rewarded or castigated. Whatever the philosophy of life, the fact still remains that a leader’s memoir should leave him with smiles, not wails.

READ ALSO: Motivation Drive: The journey of an entrepreneur

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Rising Star: Meet Sarah Sackey, founder of Sarah Sackey Clothing

She challenged the odds and has risen to become the owner of two thriving businesses. Reader, meet Sarah Sackey – the owner of both SARAH SACKEY CLOTHING and FREEZY FRUITS.

READ ALSO: The journey of an entrepreneur

BizzAfrica: Could you briefly introduce yourself for the benefit of our readers?

Sarah: I am Sarah Sackey. I am 32 years of age, married with two kids and an SSS graduate.

BizzAfrica: At what age did you discover your talent for fashion?

Sarah: I discovered my passion for clothes at the age of 14. I was in JSS at that time.

BizzAfrica: Did you ever want to go in fashion designing or it was because there was no money to further your course to the highest possible level? 
Sarah: Not at all. I lost both parents at a very tender age. After their death, things were a bit rough until I got married and had my kids. That was when I decided to follow my dream, so attended a fashion school.

BizzAfrica: Currently what do you do?   
Sarah: I am a fashion designer. I have a shop I named SARAH SACKEY CLOTHING. Also, i arrange edible fruits; I have named mine FREEZY FRUITS.

BizzAfrica: First let’s talk about Sarah Sackey Clothing. Why did you choose this particular name for your shop?
Sarah: It’s basically my name. During my studies at the Joyce Ababio College of Creative Design, my mates use to call me by that name. They said it was so simple so i kept the name.

BizzAfrica: How many years now has Sarah Sackey Clothing been in existence, and what motivated you?
Sarah: I started last year, after school. I asked a tailor to stitch a shirt for my husband for his birthday. On the agreed day, i went to collect it, and to my dismay, he couldn’t even find the fabric, not to talk of stitching. I told him there and then that he has motivated me to follow my dream of being a fashion designer.

BizzAfrica: How did family and friends react to your passion of being a fashion designer?
Sarah: In fact everyone around me encouraged me. Let me take this opportunity to thank my husband, Samuel Owusu Sackey. God bless him and my late mum.

BizzAfrica: Where and how did you get your initial capital to start the business?
Sarah: My husband provided the initial capital, and then I added my savings that I made out of my fruits business.

BizzAfrica: Can you share with us some of the challenges you have gone through trying to make the businesses stand, as well as funding for the two – the fashion house and fruits business?
Sarah: Fashion has always been a passion for me, therefore, putting a business essence to it was quite challenging because I needed to mix all available resources and come out with products that could sustain and grow Sarah Sackey Clothing.
Also, the right manpower is another area that needed much attention. I needed dedicated and professional staff to keep the business running and meet deadlines to satisfy customers which is hard to come by these days.
The major challenge was finance. I needed to overcome this hurdle since we needed to have a proper business setup with good machinery and materials to start the line with.

BizzAfrica: How do you cope with running both businesses?
Sarah:
My love for both businesses is what drives me to excel. Arrangements and putting things together for a perfect fit is something I love and you will agree with me that these form the core in both businesses.
I love to see clients happy with work done for them and this essentially gives me the strength to keep both going.
Additionally, the staff I have provide me with the needed support for both businesses.

BizzAfrica: Are both financially rewarding?

Sarah: Yes, The returns on both businesses are good even though we are in the infant stages. I strongly believe that we will make progress as we remain focused and employ all the resources available.

BizzAfrica: Where do you see both businesses in four years to come?

Sarah: In the next four years, we will be reaching higher heights and hoping to reach the global market space because that is our target. Especially for Sarah Sackey Clothing, we have begun working for clients outside Ghana and hope to grow the numbers in the coming years.
BizzAfrica: What advice will you give you people who feel all hope is lost and also to young people outside there?

Sarah: The distance between dream and reality is effort.

READ ALSO: What you never knew about Algeria

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Editorial – Hardwork pays!

“In the business world, everyone is paid in two coins: cash and experience. Take the experience first; cash will come later”.Harold S. Geneen

It is a common phenomenon amongst the youth of today to do anything they can to get wealthy as fast as possible.

As soon as they enter into a venture, they anticipate cash to start flowing immediately.

READ ALSO: Trailblazer: Meet Anne Amuzu, co-founder of Nandimobile

Unfortunately, these persons get disillusioned after a few years when they realize that money does not come that fast in the real world and then give up on whatever venture they began.

They do not commit themselves to research, increasing their customer base, marketing, branding and harnessing some level of experience to ensure that the business grows.

Thomas Edison is often credited with the creation of the first industrial research laboratory.

His secret weapon was never being reluctant to work long hours. None of his inventions was the result of an accident; each was achieved by being analytical. Thus, one of his most famous quotes is “Genius is one percent inspiration; ninety-percent perspiration.”

Oprah Winfrey has a magazine and a TV network. Her secret is that she loves what she does and so work doesn’t feel like work. She works long hours to make her business grow.

In this edition, we feature entrepreneurs such as We also have Sarah Sackey, the owner of FREEZY FRUITS and SARAH SACKEY CLOTHING.

They have toiled well and hard and are excelling in the various ventures they have started. They share their experiences on their struggles and how they overcame those struggles to achieve their successes.

This is what we do at BizzaAfrica; we give the platform to young businesses to showcase what they do and how they do it in order to inspire others.

In this edition, you will learn how to earn income from making beads, how to adequately prepare for an interview and many more. You can also break some ice with a crossword puzzle, a short story, and a joke.

Have a fun time flipping through these colourful pages and learn to work extra hard to make your business grow.

Bon lisant!

Contact me: praba@bizzafrica.com

READ ALSO: What you never knew about Algeria

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Meet Novat Karol, the founder of Elimu Living Lab

BizzAfrica: Tell us about yourself?

 I am Novat Karol, a firstborn in a family of four children of which three are boys and one is a girl. I hold a Bachelor of Science degree in Geology from the University of Dar es Salaam, Tanzania.

I did my high school at Bwiru Boys Technical school and secondary education at Sengerema Secondary School in Mwanza city in 2009 and 2005 respectively and the primary school at Kamagambo primary school in Karagwe district in Kagera region.

My education journey has been one of my impossible movements accompanied by a couple of dropping out and back to school searching for school fees.

READ ALSO: Registering a business in Ghana; the basic steps

BizzAfrica: Give us a brief history of your organization. I mean, Elimu Organization (when it started and the reason behind its establishment

Elimu living Lab is non-profit making organization established in 2012. To understand Elimu Living Lab you need to know what a living lab is – an environment or a methodical approach focused on end user-driven open innovation.

In the living lab, end-user communities collaborate with Innovation Stakeholders (public, private, education and research, societal and funding sectors) in real-life settings to co-create innovative products, services, processes, business models or policies, or adapt existing ones, to better match market or societal needs based on a co-design approach with end-user communities.

In essence the living lab is a multi-stakeholder partnership approach to Collaborative Open Innovation.  

Elimu Living Lab emerged as a response to unemployment. The rate of unemployment (especially among youth) in impoverished communities and townships in our local community of Sengerema is alarmingly high.

Most of the youth in these townships have not undergone formal education and have no hope of breaking the vicious cycle of poverty and unemployment they are born in. The high rates of unemployment breed a lot of other social challenges turning the communities into hubs of crime, violence and substance abuse.

BizzAfrica: For young entrepreneurs a major startup headache has been the issue of capital. How did you do it?

The startup capital I used was mainly from my students’ loan and the part time jobs I did whiles at the university. I started with seven thousand Tanzanian shillings (7,000/=) but to a large extent I made use of my ability to teach and organize young people with varied abilities with the view of harnessing their potentials to solve the problems that confront our society.

BizzAfrica: How was it when you decided to venture into entrepreneurship instead of seeking employment (how did family and friends react to this decision)?

When I completed the University I got a job with some mining companies and even some Universities as a lecturer but I was not motivated enough to pursue those careers because I loved community service but later I tried to figure out how to make some money through what I loved doing.

My classmates were surprised by the option I chose because I was financially constrained in what I was doing. They thought I was confused or mad. My family couldn’t just understand why I have chosen that option.

They thought perhaps I didn’t graduate. They also thought I had been dismissed from the university because per their estimation every graduate is supposed to be employed. But now both my family and friends are seeing the fruits of the decision I took and they give me all the support.

BizzAfrica: What are you hoping to achieve?

I am hoping my organization will become a model in East Africa and will be able to help the government solve the perennial unemployment problem in our country through our practical modules and approach. We are also hoping to change the educational system in Tanzania.

BizzAfrica: Are you sure you will be able to achieve these objectives?

I am about 90 % sure that we will be able to achieve our objectives. The government is already beginning to realize the role we are playing in the educational sector through some of the initiatives we have taken since last year. Creativity and Innovation is the engine and fuel that drives Elimu Living Lab. We believe those are the tools which will lead us in fulfilling our goals. 

BizzAfrica: We would like to delve deeper into what you do precisely. What exactly do you do at Elimu Organization?

At Elimu Organization we undertake three main activities; training and development, the academy program and the elimu open school. The training and development program is managed under the Elimu Academy.

The Academy is designed to offer an inspiring and innovative programme in Entrepreneurship, Digital Minds, Leadership and business incubation for young people between the ages 18 and 30.

The programme is offered to young people who are passionate about business, personal development and improving their digital skills but who are struggling to do so due to financial, academic and social challenges.

The Academy program seeks to make a difference in Tanzania by providing a stepping-stone for the youth to get back into the job market, run businesses and be leaders of our country.

The Academy offers a six month programme that runs twice a year: from January to June and from July to December. The Elimu Open SchoolFocus on secondary education, vocational education, adult and continuing education for primary and secondary school drop outs who missed education opportunities 

BizzAfrica: What kind of people do you work with?

Elimu Living Lab is a mutually inclusive such that everyone from 12 to 35 years can enroll and get services according to their needs. But mostly youth and women are our target group.

BizzAfrica: How many people have passed through your organization so far?

So far, we have impacted 2869 lives with Living Lab activities managed under Elimu Open School and the Elimu Academy. We have been able to empower a lot of women. About 72% of living lab participants are women. Altogether, four startup businesses created and are being supported Elimu Organization, 267 direct jobs created from the academy graduates and 896 tracked indirect jobs have been created.

Do you get any kind of support from the government?

Sustainability is the work that Elimu Living Lab does especially when it is impacting lives of people in the community. Sustainability is insured through hybrid model of a business development and corporate shared value. 100% of the income is self-generated.   

BizzAfrica: Do you have branches outside Tanzania?

For now we are just in Tanzania

BizzAfrica: What would you consider the major challenge to entrepreneurship in Tanzania or in general?

  • Resource competition, the resources components include finance, people, time, space and equipment. Inadequate resources have led to projects or initiatives competing for resources at the detriment of each other.
  • Lack of start-up funds to support ideas that grows from entrepreneurship and incubation, Tens and hundreds of social innovations and innovative solutions are created daily but the major thing inhibiting the translation of those innovations from ideas to reality is lack of funding
  • Team skills and competences, Most of the champions are non-professionals on their area of operations, they are chosen due to their availability and /or readiness.

BizzAfrica: What motivates you?

I am driven by my passion to create jobs for young people and transform their lives.

BizzAfrica: Where do you see your organization in the next five years?

We are hoping to be a financially sustainable organization that will be able to acquire resources to support the organizations capacity building and provide revolving funds for startup companies.

BizzAfrica: What is your advice to young people in Africa who are expecting to be employed?

Well, any young person who expects to be employed should be ready to achieve the dreams of his employer. If they want to fulfill their own dreams then the sure way to go is entrepreneurship but they should not expect overnight progress. They should make use of available resources and opportunities. They should also eschew fear and self –doubt.

READ ALSO: Motivation Drive: The journey of an entrepreneur

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Registering a business in Ghana: The basic steps

Below are some basic steps in registering your company.

1.  Acquire a Tax Identification Number (TIN).

This is done by completing a Ghana Revenue Authority Tax Payer Registration Form. The

Ghana Revenue Authority (GRA) officers after processing the TIN, send a text message  for you to collect the TIN. This applies to both the online and physical application.

READ ALSO: Intellectual Property Law: Getting your trademark

2. Pick out an appropriate name for your company and check the availability of the company name at the Registrar – General’s department. The name of your establishment should not be misleading, conflicting with any other name.

The Registrar may, on a written application and on payment of the prescribed fees, reserve a name pending registration of a company.

3.  Present company registration documents (including the TIN form and your company regulations).

4.  Fill up prescribed forms (Form A) from the offices of the Registrar – General’s department. The Registrar examines it and issues a business registration certificate.

5.  After incorporation, you must complete Forms 3 and 4 (which you will pick up from the Registrar – General’s department) and the Registrar will issue you a Certificate to commence business.

6.  You can then deposit paid-in capital at any bank of your choice and obtain business licences at the Metropolitan Authority as well as Social Security number at the Social Security office.          

Once your company becomes a legal entity you can go ahead to conduct the affairs of the business and acquire assets in the company’s name.

READ ALSO: Intellectual Property Law: Protecting your business idea

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The journey of an entrepreneur

‘If there is anything you can do, or dream you can, begin it. Boldness has genius, power and magic in it’ Johann Wolfgang Von (1749-1832)

Breaking the hard surface looks odd for business starters. There is no business-startup with magical bestowments or turnaround overnight.

There were basic tumbles that constrained and restricted some renowned entrepreneurs today, yet, their ability to overcome those black outs, guaranteed the bigger and high profit making urge and financial independence.

READ ALSO: Trending: 10 businesses you can start in Ghana right now

Positive mental attitude toward success, coupled with passion and perseverance drives the agenda of successful individual business owners.

This is an indication that entrepreneurs fortify their minds and are always ready for challenging times.

If you fail to unearth your hidden skills for self-benefit and for society, you become a living dead.

Develop the mind to be in business and desire to live with anything that comes with your choice.

Myles Munroe (1954-2014) talked about buried treasures and emphasized that cemeteries or graveyards hide many buried treasures.

He aptly explains that ‘Buried beneath those sacred grounds are dreams that never came to pass, songs that were never sung, books that were never written, paintings that never filled the canvas, ideas that were never shared, visions that never became reality, inventions that were never designed, plans that never went beyond the drawing board of the mind, and purposes that were never fulfilled’.

What a tragedy! But for lack of push and self-confidence, the world could have seen great movers, shakers and pushers who would not have joined the bandwagon of buried treasuries, but through creativity, would have made printable memories as defined entrepreneurs and change actors in the business enclave.

A lot of people are still imbued with cherished and selling ideas in the 21st Century and yet for fear of failure are walking shadow entrepreneurs. They can lecture with vocal ability on business startup and maintenance and yet, cannot boast of a ‘table top shop’. The reason is that, they have never walked the talk.

Is it not surprising that mostly, the first-class students are employed by the average students?

Entrepreneurs are self-engineered to make lasting prints for themselves and their future. They look into the future with hope and have the desire to succeed.

They count failure as the point of restructuring and bouncing with alternative ideas to success.

The biggest motivation to every entrepreneur should and must be failure. For starters, the economic and business environments always look unfriendly and scary. They threaten possible prospect realization; hence, many are not enthused with this appreciative environment and fall out.

However, reckoning that it is possible to make those cherished blueprints with the mustard seed idea today is by far, the most encouraging tool needed to flush out the blurring confidence with an illuminated world of darkness and hopelessness.

Are entrepreneurs born? This question is akin to whether real leaders are born also. They are not born but rather made.

They are unique individuals with unclassified ideas, ready to explore; no matter the cost with committed minds. However, everyone is a potential entrepreneur. The world has seen great entrepreneurs who never had quality education, who were not first-class students, who were considered failures in the academic pursuit and virtually, lacked hope.

Moreover, successful entrepreneurs are those who against all the odds, focused on what I refer to as the three Ds and being led by self-challenge; made it.

They do the DIRTY JOBS, DIFFICULT JOBS and DANGEROUS JOBS. Mathematically, scrap dealers earn more than majority of white colour job employees on monthly basis.

They may not look luxurious and decent, but make really good returns at the blind spot of the world in their tattered clothes and unenviable profession.

How many entrepreneurship lecturers own and run successful businesses? Most of the Ghanaian entrepreneurs have little or no education and yet employ crude methods to sustain and appreciate what they do and how they do it.

The backbone of successful entrepreneurship rests more on applicability than theories. The least required skill is managerial.

Entrepreneurs are risk-taking individuals who usurp every opportunity with smartness. They are individuals with quality eyes, sharp ears, fast hands, paced legs and ideal thinkers who are cunningly, practice-led and not raconteurs and cheap talkers.

Central entrepreneurship is goal definition and going after it. There can never be central articulation of target without aspiration. This creates the visualization ability and forms the financial plan, and the approach to securing it. Simply have the determinant voice and heart, for it shall take you there and prompt of where your money should go.

Instead of waiting to be self-dependent, amass your efforts and gather questions about what makes product sell.

In the ‘Entrepreneurship journey’, I shall stimulate readers to a mind of positive thinking, action-driven and passion instigated. However, be a reader and begin your dream business line. Think deep by looking around you. What would sell? That is the starting point. Clutch and clench onto ideals of positivism and shun cynicism.

Nature’s consideration

We all consider the horizon to be sky-earth meeting point. On the contrary, just like mirage, no trace of truth is known to exist but for perspective and estimation. Our measuring values differ, so are the courses of action.

Some may begin implementing their business ideas with huge sums, but; be content with the little. Start and maintain optimism for breakthrough. Intra-strength comparison is one negative evil that sucks up ability. Maintain focus, treat your mind to be absolute and shine out of the dark with a bang.

IF YOU BELIEVE THE EMPLOYEE CAN NEVER BE RICHER THAN THE EMPLOYER, BEGIN BEING THE EMPLOYER.

DICKSON KWADWO SARPONG

DEVELOPMENT PRACTITIONER

KUMASI METROPOLITAN ASSEMBLY

selectgh@yahoo.com

READ ALSO: What you never knew about Angola

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Intellectual Property Law: Getting your trademark

The world is full of trademarks!

On the streets, on signboards, at shopping malls, on customized cars, in television ads, etc you will find trademarks of several companies advertising their products. The trademark helps us to distinguish one company from another.

READ ALSO: Intellectual Property Law: Protecting your idea

WHAT IS A TRADEMARK?

A trademark means any sign that serves, in trade, to differentiate the goods and services of one person or company from those of another.

It comes in the form of words or logos or a combination of words and logos. It can be any distinctive mark that sets your company apart from the rest such that as soon as people see that mark or design they automatically know what it stands for and the services that your company provides.

In Ghana, trademarks are governed by the Trademarks Act 2014(Act 664).

WHY DO I NEED A TRADEMARK?

The reason is that your trademark (or logo) identifies the product of your company so that it is not confused with others.

For instance, there are a lot of restaurants and so if you deal in the restaurant business you would need your unique symbol to avoid confusing your company with that of others.

A tagline attacked to the trademark will help customers know what your company is about.

HOW DO I GET A TRADEMARK?

  1. Get a designer to make a unique logo or design that rightly represents what you provide.
  2. Conduct a search at the Trademark Registry to ensure that your trademark is not available or similar to one that is already registered by another company.
  3. Fill an application with the Trademark Registry accompanied with the proposed trade mark and a list of the goods or services for which the registration of the trade mark is requested and pay appropriate fees.
  4. The Registrar, after determining that the trademark qualifies for registration, will publish the trademark in a Journal for any possible objections by a third party.
  5. If there are no objections, the Registrar will issue you a Certificate of registration. The registration is good for ten (10) years after which you have to renew.

Get your own trademark now and brand your business

READ ALSO: What you never knew about Algeria

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