By Justin Moresco
Twenty entrepreneurs whose business ideas ranged from natural pharmaceutical products to an online tour company were announced Thursday, 3rd August, as finalists in the Believe Begin Become nationwide business plan competition.
The 14 male and six female finalists were judged to have presented the most promising business plans out of a pool of 60 participants, who had been selected from more than 300 initial applicants.
“I’m so excited, I can’t express it. It’s unbelievable,” said finalist Priscilla Yakung, 38, who wants to build a child development centre for girls in Greater Accra.
Each finalist has the opportunity to win a minimum of $10,000 worth of professional business services, such as strategic and financial consulting. The 10 winners, who will receive an additional $15,000 in seed capital, will be chosen in late September after they submit more refined business plans and deliver oral presentations.
“I knew there’d be severe training but I couldn’t tell what it’d be like,” said finalist Joseph Tackie, 52, who runs a meat processing factory in Accra. “Once the rules were announced, I knew it was serious.”
The 60 applicants went through seven weeks of intensive business training, at the end of which they submitted business plans for judging. The applicants attended lectures three days a week, had regular one-on-one meetings with consultants and were expected to do extensive research into their business ideas.
Yakung said there was a time she doubted if she could finish the seven weeks. “I had sleepless nights,” she said.
But she said she regained her confidence when she heard guest speakers discuss many of the same ups and downs in launching their businesses.
Feasibility studies, evaluating competition, risk management, marketing, cash flow and building a business plan were some of the topics discussed during the seven weeks. Applicants said the practicality of the training was its greatest strength.
Tackie had studied business at university, receiving an MBA in entrepreneurial management, but still he felt the training was challenging and rewarding.
“This was different from the MBA because you were under so much pressure,” he said. “In seven weeks, you had to come up with a business plan that was convincing.”
Applicants said they valued the networking opportunities and the congenial atmosphere among the group, despite the competition.
“That was one thing I found remarkable,” said Tackie. “We were always sharing with one another.”
The finalists represent seven of Ghana’s 10 regions, 45 percent of them coming from rural areas in the country and 85 percent of them proposing start-up businesses.
Participant Margaret Moro, 51, runs a small soya processing business out of her home in Accra that she would like to expand into a factory. She said the training has made her look at her competition and products differently.
“I’ve seen that I have to package in a way that will last longer and is more hygienic and attractive,” she said.
She’s also now more aware of cash flow in her business. “Last week a customer came in and asked if he could take some products on credit. I said, ‘No, the business is changing.’”
Moro was not chosen as one of the finalists but she said she is not deterred from pursuing her business goals. “I will continue because it is my dream. I’ve learned a lot and it will help me.”
Believe Begin Become was launched in March, is managed by the economic development organization TechnoServe and is funded by the Google Foundation.
The goal for the competition is to promote the growth of small and medium enterprises, often defined as having fewer than 250 employees. Economists have increasingly recognized the importance of these businesses in generating employment, reducing poverty and encouraging entrepreneurship.
TechnoServe hopes to offer business plan competitions annually in Ghana.
Two similar competitions in El Salvador recently organized by TechnoServe trained 258 people, helped launch 61 new businesses, expanded 70, and created 761 new jobs. Together these businesses increased their revenues by $7.2 million over two years.
Leading Ghanaian businessmen and women, such as Patrick G. Awuah Jr. of Ashesi University, Grace Amey-Obeng of FC Group of Companies, and Ken Ofori-Atta of Databank Financial Services, are members of the competition’s organizing committee.
-End-
