Business News of 2014-05-27

'Trust people to manage your business'

Business consultant, Ishmael Yamson, has pointed out that the key failure for most entrepreneurs is the belief that they are necessarily good managers.

"Not every entrepreneur is a manager. The fact that you have a business idea doesn't mean you can manage the business", he said on Joy FM's Super Morning Show.

A wave of motivational talk is said to be encouraging many young Ghanaians into entrepreneurship and small businesses. A move supported by statistics from the Registrar General’s Department which suggests that 92 per cent of companies registered are micro, small and medium enterprises.

But this motivation to be entrepreneurial hailed as good could come with disastrous consequences if entrepreneurs assume they should manage it themselves, Mr. Yamson pointed out.

Yamson who has been Chairman of both Unilever Ghana Limited and Standard Chartered Bank Ghana Limited, confirmed a tendency for Ghanaian businesses to die off as soon as the owner dies because the entrepreneur is not able to "see the business beyond themselves".

Being a consultant and founder of Yamson and Associates, he said after giving this kind of counsel to clients, they would return with a son or family member to manage the business, which in itself was not the best.

This determined hold over the business, he identified, was because the average Ghana does not trust his country man.

The former Chairman of the Board of Directors of the Ghana Investment Promotion Centre (GIPC) is asking entrepreneurs to hire managers to see through the important details of business which most entrepreneur tend to ignore while trapped in the world of their ideas.