Don't quit your job too early to start a business – Banking expert

Business and technology leader in banking and finance, Solomon Osuoza, has urged entrepreneurs to transition from sole proprietorships to limited liability companies, saying the move is essential for sustainable business growth and the protection of personal assets.

Speaking at the maiden Legacy Business Summit 2026 on Monday, July 6, 2026, he said many businesses eventually outgrow the sole proprietorship structure, making it necessary for owners to adopt corporate structures that separate personal liabilities from those of the business.

“Deciding to stay small in business could be a personal decision without a lofty ambition. However, it could be really demanding because you have to learn a lot as one man,” he said.

The summit, organised by the Men of Integrity of Trinity Baptist Church on the theme, “Building Wealth, Building Excellence, Building Legacy,” brought together entrepreneurs, business executives, aspiring business owners, and professionals to discuss strategies for building sustainable businesses.

Osuoza also advised young professionals against resigning from their jobs prematurely to start businesses, stressing that paid employment offers valuable opportunities to develop technical expertise, understand corporate systems, and build professional networks.

“One of the values of paid employment is that it gives you stability, allowing you to grow, learn established structures, and build relationships,” he noted.

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According to him, deciding when to leave paid employment to pursue entrepreneurship is one of the most difficult decisions an individual can make and should be guided by careful planning rather than emotion.

“This is where proper planning is required. One needs to have a strategic and comprehensive plan,” he stated.

He encouraged aspiring entrepreneurs to set clear goals for their transition into business ownership, adding that gaining experience in an industry before venturing into it significantly improves the chances of success.

“You can decide to work for 10 years and then, in the eleventh year, start something on your own,” he suggested.

Osuoza further highlighted the importance of teamwork, saying no entrepreneur possesses every skill needed to build a successful business. He urged business owners to identify their weaknesses, recruit people with complementary expertise, and leverage partnerships to achieve sustainable growth.

As part of the programme, selected participants with promising business ideas pitched their ventures, with up to GH¢100,000 earmarked for each viable business as seed funding to support growth and expansion.

ANAS/MA

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