It is possible to save and fund your start-up – Nyame-Addo

Clara Nyame-Addo, a Marketing and Communications Associate at EDC Investments Limited; the investment firm of the Ecobank Group has advised students and the youth with entrepreneurial ambitions to explore the option of personal savings as start-up capital.

Speaking at this year’s edition of the Global Student Entrepreneurship week, Clara mentioned that apart from funding options available for start-ups such as grants, loans, angel investors etc. personal financing was an option student and the youth could explore to fund their business ideas.

She also advised participants not to be in haste to resign from their regular jobs to pursue entrepreneurship but rather diligently serve if employed and dedicate the off-work hours to build their business.

“If you have the opportunity to have an 8am-5pm job, take it, diligently serve and save to start your business. To be a good leader, you need to be a servant and therefore the lessons you learn as an employee will play a critical role in shaping your success as an entrepreneur. A lot of people yearn to pride themselves as CEO’s but do not pay attention to the processes involved in running a successful business” she said.

Commenting on how to stay focused and achieve success as a student or young entrepreneur, Clara Nyame-Addo mentioned that personal discipline was key and young entrepreneurs need to be mindful of their spending habits and not mistaken revenue as profits.

She added “be discipline, involve experts when it is obvious you don’t have the technical-know-how to solve a particular issue, treat your revenues as revenues and not profits and pay yourself to avoid the temptation of taking monies from start-up funds.

Other panelist on the “Show Me the Money” global plenary session included Carole Ramella; Managing Director-Partner of Fund-Raising Advisory, Dario Giuliani; Founder & Director of Briter Bridges and Alfrida Aboagye-Hagan, Regional Manager of MASLOC, Eastern Region.

The panelist provided funding options for start-ups and guided participants on the strategic and proven ways to raise capital for their business ideas.

Organized by Stars From All Nations (SFAN), the Global Student Entreprenuership Week is an initiative to develop and build the next set of global business moguls through mentorship, education and learning.

Since its inception in 2018, it has become a gathering of the best and brightest minds across different walks of life and the “go-to-meeting for students, budding entrepreneurs and young professionals who want to make a massive impact in their communities.

This year’s edition was themed “Social Entreprenuership as a Tool for Addressing Global Challenges of the Decade” and hosted sessions such as “The Future of Work”, “Youth and Migration”, Building for the Next Billion”, The Future of Globalisation and “Fund Raising”.