Founder of the now-defunct UT Bank, Prince Kofi Amoabeng, has counseled business owners to avoid specific groups of people if they want their enterprise to prosper and endure.
He asserts that it is necessary to keep away from pastors, legislators, traditional leaders, and families since they have the capacity to cause serious issues for the company that could ultimately result in its demise.
Speaking at the 25th-anniversary launch of Fairgreen Limited on July 26 in Accra, the former bank boss described these influencers as “necessary evils” which he believes must be handled with caution to avert business decline.
“Politicians and pastors are necessary evils because they can give you the right connections. However, they also need to milk you, and they can raise your company to a high status if you have the right relationships. But be careful. Don’t accept chieftaincy titles,” he advised.
He continued, “They will drain your finances and time, and you will be responsible for the expenses of durbars. These are the things that have set this country back. Make sure you don’t fall prey to any of them, whether it’s the church, chiefs, politicians, or your own families. You have to navigate carefully.”
In response to a question about the influence of family members on hiring methods, Mr. Amobeng advised business owners not to let that affect them.
“When you start a business, you are under the radar and can be a bit protective. But as you grow, you come under pressure. I call this pressure ‘dealing with the devil.’ You must deal with them. You can’t avoid them. Family, friends, and relatives will ask why you are always employing strangers when your family members are available. They want to kill the company. You need to be strong enough to fire them when they do something wrong. If you don’t have the will to fire them, don’t appoint them,” he urged.
In the meantime, the former head of a bank urged Fairgreen Limited management to keep creating an environment that is supportive of growth and longevity.
“You need to create a culture that is different from the Ghanaian culture. Ghanaian culture is generally one of laziness, pulling people down, disrespect, jealousy, trying to shift blame, and over-dependence on religion to the point that people don’t come to work. When you have a team, you must create a culture that will protect the company against these influences,” Amoabeng advised.