Structure your business plans properly before starting – Fmr. UT Bank CEO to business aspirants

Aba Adadziewaa Addison
Aba Adadziewaa Addison
3 Min Read

Multiple Award-winning Business man and co-founder of UT Bank, Prince Kofi Amoabeng has advised business aspirants to structure their business plans.

He was speaking at an event organized by the University of Ghana Business School in partnership with Society Influencers Foundation on March 29, 2023, at the UGBS R.S Amegashie Auditorium, dubbed “Trans-Political Business in Ghana”.

Mr. Amoabeng emphasized on the need to create a well-structured and defined firm in order to achieve successful business growth.

“When you start a business, the structure initially should be properly doctrined. You have to sit and discuss and make sure you have a right structure.”

Mr. Amoabeng explained that the lack of a proper business structure had cost the presence of UT Bank.

He advised business aspirants to ensure that a proper structure has been laid when starting a company. 

“That is why I start by saying, if you start a company make sure that you discuss fully. One thing that I did wrong which didn’t show it’s head until very late is the wrong structure which we started on, so do not start on a wrong structure. There are a lot of things that I did wrong, if I had done those things I think UT Bank would still have been there.”

Mr. Amoabeng also mentioned the need for funds for a company to function.

In seeking financial assistance from friends and family, he advised students to live a life of integrity and excellent values to facilitate the acquisition of funds.

“Funding first must come from you. The most likely place to get funding is from friends, families and relatives. This is because they know you, which require that at this your age you must be honest people of integrity. You have to go to people who know you and they must know you for being a good person, before they can help you.”

Prince Kofi Amoabeng is a Ghanaian businessman and the founder of PK Amoabeng Leadership Foundation. He was a military officer at the Ghana Armed Forces and the co-founder of UT Bank. He has won several awards such as the Overall Best Entrepreneur in the Maiden Ghana Entrepreneurs Award in 2011 and Ghana’s Most Respected CEO for 2008/2010/2012.

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