Programs Lead, at the University of Ghana Business School Innovation Hub Ms Sylvia Nyarko has emphasized the need for students entrepreneurs to stay committed to their business ideas and push their venture forward.
Addressing the topic The BRIInG Project: Shaping the Future of Entrepreneurship at UGBS Innovation Hub on Radio Univers Talking business show, Mrs. Sylvia advised student entrepreneurs on campus who seek assistance from the UGBS Nest program to exercise patience and committed to their work in order to excel in the global market.
The UGBS Nest, established in 2022, serves as a dynamic innovation space within the University of Ghana Business School (UGBS). The hub is dedicated to nurturing student business ideas and creating an environment that supports their development into viable enterprises.
The BRIInG Project which is funded by the RISA fund is a project that the UGBS Innovation and incubation Hub is running to train rural Enterprises on food processing innovations that reside in the University of Ghana.
Ms Sylvia speaking about the BRIInG Project emphasized that the journey of entrepreneurship is not for the light hearted and as such student entrepreneurs needs to persevere and stay resilient in their quest.
Students who participate in the project must stay committed and serious. The journey of entrepreneurship is not for the light-hearted. As students, you have to balance your academics with real-world experiences. So, take your involvement seriously. If you stay committed and serious, you will succeed just like Fianca, Aiden Farm, and Agri-Makeup. Many of these incubated projects are scaling up, and they were started by university students. Now, Fianca is pursuing his master’s degree, but he still comes back for any support he needs.
She also encouraged entrepreneurs and business owners to invest in acquiring indept knowledge about the concept money in order to understand make good financial decisions for their business.
And I think what we lack, or perhaps what we don’t have enough knowledge about, is money. We don’t understand what money is. We don’t inculcate in ourselves an understanding of money from the start. We also don’t know how to manage money properly. For instance, if I had been keeping my records properly, I would have understood the importance of bookkeeping and record-keeping.
Sometimes we do our bookkeeping correctly but forget to pay ourselves. If I had paid myself, I would have known, “This is the amount of money for me as a CEO; this is my pay.” But I didn’t pay myself, so I ended up taking money for other expenses, and before you realize it, the funds are gone. That’s the challenge we face, even in the current training. We keep reminding them that when you do your bookkeeping and record-keeping, it’s crucial to pay yourself to avoid temptation. Set aside some money for yourself and then allocate funds back to the business.
Story by: Sarah Esinam Atiemo | univers.ug.edu.gh
