Chief Executive Officer of Tropical Cables, Dr Tony Oteng-Gyasi, said anyone whose main challenge is financing and wants to be an entrepreneur is not fully ready. <\/p>\n According to him, what startups need most is an experience without which seeking financial support from banks may be impossible.<\/p>\n Dr-Oteng-Gyasi mentioned that entrepreneurial abilities and how to manage finances properly are the most paramount of the needs of start-ups and entrepreneurs.<\/p>\n He also stated that for start-ups, the best place to get financial support is family and close relatives. <\/p>\n Read the full story originally published on Jan. 11, 2020 by GhanaWeb.<\/p>\n Chief Executive Officer of Tropical Cables, Dr Tony Oteng-Gyasi, has asserted that individuals who are interested to venture into the entrepreneurial world are not entirely ready if their biggest issue is financing.<\/p>\n According to him, business start-ups rarely need huge sums of money to keep them running.<\/p>\n \u201cYou should bear in mind that the support is not necessarily financial because a lot of the time people think that you need to have enough money in order to start doing something for yourself. That is wrong because if money is your biggest obstacle, then you are not ready.\u201d<\/p>\n Dr Oteng-Gyasi also identified that most start-up owners do not have entrepreneurial instincts or abilities which includes how to find money to invest in the trade they take interest in.<\/p>\n He also noted, experience in acquiring funds from establishments like banks is very important, adding that these financial institutions usually demand certain requirements start-ups might not be able to provide.<\/p>\n This includes experience, the cash flow of the company, as well as the day-to-day management of the business.<\/p>\n In his words, \u201cYou are a start-up and you do not have any experience. If you go to a bank and remember that the money in the bank is coming from somebody\u2019s savings, and the bank does not want to lose that money. Should the bank take that money and give it to somebody who has no track record, who has no experience, who hasn\u2019t managed 100 cedis before and yet want a 100,000 cedis that will not be very prudent on the part of the bank.\u201d<\/p>\n Recommending what entrepreneurs could do to get some money for their business, Dr. Oteng-Gyasi suggested that family and friends are the best options for start-ups.<\/p>\n He averred that close relations are more likely to invest in a new venture because they trust the entrepreneurial instincts of people passionate about starting a business following behavioral patterns.<\/p>\n \u201cEverywhere in the world, normally the way startups find money is through family and friends. People who you know, people who have known right from when you were a child, your parents, siblings, uncles. So, start-ups, you start with something small. If it\u2019s from selling sachet water or even selling cars or whatever it, is you start with something small with people who know you, people who trust you. People who know your character can afford to give you money.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Dr Tony Oteng-Gyasi, CEO of of Tropical Cables Limited Chief Executive Officer of Tropical Cables, Dr Tony Oteng-Gyasi, said anyone whose main challenge is financing and wants to be an entrepreneur is not fully ready. According to him, what startups need most is an experience without which seeking financial support from banks may be impossible. […]<\/p>\n","protected":false},"author":1,"featured_media":744582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-744581","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/744581","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=744581"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/744581\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=744581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=744581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=744581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Dr](\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/01\/25886631.295.jpg\" "\\"Dr")
Dr Tony Oteng-Gyasi, CEO of of Tropical Cables Limited<\/span><\/span><\/p>\n<\/div>\n