Starting a business is often associated with the challenge of securing enough capital, but how much is truly needed? Lecturer at the Department of Accounting and Finance at Bolgatanga Technical University (BTU) and assembly member, Awineyesema Abiire, has shared insights into this long-debated question, offering practical perspectives on startup funding.
Speaking on A1 Radio’s Day Break Upper East Show with Gerard Asagi, Mr. Abiire explained that the amount of capital required to launch a business depends entirely on the type of enterprise and the scale at which an individual plans to operate. He emphasized that while financial resources are important, strategic planning and resourcefulness often play a more crucial role in determining a startup’s success.
Small Capital, Big Potential
Mr. Abiire noted that entrepreneurship is not solely about having large sums of money but also about utilizing available resources efficiently. He highlighted that even with a modest amount, individuals can venture into business and gradually expand.
“For me, with Ghc2,000, there is something to start. Even with as little as Ghc100, there is a business that you can start. But of course, when you go into the nitty-gritty, we may not be categorizing what kind of businesses Ghc5,000 can do and what Ghc5,000 cannot do,” he stated.
He pointed out that while some businesses require significant investment, others can be started on a small scale and grown incrementally over time. The key, he suggested, lies in identifying opportunities and making the most of available resources.
Commitment Over Capital
According to Mr. Abiire, while startup capital is important, the most critical factor needed to see a business succeed is the commitment of the individual or individuals running the business.
“Once you find purpose in what you want to do and commit to it, it is doable. In human resource management, we say that money or equipment may make things possible, but it is human beings that make it happen. Giving you Ghc100,000 may make starting the business possible, but it is the human being that would make the business sustained,” he explained.
His insights reinforce the idea that while funding is necessary, it is not the sole determinant of a business’s success. Rather, a strong work ethic, perseverance, and innovative thinking are key ingredients in building a sustainable enterprise.
A Balanced Approach to Startup Success
For aspiring entrepreneurs, Mr. Abiire’s advice serves as a reminder that financial constraints should not deter them from pursuing their business goals. While capital is necessary, success ultimately depends on one’s ability to plan, adapt, and remain committed to the business vision.
As more people explore entrepreneurship, understanding the balance between financial investment and personal dedication will be crucial in fostering successful and resilient businesses.
Source: A1Radioonline.Com | 101.1MHz | Mark Kwasi Ahumah Smith | Bolgatanga
