Posted: Tue, May 22, 2018 | By: Ghana
IPROSPER WORKSHOP HELD for Sister Sisters Group AT ASSIN JAKAI ON 13TH MAY,20018. THE MEETING STARTED AT 2:00 PM AND ENDED AT 5:00 PM.
THE AIM OF THE WORKSHOP IS TO EDUCATE THE RURAL WOMEN’S GROUP(HUMANIST) IN GHANA ON HOW TO MANAGE THEIR BUSINESS.
THERE WERE 41 PARTICIPANT AGEDED BETWEEN 30 TO 66 YEARS.
The predominant work in Ghana has since been farming ,fishing and trading. As a result the government of Ghana earns much of its revenue from the agricultural sectors. But nowadays, those who engage in these works have been facing a lot of challanges due to lack of management of resources,knowledge and skills on how to run their business.
With the above introduction pertaining to taday’s activities ,the topic for the day will be based on “Enterpreneurship”.
What then is an Enterpreneurship?
To the laywoman, an enterpreneurship is the activity of setting up a business,taking on financial risks in the hope of making a profit. Most of the enterpreneurs today normally engage in sole proprietorship business which is also known as sole trader.It is the simplest business form under which one can operate a business. It is not a legal entity.
Who is a sole proprietorship or a sole trader?
It simply refers to a person who owns a business and is personally responsible for it dept. It is easy to establish because it requires a small capital to start the business.
With the above senarios, it can be signify that most of the business that we own fall under sole-proprietorship.
Also few people agree to be in a partnership where all the memebers contribute to the capital of the business and the profit are enjoyed by all the members. when there is a loss too it is borne by them all.
As an entrepreneur, how can you commence a business?
To begin with,the factors of production must be avaliable which are;
Land: it refers to all natural resources which are free gift of nature of nature available to mankind both on the surface and under the surface,e.g.,soil, rivers,seas,climate,rains,air,sun etc.
Labour: the human efforts done mentally or physically with the aim of earning income. It is also the mental effort of human being in the process of production. The compensation given to labourers in return for their productive work is called the wages.
Capital: this the amount of money that is needed to acquire the tools/ materials for the production such machines,raw materials etc.
How can you get the capital to employ the other factors of production?
As a sole-proprietor, you can get the capital to commence your business through;
A Partnership can also get their capital through;
When the capital is achieved,plan well on how to invest your money in the business. Also consider the following factors when setting up your business.
Location/Site of business.
Also a good management determines the lifespan of your business.
As an entrepreneur, you need to prioritise,thus the most important things need to be done first, yet many people focus too much on unimportant tasks.
As an entrepreneur,you need to manage your capital well. This is because it takes time for any entrepreneurial venture to become profitable. The capital is limited and needs to be utilized wisely. Also to be successful entrepreneur, you need to plan for both the present and the future financial obligations and set aside an emergency fund.
Recording is also an essential tool in management. It helps you as an entrepreneur to know the fanical position of your business and to monitor your business.
One should get a book that will be used to record all business transactions. A cash book can be prepared to record all receipts and payment of cash and cheque on daily bases. But if you can’t keep proper records,let any one in your community help you to keep them.
The rural banks have been operating in our rural areas for a decade now,so i urge all business personnels to keep their money at the bank against theft. Also, payment of the loan should be made reguarly either on weekly bases or monthly.
Again, as an entrepreneur, you must exist preparedness. Thus not every attempt will result in success. The failure rate of an entrepreneur venture is very high. Sometimes the best solution is to call it a quit and try something new instead of continuing to dump money into a failing business.
Furtheremore,as an entrepreneur you must have a self belief, be hardworker,discipline and be dedicated to your work. Don’t focus on faith or to go for a black magic(juju) nor to meet so called pastors to deceive you and take your working capital from you for their own interst.
We are mostly traders and we normally go for a loan to run our business but at the end we end up paying our loans without making a profit and sometimes too we do ran a total loss without paying all the loan.
Suggestion: as i said earlier on, its takes time for any entrepreneur to become successful and to be successful depends on how you plan your business. How much you invest and how much is the total returns. If you realise that you mostly ran a loss,then you need to quit the busiiness and operate a new one whereby the demand for the product is high. One may engaged in a business whereby the demand is low,as a result it will freeze your capital as well as your profit and you may end up not to be able to pay back the loan either on weekly or monthly bases.
As a group we contribute money to set up business jointly which is manage by some of our members. We smoke fish and sell them. It is one of the basic necessities in our community and other near by villages. It yields income but somtimes too we mostly face challenges. When fish becomes scarce, they become expensive and we are not able to afford them. So most a times we need to abandon the business for sometimes whiles paying back the loan on monthly bases.
Suggestion: more of the fish can be bought and stored in a deep freezer for the future if you have one or if there is any that is used for renting. Because during scarcity,an increase in demand for a product mostly increases the price of the product resulting in a higer profit.
CONCLUSION: From what we have learnt, we all testify by saying that hardworking and dedication pays a lot. So we should all focus on what we do but not to be deceived by either a priest or a pastor.
We have nothing to give in return but praises is what we offer to BBI for thinking about our welfare.
A REPORT DELIVERED BY,