A research fellow with the Centre for Entrepreneurship and Small Enterprise Development (CESED) in the University of Cape Coast, Mr. Richard Asumadu has advised all prospective entrepreneurs to make conscious efforts to conduct thorough research into ideas before they launch any business venture.
According to him, not all business ideas are viable, hence it is important to look carefully into ideas in order to ascertain whether they are opportunities that will bring profit while solving societal problem.
He indicated that, “a business idea is the foundation of any business and starting a business is like finding a life partner because it is something you are going to do for your entire life.”
Speaking on ATLFM’s ATLANTIC WAVE on ‘Identifying entrepreneurial opportunities and idea generations’, Mr. Asumadu said prospective entrepreneurs must desist from starting businesses without looking at its viability through a thorough research before committing resources.
“Before you start committing resources into your business then you need to have a critical look at the business idea. There are so many processes that you need to go through to make sure that it’s a viable business idea or it’s just an idea. You have to first consider your strength and weakness. This process will help you know whether the idea is in line with your strength or not,” he advised.
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Mr. Asumadu urged those who want to venture into any business to also consider whether they have the experience to pursue the idea.
He said “you have to consider whether you have the capital to start the business and whether there is readily available market for your business idea. You need to check to see if there are people ready to help you start the business”.
He advised prospective entrepreneurs to visit the center with all their concerns for better solutions on how to grow their businesses.
He stated that, “the most important thing in business is the idea so you must not rush in commercializing something you are not too sure about. It is for this reason that CESED was established in the University of Cape Coast to help prospective entrepreneur. If you are finding a problem with conceptualizing an idea, just visit the center. We are there to help shape people’s ideas”.
Mr. Asumadu said the University also has a design thinking and innovation hub and will be able to support them by providing a training platform to prospective entrepreneurs.
SOURCE: EMMANUELLA AMA GYMFI/ATLFMNEWS
