The founder of the McDan Group of Companies, Mr Daniel Mckorley, says bad attitudes and indiscipline could easily collapse budding businesses.
According to him, research had shown that out of 100 small-scale enterprises only 10 succeeded in becoming multi-million-dollar ones stating that ”If you give $100,000 to an idiot it will vanish, but a smart businessman will turn it around.”
Speaking at the season finale of the McDan Entrepreneurship Challenge on Friday, February 21, 2020, Mr. McKorley entreated young entrepreneurs to be innovative and creative in their dealings to make headway in life and positively impact on the national economy.
“It is not about the money but the person behind the business; does he or she have what it takes in terms of attitude, patience and the discipline in terms of spending?”
The McDan boss indicated that through the challenge, his outfit has been able to support 20 businesses. He has pledged continuous support to the businesses to ensure that they become successful.
He also pledged to support the next generation of Ghanaian entrepreneurs to grow and advised them to be disciplined in order to accomplish their vision of becoming multi-million-dollar entrepreneurs.
A young entrepreneur and processor of quality shea butter, Alhassan Hamza Akoligo, emerged the winner of the $100,000 funding support at the maiden edition of the McDan Entrepreneurship Challenge.
Mr. Akoligo, aged 37, owns Alkoh Shea Butter at Gambaga in the North East Region, a business he inherited from his mum after spending some time unemployed.
The grand finale of the competition saw 10 finalists pitch their business ideas and plans before a five-member jury and these were subjected to strict scrutiny. The remaining nine finalists received GH¢25,000 each from the McDan Foundation.
Sharing his excitement with JoyBusiness after emerging the winner, Mr. Akoligo promised to make good use of the fund to ensure the business expands to create employment.
“The fund is going to transform my business from a local one into an international one because we were struggling with our finances but now that we have gotten financial injection, we will be able to scale-up very quickly.”
The Ministry of Business Development also pledged a total of GH¢300,000 support to the finalists whereas the Ghana Investment Promotion Centre (GIPC) pledged to send the ultimate winner. Mr. Akoligo and the first runner-up on its next business trip abroad.