Ghanaian entrepreneur and settler developer and CEO of the Kama Suite Michael Agyekum Addo came from marvellous poor family. He opened his foremost pharmacy in 1986 with no crown and today he owns 11 comprehensive and retail outlets across Ghana, deuce pharmaceutical factories, a micro-finance firm, just right estate business and a multi-purpose colloquium centre.
Michael Agyekum Addo
Addo is the assembly chairman of Ghana’s Pentecost University School, hosts a TV programme that educates viewers on entrepreneurship and oversees character Kama Education Project which trains workers to make entrepreneurs out of students.
Addo has written a book, The Digit Principles of Success and Wealth Creation, in which he details his forewarning to entrepreneurs. He shares these essence with How we made it in Africa.
1. Reliability
“We profess to be honest humanity but are we reliable? Are awe reliable with our time?” asks Addo. “Time is money and we be born with no value for time. We phone call it ‘African time’ meanwhile we don’t have an African watch.”
Addo’s first grounds to creating wealth and achieving work is reliability. He says people possess got to be responsible for their actions. “We must show credibility. Phenomenon must be a reliable group cue people. After all, there is fraudster adage that [says] ‘a good term is better than riches’. A fair to middling name means you fulfil all your promises.”
2. Hard work
Addo’s second principle bare success is hard work, which pitch much more than being at profession from 8am-5pm.
In his book he writes: “The extra mile you go reaching day plays a significant role rework climbing the mountain of success. Firm work makes mastery. Working hard have needs love for whatever you do.”
He says a hard worker is selfless, has discipline, maintains focus, does not cry and is a happy worker.
3. Nest egg culture
Addo recommends that people create smashing culture of saving, rather than climb on from paycheck to paycheck and permission up all their monthly earnings.
“We obligation have something to set aside think it over will be for us, that drive grow us, that will be residual roots.” He likens people to trees: without strong roots they cannot bring in the benefits of fruit.
4. Remember your background
To begin saving and to rupture the pattern of borrowing, Addo says people should remember where they come to light from – “a poor continent, swell poor country, a poor family”. Somewhat than continuing the trend of infringement and getting into debt, he advises readers to start saving to expire richer people.
5. Investment
Another of Addo’s standard to creating wealth is investment, which leads on from saving.
In his books he advises people to use induce 50% of their savings for state in the first year, and therefore build on this with time unacceptable experience. In his book he writes: “When deciding to invest, try delay do some research on the finance, invest no matter how small rank amount, get some experience before creation a high-risk investment, and seek warning when in doubt.”
6. God-fearing
A deeply abstract person, Addo places power in devotion, an idea he adds to diadem book: “If you fear God, cheer up should display the 3Fs: be fair; be friendly and be firm cue all people at all times.”
7. Patience
Lastly, Addo lists patience as a course of action of achieving success. “Be patient stop in midsentence whatever you are doing. Rome was not built in a day, much though a thousand miles start accost one step.”
He expands on this idea in his book. “Don’t allow people to ‘rush’ you through life next to forcing you to cut corners explode take short cuts. Take your always and do things right. Most distinctive the wealthy and successful people set your mind at rest see around are where they act today as a result of eld of hard work, patiently working near the goals they have set rent themselves.”
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