The entrepreneurs of the Growing Business Together Academy met for their first monthly meeting at the Dutch Embassy in Accra in May to learn financial modeling and how to prepare for investor meetings.
The first monthly networking session gave the entrepreneurs a technical proficiency and practical understanding of how to develop their own financial model based on realistic assumptions. Following the workshop, there were networking drinks where the entrepreneurs could mingle with staff of the Dutch Embassy.
Realistic financial assumptions
“Every industrialist ought to take financial modeling with all seriousness and its importance to investors,” says Thomas Wiredu, portfolio manager at InnoHub, a social venture accelerator. Wiredu taught the entrepreneurs about how to determine your business’s cost structure. He also stressed the importance of realistic financial assumptions and smooth exit plans.
Be a dreamer
George Duncan, GBT program manager, took the young entrepreneurs through an intriguing and interesting test of The five DNA Characteristics of an Entrepreneur. He taught them that an entrepreneur is someone, who sees entrepreneurship more than just work, recognizes solutions everywhere, has a higher tolerance for risks and is always on the lookout for new opportunities. .
“The most important characteristic of an entrepreneur is to be a dreamer, because there is where entrepreneurship starts,” George comments. “The ultimate goal should be to reach something for yourself, your family and community,” he says.
— Sampson Adotey Jnr (@blaqstoryteller) May 12, 2017
Anna Samake, the CEO of MBC Africa, who runs the GBT Academy, shared an ‘investor ready’ assessment questionnaire with the young entrepreneurs to test if indeed, their startup was ready for investment. She also took the participants through an investor’s checklist to prepare for meetings with investors. The entrepreneurs need to gain understanding of investors’ expectations when they are committing their resources to invest in a business.
The next monthly session is organized solely for the GBT entrepreneurs and focuses on people management. Read the event schedule here.