Only 20% of new businesses survive after 5yrs
Ghana is one of the countries known to have a volatile business environment with many firms often shutting down after only a few years of operation.
To understand the reason behind the trend, the Global President of the Billionaire Conclave, Dr Olumide Emmanuel, stated that only 20 per cent of businesses survive beyond five to 10 years of operations.
He said some of the major reasons behind the periodic failure was the mindset with which the businesses were started and the way they were operated in the long run.
"Over 80 per cent of businesses fail within the first five years and within the next five years another 80 per cent fail.
“So, if you see any company that is 10 years old and above, that company is unique. And many of you can testify that you have either started businesses that have failed or put your hands in so many things that did not work,” Dr Emmanual said ahead of the “Building Transgenerational Wealth and Organisation” programme in Accra.
He said Africa needs a new breed of wealthy individuals to help accelerate the development of the continent.
That, he said, would help address Africa’s dependence on the west for financial support to fund developmental projects in the region.
He said Africa needed rich people who were not greedy and would not cheat and steal the resources of the state to enrich themselves.
“The continent needs impact and legacy millionaires and billionaires who will spend on things that matter and not only think of themselves,” he said.
Building transgenerational wealth and organization is a two-day programme expected to be held between February 8 and 9, 2024.
An initiative of Billionaires Conclave, the programme is to attract chief executive officers, businessmen and women, entrepreneurs and individuals who want to build transgenerational businesses.
Dr Emmanuel stated that impact and legacy millionaires and billionaires were people who did not think only of wealth accumulation, but cater for the needs of the poor and vulnerable in society and as well as help address societal challenges.
He said the conference was to help build transgenerational businesses and organisations that were sustainable and went beyond their founders.
The CEO of the Billionaires Conclave indicated that the programme was not meant to make participants millionaires and billionaires, but equip participants with the skills to become millionaires and billionaires and also help those who were already millionaires and billionaires to sustain their wealth and transfer to the next generation.
He said the participants would be taken through a masterclass on topics such as developing a transgenerational mindset, 20 secrets to building and enduring organisation, 20 reasons why businesses fail, developing a wealthy mentality, understanding true wealth and components of true wealth.
The Country Representative of the Billionaires Conclave, Obaahemaa Demay, said China and India used the millionaires approach to develop their economies and Ghana and Africa could pursue the same to build their economies.