← Konnected Minds Podcast with Derrick Abaitey
Konnected Minds Podcast with Derrick Abaitey
Segment: From Breakdown to Breakthrough, Build a Legacy, Not Just Wealth.
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Transcript39 lines
- [00:00]
A
Coming back to Ghana here, you know, you know raw materials pricing has never been consistent because we rely on the dollar to trade in Ghana here. So one basic knowledge I think most Ghanaians know is that if they are pricing their product, they will not price it according to the rate of how exchange rate is running in the country. Okay. So you have to give a room of fluctuation and a room of any occurrences so that even when the, the, the, the cost of raw materials even escalate, you have a quite a number of space or room to readjust gradually to get to the expected pricing you want to change to. So that is what I've always been applying. So there is always that room or space for correction and it's not, it's not a very big gap. So let's say if the planting I know even if I sell for 10 cities, I'll make two 20 pesos out of it. Why don't I sell it for 10 cities, 20 pesos and then that 20 pesos margin is going to be to solve, to support that fluctuation. So when planting is out of season, let's say my two cities is taken away and then I'm even losing like some little percentage off from my expected profit. I'll still be in business. And the wet planting comes back in season. My 20% is added to my 10 city or my one seeding I. And it's still making me sustain in business. And when price even escalates, I know I've even been able to get a little aside profit from my original expected profit to even the margin I'm selling. So that side profit can even support you pushing you to break even. And then you gradually also adjust, readjust your price to the market demand and that is how it flows.
- [01:49]
B
Felix, what is the real truth about entrepreneurship in Ghana?
- [01:52]
A
It's a very challenging part. It's, it's quite a lonely part. And it will really break you, to make you. It will really break you to make you. And if you are not, if you are not passionate enough for that part, you end up being a failure. Because I have, I personally had to go through a lot of personal breakdown to rebuild myself to meet the expected capacity. Because I'm speaking to you now. I've never been to the university, but I'm talking business like someone who has a, who has learned business and learned how to structure business to get to where it is now. But it is out of the whole process. I want to be an entrepreneur, I want to be a successful CEO. So I have to Learn from them. I have to learn the language they speak. I have to follow the path they follow. And if, if you don't have that passion for it, you, you, you say to yourself that that is not your calling, and then you walk away from it.
- [02:41]
B
What was the moment in your business that really broke you, made you feel like you wanted to Give up?
- [02:46]
A
I would say has never been part of my vocab, my vocabulary, but there are times I've really been broken down and I feel like, why did I get here? But giving up has never been the option. I am a survivor. I fought a lot of battles from my infancy to where I am now. And in as much as plantain is just a basic commodity or a basic product that I'm trying to build an industry from, I know there is going to be a lot of challenges, but that has never discouraged me because I'm not into business for money or profit. Yes, I want to have a comfortable life, but not to build enormous amount of wealth out of it. I want to impact life. I want to. I want to make a legacy. I want to create a legacy whereby my offspring will come and be proud of the man who raised them or who brought them to the world. So when it comes to challenges, that really broke me down, I would say I've really cried a lot in my room. Sometimes you get to a platform that people even make you feel like you don't deserve the platform. I have a lot of friends, I have a lot of people that comes around me, and indirectly they make me feel like you don't deserve it. So why are you, why are you getting this? Like, indirectly even, you know, some people can just give a random talk and then, you know that no, they are, they are saying something to you. And then when I hear those statements, I laugh and it makes me keep pushing. So I'll say it is out of treatment I've received from a couple of people that it will make you feel like you don't deserve where you are because quote, unquote, uncle investing, how are you doing this? Yeah, you want to race with the big boys, but you've never even passed the party. They've actually passed to get to where they are. And I will tell you, it hasn't broken me. It's so disheartening. I'll say that it sometimes breaks your heart, but I'm the kind of person, I don't give up. I'd rather prove to you a point that, yes, I deserve this space and I'll be here.
- [04:33]
B
Did you listen to the conversation I had with Onable Ken when he spoke about the fact that he had to quit university. And the story he gave was beautiful.
- [04:41]
A
Yes.
- [04:42]
B
So he very simply said that there was a moment in his life where he had supported a specific candidate. And when the moment came when the man was, you know, giving out the positions, he got a pat on his shoulder saying that, you know, he'll be a good businessman so he should focus on his business. That was the time he decided to go to university. He went to university and realized that his business in Ghana was making a million USD. And when he looked at how much the professors were making and people were making and thought to himself, this young guy, you know, look at how much money I have in Ghana. He quit and came back. But look at him now.
- [05:11]
A
Yes.
- [05:12]
B
Right. So me, I think the people that are really going to change the world are people who are passionate about what they do, not about, not the education status.
- [05:19]
A
Right.
- [05:20]
B
And your certificate is really a. What, What's a certificate?
- [05:24]
A
It's just the work of your hands.
- [05:26]
B
You know, what you are doing to the people and how people feel about the message you give to the people.
- [05:31]
A
That's.
- [05:31]
B
That's the proof of your education.
- [05:33]
A
Exactly.
- [05:34]
B
You know, so I think you've done fantastic and thank you so much for coming.
- [05:37]
A
Thank you so much.
- [05:38]
B
Motivation or discipline?
- [05:39]
A
I always say discipline because I was raised up out of discipline. So I know how discipline can really shape in your life and be on the right path.
- [05:47]
B
What's the best advice you have ever received?
- [05:50]
A
The best advice I would say from my uncle. He called me one time and one thing he told me, you know, I was young and money was coming and I was having fun. And he called me and he told me, feliz, look at my state today. Because I didn't plan right. So if you don't plan today, you regret tomorrow. And he even made a reference of the mother that growing up she had a lot of money and she, she, she was living life involving friends in his personal matter and stuff. And at the end when she lost everything, all those people that was healing her left her. So she really advised me on how to actually re. Invest or return that energy into building myself, building an empire. An empire and focusing on my future. Because the future is always not promised. Anything can happen. You need to secure the future before you get there. And it has always been my daily prophecy or uncle, that the future is always not promised. So we never sleep.
- [06:50]
B
So like for the, for the past two weeks, I haven't recorded a podcast Right. Because I traveled and, you know, I had a conference outside. I think this is a conversation I've enjoyed so much.
- [07:02]
A
I don't know.
- [07:02]
B
I've really enjoyed this conversation.
- [07:03]
A
Amazing.
- [07:04]
B
And I. I just hope that the people in the comments and on Spotify and Apple really enjoy it the way I have.
- [07:10]
A
Absolutely.
- [07:11]
B
You've been an incredible guest for us today.
- [07:14]
A
Thank you.
- [07:14]
B
Recommend a book for us.
- [07:16]
A
Books first book is about leadership. I used to be a very bad leader, so I needed to read about leadership to know how to be an effective leader. And the title is how to Lead Without a Title. Wow. Yes. That's the title of the book. So how to Lead Without a Title. And it's really. It really spoke to me directly from. From. From the beginning of the pages to the end of the chapters, it really spoke to me directly. And then the other book is How People Think. How People Think. It's also really. It was. It was a big rescue to me. And thanks to a friend of mine, Jonathan. I was really having a very difficult moment with a friend about our relationship. He just looked at me and told me, take this book and read. And I realized I was. I was really making a lot of errors with my relationship with people. So as an entrepreneur, as a growing human being who wants to excel in life, you need to read this book, How People Think. It will help you to understand the psychology of people and how you can relate to them. And the last is about money. The psychology of money. Yep. Yes.
- [08:22]
B
Morgan Hustle.
- [08:23]
A
Yes. It was amazing. It makes me found confidence in what I was doing because initially I felt like I was doing so much, but I wasn't getting enough. And I was like, am I feeling. I was asking myself, am I failing? In some part. But I read that book and it made me understand my path and where I'm supposed to be. And I realized I was at the right place on the right path, and that gave me a full confidence in what I was doing. So amazing.
- [08:47]
B
Instead of two amazing, you've given me three books. My readers and I know my audience love reading. They love expanding their understanding and things. I'd add a fourth book. It's called Surrounded by Idiots. So look for that book. It's an amazing book. It's going to talk to you about the temperaments we have and how to deal with people.
- [09:05]
A
Awesome.
- [09:05]
B
So thank you so much for being here today. Thank you, Mr. Felix. I appreciate you. I also appreciate it for your time and for all the gifts that you keep giving to us and to the people that are going to be coming on the 2nd of January. I have a master class for just 70 people, so if you haven't gotten your ticket, I'd love to see you there. Stay connected. My name is Derek Abayte. I'm out.
- [09:27]
A
Connected Minds podcast.