Transcript
A (0:00)
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.
B (1:48)
Felix, what is the real truth about entrepreneurship in Ghana?
A (1:51)
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.
B (2:41)
What was the moment in your business that really broke you, made you feel like you wanted to Give up?
A (2:46)
