← Konnected Minds Podcast with Derrick Abaitey
Konnected Minds Podcast with Derrick Abaitey
Segment: Ownership Over Employment - Why Building a Legacy Beats Working for Others Forever.
00:11:24
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- [00:01]
A
Early in the morning, 1:00am, I just woke up, I looked up on my phone, I had about 30 missed calls. I was like, what's going on? I pick up the phone, they said the factory is on fire. We lost almost $50,000 worth of equipment. The gentleman who actually helped stop the fire, I hired him to be the caretaker of the factory, eventually stole almost 500,000 cities worth of which is from us. I don't think it's a Ghana problem. It's a human nature. People take the path of least resistance.
- [00:32]
B
Why did you not give up, Derek?
- [00:34]
A
Once again, it's just, I think it's part of the legacy that I was born into.
- [00:38]
B
Fred, what do you think is the correct path to fulfillment? So our entrepreneurs made or born?
- [00:48]
A
They are not made or born, they are nurtured.
- [00:52]
B
Why is Africa struggling to rise globally?
- [00:55]
A
Because we have. And it breaks my heart. Any problem in this world that money can solve is not a problem.
- [01:10]
B
You're welcome to Connected Minds podcast. My name is Derek Obaite and I appreciate everything that you do for this podcast. Your time watching our episodes. If you haven't subscribed, please become part of the family. If you didn't know that we have episodes on Spotify and Apple, I'm going to drop the link in the description so that you can listen while you're playing golf, while you're on the treadmill, while you're doing something that you love. Today I have a conversation with Mr. Fred Ampedu. He owns Postar Industries. The man loves education. He's lived in Canada for some years, became a scientist and has moved to Ghana to set up a business, XA Industries. Mr. Fred, how are you?
- [01:52]
A
I'm very well, Derek. And before you continue, you have a world class studio.
- [01:57]
B
Thank you.
- [01:57]
A
I'm really impressed.
- [01:58]
B
Thank you, thank you, thank you. My, my, my desire to keep improving is affecting me so I keep getting different gears.
- [02:05]
A
That's the scientist in you.
- [02:07]
B
Yeah, I think So. I agree 100%. So Posa Industries, why did you start Posa Industry?
- [02:14]
A
Ownership, Derek. Ownership. We can't keep working for people the rest of our lives. At some point in time you have to own something and pass it on to the next generation. That's the reason why. Ownership, Derek.
- [02:26]
B
Simple answer, but did you come from a poor family?
- [02:31]
A
Okay. My grandmom, my dad's mother was what they could term a stark illiterate. She didn't go to school, but at one point she owned. She was the founder of the largest market in West Africa at some point. And those who are old enough. I think it's still around. They used to call it Therma station. TSTS. They used to sell second hand goods. Yeah. So she founded it 1972. A single mom with three kids had built a six bedroom house in Accra. So that's the sort of family I was born into. So ownership has been passed down from generation to my dad's generation, my aunt's generation. Now it's our time. So ownership.
- [03:11]
B
Derek, have you benefited from what grandma did?
- [03:14]
A
Yes. My dad is an mba, llb, chartered accountant, MBA in finance. He said when he went to university in India, the principles he taught them in India as an MBA student. Her mother, illiterate, was practicing those principles. So growing up with her, we lived with her till she passed away. I think she passed away two days later. We left for Canada in 2000. Yeah, those principles were invaluable.
- [03:43]
B
We don't hear that many success stories of women these days, do we?
- [03:46]
A
No.
- [03:48]
B
Or maybe they don't tell the story.
- [03:49]
A
Or they don't tell the story, does it? You know, because I was brought up as a. By a market woman. I hang around the market even to this date. I was telling you a story about my aunt who passed away three months ago. She was technically my mom and a fantastic businesswoman. Most people who go to Medina Market, she's the kingpin when it comes to hardware. Just one store built apartments. Not apartments. Apartments with an S. With just one store. Fantastic business principles. The way she does customer service. If you buy her stuff and you bring it back, she looks at it, it's okay, she gives you your money or just exchanges for you in Ghana.
- [04:31]
B
You see, when you mentioned the topic of ownership.
- [04:33]
A
Yes?
- [04:34]
B
Don't you think it's also a scam?
- [04:36]
A
A scam to who?
- [04:37]
B
It makes us work too much. And the people, sometimes we leave things to, they don't even appreciate them.
- [04:44]
A
That's not your concern. Okay, it shouldn't be your concern. You as the. You know how some people say, oh, and I'll go to pee a little bit? Yeah. Let's see. The people who came ahead of you didn't do anything for you. Now it's your turn. What are you doing for the next generation? It's only poor people who tell themselves that. We still have Rockefeller family, the Carnegie family, Trump's family. Who's less tough for their for him. He's the strong for his children. The trained mind who's been trained about ownership doesn't think like that. My grandmom left the shop to her daughter who is my aunt? This is over 100 year old shop and it's now a 10. And Derek, trust me, we won't let that shop collapse. And we'll leave it on to the next generation.
- [05:35]
B
How did they do it?
- [05:36]
A
That's what I'm saying. They bring it when you are born, when we're kids, 5, 6, 7 years old. When we come from the market. Me, my brother, my sister, others, the cousins. We sit down, kids, you, Fred, all kind. One city. Count one cities, you count two cities. So they introduce you to money early. Money is not mysterious. Money is not mysterious. It's human beings who go and get money. So it doesn't become mysterious to you. You know, it's by your hard work that you get money. So they introduce you early. They teach you all these principles. When you get the money, use them for sure, but keep a bulk of it. You understand? So when they introduce you early, My own daughter, that's what we started with her. When we go for dinner every night at my dad's place. My aunt. No, my dad, my mom, her, me. You know what we talk about our businesses? This money. Oh, this is going here. Oh, this tradesman came and did this. We didn't like what he did. I think next time should do it this way. Do you know why we are teaching that young girl that in time, when we are no longer around, it will be your turn. So somebody has left it for you so you don't squander it.
- [06:41]
B
There are families in Ghana, they own so much as a family. And now the first generation of owners are struggling to get posterity to carry on. I'm shocked how your parents were able to do it. It's very admirable.
- [06:59]
A
Yes, and that's what I'm saying. You know, I'm a product of both worlds. The western educated family. My dad and then my grandmom and my mom, my, my aunt who they said didn't go to school, you understand? But then what they do is they don't. They don't keep those two separate. At every point there's communication going on. So you understand and appreciate that what they are giving to you is not for you. You are just a custodian in your time. Take care of it, don't squander it because it's not yours. Started from somewhere, you are now the custodian. You have to pass it on to the next generation. I think the disconnect is most of these very rich families, they let their kids focus initially on just the schooling. My daughter is 8 years old. She started going with me to the factory when she came to Ghana when she was five. When there are some days off, I take her, oh, press this machine so she gets used to it and she understands how hard dad is working. Build this for her. And I'm telling you for a fact, this is not. She will not squander what will be left for her. We don't. She goes to school, but we don't disconnect the tradition from it. As I was telling you, when we go for dinner, my dad, my stepmom, who also runs a very successful shop at Madina Zungo Shop Junction. She's the first electric shop owner at Madina Zongo Junction. Doing it since 1990, still running to today. So they are teaching, teach the kids.
- [08:31]
B
Do you have like a family constitution?
- [08:34]
A
Not really. It's just not. It's just like English law, you know, they say England doesn't have a written constitution. It's just by, you know, people learn more from communication than actually written word.
- [08:44]
B
I mean, you are scientists. Sops.
- [08:46]
A
Yes. Do a great job. Yes. Because sops, you know, you are there. But what you tell the person, they learn it more than what you show them. You tell it to them and then you show it to them. Then they understand, oh, this is the reason why you are telling them. And if they forget, they can refer to this document. Because if that wasn't the case, then human knowledge which wasn't written would have disappeared from the face of this earth. Why do you go to some of these traditional homes, traditional rulers, they still have some of this tradition going on because it was spoken to them and showed them and they pass it on from generation to generation.
- [09:16]
B
Doesn't it become like Chinese, Chinese whispers.
- [09:18]
A
Where, you know, you keep telling one.
- [09:19]
B
Person and over time he loses his value.
- [09:21]
A
That's what they tell us. It's not true. It's not true because at some point in time the education will come in and it will be written down. And then we put it to scrutiny to make sure what is being done is the right thing.
- [09:32]
B
And then you traveled abroad.
- [09:34]
A
Yes, sir.
- [09:34]
B
To go to school?
- [09:35]
A
Yes, sir.
- [09:36]
B
If your parents were doing so well here and, you know, they wanted you to also start something, you know, as part of the family tradition, why did you have to go abroad?
- [09:45]
A
Generally, in this economic structure that we have, it is technically run from the Western perspective. So if you want to grow your business, you need to go to the west, if possible, and learn. I think that was the reason why they did that. And it's seen all across the globe. When we're in Canada, I had classmates from India, China, almost everywhere because that has become a melting pot of people from all over the world. So the education from the Western like going to Canada, the education was one but also I think the network was invaluable because now as I'm sitting here I have friends from all over the world. If I need something, I can call somebody in China on my phone. A classmate in Japan, a classmate in Australia, a classmate in mention I think that was the that's the most valuable thing I learned and I got from going abroad networking. And then also now the mystery of the why you are not the white man doesn't they are not mysterious anymore because you live in their system. You know what their capabilities are. So if I think it was I think it was the right decision hindsight that they took me there because also let me tell you something. This is history Back in the days back in the days when audition or a nest of king is born if you want to defeat your let's say the person who is rules over you what you used to do is you take you say Derek let's say you are my son, I'm the ruler I want to defeat let's say the one who rules over us I take you Connected minds podcast.