Segment: Starting Isn't Expensive - Know Your Numbers or Stay Broke

Summary

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Episode Overview

Main Theme:
This episode of the Konnected Minds Podcast with Derrick Abaitey focuses on the realities of starting and scaling a business as a young entrepreneur in Ghana. The segment, “Starting Isn’t Expensive – Know Your Numbers or Stay Broke,” uses guest Kobe Kabana Wusu Bright’s journey from selling popcorn on campus to leading a multi-branch brand as a case study. The episode emphasizes financial literacy, the importance of partnerships, reinvesting, and the mindset shifts necessary for entrepreneurial success among Ghanaian and African youth.

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Key Discussion Points & Insights

1. Starting Up: The Genesis of a Campus Business

• Popcorn Venture Origins:
  Kobe started selling popcorn as a student at KNUST, leveraging a simple idea and accessible resources.
  Notable exchange:

  • Interviewer: “When you started, how much were you selling the popcorns for?”
  • Kobe: “It was like for 8, 10 cities.” (00:34)

• Minimal Start-up Cost:
  Kobe and his partner each had a popcorn machine (one gifted by his mother), and initial supplies were purchased for well under 100 cedis.

  “You don't really need much. I had the popcorn machine from my mom and he already had one. Getting corn, it's not up to 15 cedis ... Not up to 100 cedis. So starting something isn’t that expensive.”
  — Kobe Kabana Wusu Bright (10:12)

2. Scaling Up: Numbers, Growth, and Profitability

• Determining Profitability:

  • Production cost per popcorn bag was as low as 2.5 cedis, with initial sales at 8–10 cedis, now up to 15 cedis—a significant markup.

  “Like two cities, 50 pesos? Yeah... That’s a huge markup.”
  — Interviewer & Kobe (10:49–10:51)

• Volume Matters:
  At peak, they could sell up to 1,000 bags of popcorn a day at major events.

  “Like a thousand pieces.”
  — Kobe Kabana Wusu Bright (11:01)

• Expansion Logic:
  The urge to expand came after observing the untapped demand and profitability:

  "We’re just selling, selling, selling, selling... and then we’re like, hey, there's so much money in just selling corn. Why don't we expand?"
  — Kobe Kabana Wusu Bright (09:04)

3. Entrepreneurship Mindset & Partnership

• The Right Circle:
  Kobe highlights the influence of his business partner, Joshua, and the importance of surrounding oneself with people who elevate your thinking.

  “A great circle with people can take you places money can never take you. Yeah. So if you are aligned with the right people, you’ll go places.”
  — Kobe Kabana Wusu Bright (05:35)

• Partnership Lessons:
  Value is placed on humility within partnerships, learning from each other's strengths, and not letting ego get in the way.

  “Sometimes people have pride. They always think that their way is always the right way... And I think there’s a mentality that has to shift—that if someone is better, allow the person to go. And if you have to follow, follow. Right.”
  — Kobe Kabana Wusu Bright (06:09)

• Delegation & Roles:
  Clear division of labor: Kobe handles operations; Joshua drives critical thinking and problem-solving.

  "I'm the CEO. So basically, most operations go through me... Joshua is an incredible person who deals with that [the back groundwork] and helps us with that."
  — Kobe Kabana Wusu Bright (08:13)

4. Knowing Your Numbers: Vital to Success

• Financial Discipline:
  Emphasis on understanding revenue, expenses, customer acquisition cost, and reinvestment as keys to business growth.

  “You have to know your revenue, your expenses. You have to know your leads... your acquisition cost... and your profits. Once you're able to go through these things and you know your numbers... you know how much you can reinvest.”
  — Kobe Kabana Wusu Bright (11:46–12:10)

• Growth through Reinvestment:
  Profits are continually plowed back into the business to drive expansion.

  “Expanding is what brings more capital, more cash flow to the business.”
  — Kobe Kabana Wusu Bright (12:10)

5. Inspiration and Social Impact

• Role Model Effect:
  Kobe shares that simply appearing on the podcast, and platforms like it, inspires others—citing a story of an Uber driver starting a poultry farm after listening.

  “He told me that it has inspired him to actually start a business to do his poultry farm. I'm like, Derek, you are changing lives.”
  — Kobe Kabana Wusu Bright (03:19)

• Encouraging Entrepreneurship:
  The conversation directly confronts cultural reluctance to partner and the necessity of mindset change in Ghana's youth regarding job-creation versus relying on traditional job markets.

  “The Ghanaian youth needs a change of mind. They have to think differently—towards work, towards creating.”
  — Kobe Kabana Wusu Bright (02:31)

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Notable Quotes and Memorable Moments

• On starting small:
  “Starting something isn’t that expensive.”
  — Kobe Kabana Wusu Bright (10:12)

• On mindset:
  “The Ghanaian youth needs a change of mind... So I'd love to be the person to inspire the Ghanaian youth to get that tweak, yeah, that change.”
  — Kobe Kabana Wusu Bright (02:31)

• On partnership:
  “A great circle with people can take you places money can never take you.”
  — Kobe Kabana Wusu Bright (05:35)
  “If someone is better, allow the person to go. And if you have to follow, follow.”
  — Kobe Kabana Wusu Bright (06:09)

• On financial literacy:
  “If you know your numbers, you know how much you can reinvest, put it back into the business and expand.”
  — Kobe Kabana Wusu Bright (12:10)

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Important Timestamps

• 00:30 – Popcorn selling origins and initial pricing/costs
• 01:07 – Discussion on employment prospects vs. entrepreneurship post-university
• 02:31 – Kobe on mindset change needed for Ghanaian youth
• 03:19 – Impact of the podcast, inspirational anecdotes
• 04:02 – Founding story: Meeting with Joshua and starting out
• 06:09 – Lessons learned from partnership
• 08:13 – Roles within the business: CEO vs. behind-the-scenes
• 09:04 – Realization of business potential & transition to full-time
• 10:12 – True cost of starting and initial pricing breakdown
• 11:46 – Financial management: knowing your numbers for reinvestment and growth
• 12:37 – Long-term vision and goal to be nationally recognized

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Flow & Tone

The episode maintains a conversational, motivational tone throughout, blending practical advice with authentic storytelling. Derrick Abaitey draws out actionable lessons and mindset shifts from Kobe’s journey that listeners can apply to their own entrepreneurial aspirations, especially within the African context.

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Summary

This episode powerfully challenges common notions about the costs and barriers to starting a business. Kobe's story serves as evidence that resourcefulness, clarity on numbers, and the right support network far outweigh initial capital in importance. It advocates for a shift from waiting for job placements to actively creating value, with real examples of the positive ripple effects of such choices. The discussion is especially resonant for young Africans seeking confidence and direction in entrepreneurship.

Transcript

[Narrator]

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[Interviewer]

You are selling popcorn on campus. When you started, how much were you selling the popcorns for?

[Kobe Kabana Wusu Bright]

It was like for 8, 10 cities.

[Interviewer]

But now how much are you selling them for?

[Kobe Kabana Wusu Bright]

15.

[Interviewer]

Let's say when you were selling for 10 cities, what was your cost price of produce?

[Kobe Kabana Wusu Bright]

One, like two cities? 50 plus. 50.

[Interviewer]

Really?

[Kobe Kabana Wusu Bright]

Yeah.

[Interviewer]

How many could you sell in say a day?

[Kobe Kabana Wusu Bright]

Like a thousand pieces.

[Interviewer]

You are kidding. How do you start that?

[Kobe Kabana Wusu Bright]

I started it as a student when I was in knusd. My business partner, NI Joshua.

[Interviewer]

What did you study at university?

[Kobe Kabana Wusu Bright]

I had a human settlement planning.

[Interviewer]

Okay, so if you wanted to apply for a job, you would wait for the government to post you?

[Kobe Kabana Wusu Bright]

Yeah.

[Interviewer]

How many people were you in your class?

[Kobe Kabana Wusu Bright]

137.

[Interviewer]

How many of them have gotten jobs since? Are you earning more today than you would have earned an entry role in the job that you were doing? Currently you're just in Kumasi. At which point are you thinking of coming to Accra?

[Kobe Kabana Wusu Bright]

We're open for investment.

[Interviewer]

So if I was the investor today, I like big money. I'm giving you 150,000 cedis. Can a branch of your business opposite UPSA or somewhere on campus. Lagom make 15 to 25,000 in total revenue a day, easy.

[Kobe Kabana Wusu Bright]

15,000 a day, easily in popcorn. Easily.

[Interviewer]

You mean business?

[Kobe Kabana Wusu Bright]

We don't sell products, but we sell.

[Interviewer]

Man. Today I have another young person in the studio of the name Kobe Kabana Wusu Bright. And we're going to have a conversation about his business. His story, why he decided to start as a student. A student at knust?

[Kobe Kabana Wusu Bright]

Yes, sir.

[Interviewer]

And then he started a business. This is not to tell you that going to school is a bad idea. But it's just to tell you that when the jobs are not there and you have it in you to create a job, you can also do that. And we want to tell you how. Because this conversation does not happen on campuses. Why do you think we should have this conversation?

[Kobe Kabana Wusu Bright]

Well, I think that the Ghanaian youth needs a change of mind. They have to think differently towards work, towards creating. Yeah. So I'd love to be the person to inspire the Ghanaian youth to get that tweak. Yeah, that change.

[Interviewer]

That's interesting. And so far, what has been your view of the podcast since you started watching it?

[Kobe Kabana Wusu Bright]

Fantastic. Actually, on my way coming here, the Uber, I picked the driver, I was on a corner, I was telling my friend that on my way to the connected mine house. And then after I spoke, and then I hung up and he was like, oh, are you going to do an interview? I'm like, yeah, I'm going to do an interview. And it's like, it's an incredible platform.

[Interviewer]

Wow.

[Kobe Kabana Wusu Bright]

Incredible platform. He told me that it has inspired him to actually start a business to do his poetry farm. I'm like, Derek, you are changing lives. You are actually changing lives.

[Interviewer]

Kobe, thank you, thank you. I appreciate it. Sometimes we need this. Every now and then, you know, I chance on an email because I usually don't check the email, but every now and then, you know, when I open the email, I see one beautiful message crafted. There's one I saw of a 70 year old who dropped this to us and I said, wow, you know, sometimes we don't internalize how much the little we do inspire people. So your company favorite, how did you start that?

[Kobe Kabana Wusu Bright]

I started it as a student when I was in Ken USD. My business partner and I, Joshua, we had to go to events to sell popcorn. So we actually started. Let me take you way back.

[Interviewer]

Take me back.

[Kobe Kabana Wusu Bright]

Let me take you way back. Joshua was my school mate. We weren't friends way back in hs. And I knew him, he knew me, but we never actually had an encounter. We never talked or anything. But then in university we met again and then I realized that how he thinks would benefit me as a friend. So we befriended each other. And then there was a random day. I'm like, joshua, you have a popcorn machine. I have one too. Let's go and sell popcorn. I mean, there's nothing to lose, only something to gain, right? And then immediately he was like, he's down for it. That's how the business started.

[Interviewer]

How does Joshua think? How is his thinking different from yours?

[Kobe Kabana Wusu Bright]

Joshua is an intelligent human being, very intelligent. Naturally. He's not one of those people who have to constantly be studying, even though he still does. He studies a lot, but naturally he's gifted with how he thinks. And I mean, I had to get some of that. And, and then being friends with them has changed my life.

[Interviewer]

So this thing we say about, you know, the circle. Yeah, you know, have the right circle around you. Definitely Think that you have somebody in

[Kobe Kabana Wusu Bright]

a great circle with people can take you places, money can never take you. Yeah. So if you are aligned with the right people, you'll go places.

[Interviewer]

What was one thing that has your friendship with. Because I really want us to talk about partnership as well. Because this part of the world, we don't speak or we don't. Especially as Ghanaians, we don't like to partner a lot. And you've done it.

[Kobe Kabana Wusu Bright]

Yeah.

[Interviewer]

So what's that one thing, you know, you've learned together as. As partners?

[Kobe Kabana Wusu Bright]

I think there are always problems. Everybody has their different perspective of things. Yeah. But then coming down, sitting back and actually taking each person's perspective and getting the right solution is the best. Sometimes people have pride. They always think that their way is always the right way. Meanwhile, maybe if it's properly thought of, you get a better alternative to solve a problem. And I think that's where the whole problem is. Some people envy. Maybe your partner is doing better than you in things. He does, as I said, he's more intelligent than I am. Maybe he's better spoken or something. And then people rather envy their partner than appreciate what they have in front of them. Right. So I think there's a mentality that has to shift that if someone is better to like, allow the person to like, go. And if you have to follow, follow. Right.

[Interviewer]

If you have to follow, follow. That's. That's an incredible way of looking at it. So it's okay to allow your partner to lead and follow because at the end of the day, you're going to benefit from it in a way.

[Kobe Kabana Wusu Bright]

Exactly. I mean, both of us are trying to create something, so not necessarily have to following him every step of the way because sometimes maybe his perspective isn't the right way. Yeah. So, I mean, always having a leader is important. Right.

[Interviewer]

I struggled with this when I was doing music. I struggled to allow somebody else to lead the group because I thought, oh, I'm the one that started it and I have to be the leader. And it was an ego problem all the time. It actually affected the success of the music group because of that. So I think you're right. You know, sometimes we need to recognize that, okay, out of the three of us, this is the person who is the most qualified to lead us. I think you've done it well. So between the two of you, who has come out as, you know, I'm going to lead the team or be the CEO or the MD or whatever.

[Kobe Kabana Wusu Bright]

I'm the CEO. So basically, most operations go through Me, I handle the staff. I do most of the work when it comes to for. But then when it comes to critical thinking, solving problems, so many other aspects of the business, it's called the back groundwork of the business. Joshua is an incredible person who deals with that and helps us with that.

[Interviewer]

Okay, so let's go back for this again. So you had a popcorn machine. You both had one.

[Kobe Kabana Wusu Bright]

Both had a.

[Interviewer]

Right. And then what was, what was happening?

[Kobe Kabana Wusu Bright]

So my mom gave me that one and then he also had one. So then we go for events once we hear that, oh, there's a program at Brunei Sports complex. We are there. There's a movie night here. We are there. Then we're just selling, selling, selling, selling, selling, selling. And then we're like, hey,

[Interviewer]

there's so

[Kobe Kabana Wusu Bright]

much money in just selling corn. Why don't we expand? Let's, let's, let's try and tackle this. Let's do this. Let's make it our full time job. So I think right at that time,

[Interviewer]

had you finished school?

[Kobe Kabana Wusu Bright]

At that time, he was a year ahead of me. I stayed home after shs, so he was a year ahead of me. So once I completed and he was already working is when we started Favori, we had a stand. There was a stand at Eduase and then we had our popcorn machines there. We added pastries and we were able to purchase an ice cream machine. We started as an ice cream brand, but we were already known for popcorn. But then when we started the brand February, it was an ice cream brand.

[Interviewer]

So the idea came from understanding that you have access to popcorn machines and you can use that to start selling popcorn. Yeah, but where did you get the funds to start it?

[Kobe Kabana Wusu Bright]

That's one thing that people don't. You don't really need much. I had the popcorn machine for my mom and he already had one.

[Interviewer]

Okay.

[Kobe Kabana Wusu Bright]

I don't know where he got that one from. I already had it. And then getting corn, it's not up to 15 cities.

[Interviewer]

Okay.

[Kobe Kabana Wusu Bright]

You can get like a cup of corn, sugar and then your special ingredients. Anything you want to add? Not up to 100 cities. So starting something isn't that expensive.

[Interviewer]

And when you started, how much were you selling the popcorns for?

[Kobe Kabana Wusu Bright]

It was like for 10 cities. 8, 10. 8, 10.

[Interviewer]

When you started 2003.

[Kobe Kabana Wusu Bright]

No.

[Interviewer]

Right. You were selling it for 8 city to 10 cities. But now how much are you selling it for?

[Kobe Kabana Wusu Bright]

15.

[Interviewer]

And what would you say your cost price on at the time? Let's say when you were selling for tensity, what was your Cost price to produce one.

[Kobe Kabana Wusu Bright]

Like two cities, 50 pesos.

[Interviewer]

Really?

[Kobe Kabana Wusu Bright]

Yeah.

[Interviewer]

That's a huge markup.

[Kobe Kabana Wusu Bright]

Yeah. Like two cities, 50 pesados. It wasn't. It's not much.

[Interviewer]

And how many could you sell in say a day of an event?

[Kobe Kabana Wusu Bright]

Like a thousand pieces.

[Interviewer]

You're kidding.

[Kobe Kabana Wusu Bright]

People like popcorn. It's crazy. The reason why we actually increased the price because there was too much traffic on just our popcorn. Right. And it's very profitable.

[Interviewer]

Okay. So now your business has, you know, extending to something else. Now you have other products. I think you do some Boba as well. And you've moved it into several branches. I think you have three branches now. Okay, talk to me about them. How did you. How did the thought come in to expand, to make it into a real business?

[Kobe Kabana Wusu Bright]

When you sit back and you study, if you want a successful business, you have to expand. So I think learning got us to where we are today. Reinvesting, putting your profits back into the business.

[Advertisement Voice]

Yeah.

[Kobe Kabana Wusu Bright]

So as a CEO, there are a few things that you have to know. You have to know your revenue, your expenses. You have to know your leads that are the people you are going to sell to. You have to know the people you're able to acquire. And then you have to have to know your acquisition cost, how much it costs you to get that person. Then you also have to know your profits once you're able to go through these things. And you know your numbers.

[Interviewer]

Yeah.

[Kobe Kabana Wusu Bright]

You know how much you can reinvest, put it back into the business and expand. Expanding is what brings more capital, more cash flow to the business.

[Interviewer]

So at what point did you decide that, okay, now I'm no longer a student here. I've been selling at university at this time. I want to push the business, create more branches. How did you guys make that decision? Based on what metrics?

[Kobe Kabana Wusu Bright]

It was the game plan at the beginning, the very first day of starting the business, that this thing has to be at least, if not globally, Ghanaian recognized. So the whole idea when we started Favouri was to expand, get it to most people, let everybody experience what we have.

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