← Konnected Minds Podcast with Derrick Abaitey
Konnected Minds Podcast with Derrick Abaitey
Segment: Your Business Story Can Be Used Against You - Guard Your Vision Carefully
00:12:36
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Transcript19 lines
- [00:02]
A
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- [00:30]
B
apply what did they do with their investment? You know, so I have friends who are working. I mean they're in the diaspora. They are doing some other ways and they want to own businesses in Ghana. But then they can come and sit here and run when they open. For some people too, it collapses. So what I just do, I just showed them some of the hospitals I'm running. Or we have, as it stands now, we have shares in about 12 different hospitals and chain of courses. Yes, sometimes you say people should do, they say, what about if you fight? Do we not have a lot of partners in Ghana who are not fighting? Despite Dr. Despite and for addition even that is their stuff. Or Esther, they have been together for over 20 years. They are not fighting. So why can't we be like people that are not fighting and we are only thinking like the people that are fighting. We can also be together and not fight. It's just systems and structures. What do you mean by system? System means that if there's, if there's something we call joint venture agreement or shareholders agreement, for example, in my company, our policy is that at the director's level, if we are discussing an issue and we hit a dead end and we don't have any way out, we have agreed on document that the person who has the highest knowledge in what we are discussing, his final reasonable opinion is what we take. So there's no way we are going to fight on something we didn't resolve. Because this is a policy policy that when we are discussing, let's say building and we have a civil engineer in our team or construction expert in our team and we are not able to resolve, I mean among ourselves his final reasonable opinion. How do you work on reasonable? Because in court they call it objective test. The most reasonable opinion from the average person. I mean kind of where if you subject it to other people, eight people out of, let's say 10 we say with this way, who have the same expertise in this period, we say this way is the best. That is the reasonable. That's how we. We carry his last opinion or his last opinion. Reasonable opinion is what we take. So we are not going to have an issue. All things have been documented. Oh, if you're a director, this is how you comport yourself. You can be friend. There's something called the. My mentor used to call amorous policy of e. I don't know if you said on your podcast we not allowing people to intermarry in their workplace. People know him. So let's say we have said that kind of principle at workplace and you are a founder of the company and you have harassed someone or you are dating someone and this is a policy then you have to exit. We are not taking your shares from your hands. But the staff you were. Maybe you were stuff that one. You lose the opportunity. You don't. You cease to get salary. But when we make profits, declare profit and we give dividends, you. You have your. You get your share. So you can be the CEO and we will let you step outside. You can be the founder like myself. If I, I go against the Princip, I can be told to step down and let someone run it. If I'm running into. Into debt, it's fine. Even though I founded it, they can let me step because I mean I'm sending the. The. The business into debt or something. So this is how we run the medical real estate business that brought my name medical landlord because of the real estate and the medical combined.
- [03:41]
C
No, no, no, no. That's, that's. That was well put. Very well put. I think when, when you started speaking, you've spoken a lot about mentorship.
- [03:49]
B
Yeah.
- [03:50]
C
How important is that in building wealth in Ghana?
- [03:53]
B
Is the number one resource you need or capital you need to start a business mentorship? The number one first I used to say is the number two second to God's grace. Later on I realized that God is even a mentor. So it's number one. Do you get it First? I used to think that mentorship was second only to God's grace. But I realized that God, he gives the grace to his mentees. So it's not mentorship. So it's the number one. Mentorship is the number one capital you need. What do I say? Why do I say that? Let's start with God's grace. God will give you the grace. I believe in that. I don't know what I just believe, but this is my belief.
- [04:37]
C
So.
- [04:37]
B
So I believe in God's grace that is there. If you take that one out next. You have to meet people who have made some mistakes and tell you what the mistakes they have made and you avoid them.
- [04:49]
C
Do people truly tell you the mistakes they've made?
- [04:52]
B
If you, if you make nonsense of it, they will tell you. Hmm. If you make nonsense, you rubbish the mistakes they will tell you. Okay, I would. I will tell you. Why is it mentorship can come in different forms? You can read them from books. You can read it. Let me tell you a typical example. This is some water story I started during the discussion with Walmart. He started his business in 1945. He said he had come back from army which he started business with $50,000 of his own business, $250,000 of a loan from his father in law. Anytime I say this, I joke about it. People had father in laws that give them 250,000 loan. I'll come back to that. Not everybody will get father in land, no problem. But I'm not talking about that. What I'm talking about is that he said he rented a space from a company we call PK Homes to start his Walmart. When he started it, the landlord was taking 5% of his monthly revenue as rent. It's not 5% of profit, 5% of his revenue as rent. Whether he's going to make profit or rather the landlord did not care. And after two years or three years of doing the business, he went to the landlord again that he wants to renew his rent. Landlord said never he's going to give it to his son. He cried bitterly and he talked to his brother and he went for shop hunting. Then when he got some, do you know how many years he guessed? You know how many years he went for on that new, the new property? When he got some 100. Wow. Yes. He went for 100 years, 100 years lease on the property because he didn't want to repeat the mistake he first made. So do you know what that taught me? That's what I'm talking about, mentorship. What that taught me is my space that I rented for three years. Do you know currently how many years I have on 10 years, even that one, I have bought a property just next to it. So even if the landlord says that today I'm taking my property, I have a property next to it. Are you getting my point? So these are mistakes people have made that they have written for us, that they tell us. But you know, I don't expect, I don't expect any of the big guys in Ghana, our own Big Daddy Dr. Despite or any of the, the Big players in Ghana or Dr. Kofia, Prince Kofiya Martin to come and sit on radio and tell us that he has so many ideas. So people should come to him and come and collect something at the time, if we have to actively. You see, even when you are looking for staff to recruit, there are three main ways. There are what we call active seekers, active seekers of job. They don't have job. You're looking for some. They what we call passive candidates, meaning that they qualify, but they're already working elsewhere. And there are something like a hybrid. So these are active passive seekers who qualify to give this kind of mentorship advice, but they don't come and sit on TV and say come or you don't expect Kofi Saka. I follow him so much. I, I mean, I follow him so much. Come and sit here. Come. I mean, you realize you come and learn from me. No, but if you approach him by any means, you see him fueling his car somewhere, you see him doing, then you approach him. Do you know how people used to go to Jesus Christ? They were, they were fighting through the crowd, though it wasn't a joke to. Getting someone to mentor you is not on a silver platter. I mean, it's not there like, I mean, random years they chasing you that come and let me mentor. You know, I chase them. We have to chase them.
- [08:17]
C
And I also think sometimes, you know, we don't put ourselves in a position that is worthy of somebody mentoring us.
- [08:25]
B
That is very true. That is very true. Because.
- [08:29]
C
Let me stop you here for a minute. So if it's your first time watching Connected Minds or you have been here before but still have not subscribed, do us a favor because majority of the people that watch our videos have not subscribed. This doesn't help us grow beyond what we expect. So help us by hitting the subscribe button. Thank you. Now let's get back to the conversation.
- [08:54]
B
When you are a mentee to someone, you don't need capital and other things plaint because they can help you unlock capital, even if not your own money. They can give you their property or asset as a collateral to use for funding. They can give you the connection. Just one call can lead you. There are places I go and I thought, oh, I am a mentee to so and so. And he, he, the person picks a phone call him, oh, I met this guy. He's right. He said he's your mentee. Oh, yes. He doesn't have whether I'm credible or not. So this one, if you don't do. I'll call you. I'll call your. You get it? So someone to put his reputation there for you. You have to be at a position you should have justified beyond every reasonable doubt that you disgrace them.
- [09:39]
C
Sometimes these people too tell the story. The young people don't believe it.
- [09:42]
B
You see a lot of things have jammed our optimism threshold or belief threshold. Yep. Such that things that used to convince us no more convince us. What do I mean? There are people who have narrated stories that later on it turn out not to be the case. So a lot of people are trying to or they are struggling to know who of this one is not like the first one that came. Are you getting my point? So that is how the discussions are. But you see I'm not too much surprised how these things work. Let me tell you why. In the Bible. I believe in the Bible. There are some strategies I picked from the Bible. In the Bible when Samuel was to anoint Saul he went out to look for the father's flock and then later on somewhere called him Saul. We are not talking about David. Saul was Saul that he come for his anointing. He anointed him. He said he was going to be the king. When he met his uncle. The uncle asked him where did you go to? He said that he was going to look for the father's flock. And what happened when you met someone? What did he tell you? Someone told him that the flock had gone back home. They have been found. Was it real? Someone told him that. But he also added that he was going to be king. Which he didn't add it to his. He didn't tell that story to the uncle. So it depends on what some people are going to make of the story. You understand the scriptures that he never told him the entire story. That's what the Bible said. He didn't tell his uncle the entire story that someone told you that he's going to be king. He only thought about the the flocks part of it. Because perhaps it would never have been that good.
- [11:28]
C
But why? Why don't they just tell people the show me the way that those young people are expecting.
- [11:34]
B
It is not coincidental that when Africans are travel they don't inform their their families. When David told his story, what happened when he told his story? You know David of old, the Bible. Yes. What happened when he told the story? What happened? Let's pick Joseph's story. When he told it. This was even his family. When he told him his story. What is coming to happen to him and how. I mean he had been conquering the things he's doing, doing the things, the extraordinary things he's been doing. He feel that God's blessings with him. When he told him what happened, they put him in the pit, right? And later sold him. But do you know that that wasn't even the original idea. They wanted to kill him. It is one of his brother, I think, Ruben, who said, oh, no, let's not kill him. Let's put him in this pit. With his idea being that if they all go, then later he will come back and come and take him from the pit. But the original intention was to kill him. That was what the scriptures he said he wanted to kill him. So people told their story. That is what Micah 75. Okay, if you go to Micah 75, he said, don't trust even the closest companion. Even he said, the woman who lies in your bosom. There's not me saying, you know, this is what I believe in. Why? Because a lot of people have told their stories and people make nonsense of it. Or they can use it to attack you. That's why people say, you secret is your power. You see, some people see it. Your secret is your power. You can tell you story or story or story that people told their stories and people mean nonsense. So sometimes they will tell the story and leave some part of it. I know someone who told a story about how he's doing his pharmacy and how well it's going and told him about the next move that he's trying to do.
- [13:07]
D
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