Build Purpose-led Businesses – Young Entrepreneurs Told
Founder of Fidelity Bank and Chairman of Unilever, Edward Effah, has emphasised the significance of visionary leadership for young entrepreneurs.
Mr. Effah, who was speaking at a recent Orange Summit held by Fidelity Bank in Accra, highlighted the essence of having a clear vision that transcended mere organisational success.
He emphasised that a compelling vision should embody a broader calling, one that aimed to address socio-economic challenges within the nation.
“Your vision should have a calling. It should not be just about being the biggest organization or having the best products in the world. It should have a calling beyond the organization. It should make the world a better place. For instance, if you are in a poultry farm, your calling should be to solve Ghana’s malnutrition problem,” he remarked, stressing the importance of businesses contributing to societal development beyond profit-making endeavours.
“At Fidelity Bank, when we said we wanted to be a world-class bank that gives returns to all its stakeholders, we went further to say that we wanted to contribute to Ghana’s socio-economic development. That was the bigger calling, and that bigger calling created more followership,” Mr. Effah noted.
He said by actively participating in initiatives such as financing at least half of the power projects in Ghana in recent years and promoting inclusive banking, Fidelity Bank established itself as an institution dedicated to societal betterment.
Moreover, he underscored the importance of stakeholder management, asserting that a robust vision should cater to the interests of all stakeholders.
“When people come, they will know that they want to work with an organization that seeks to solve Ghana’s socioeconomic problems deliberately,” he said.
This focus on social impact, Mr. Effah argued, not only attracted passionate individuals but also fostered a sense of purpose within the organisation.
“I think whatever business you’re in, it’s important that you really are a thought-leader, and you know the industry inside out. And when you do, individuals look up to you and you are called to speak on relevant topics globally,” he said.
He urged entrepreneurs to delve into thorough research and continuous learning, drawing from his own experience at Fidelity Bank. He also stressed the importance of research and learning undertaken by the bank in the beginning to understand and emulate the success of world-class financial institutions.
“By studying successful counterparts worldwide, entrepreneurs can navigate their industries more effectively and steer clear of common pitfalls,” he said.
The event also featured speakers from relevant organizations such as the Ghana Revenue Authority (GRA), the Food and Drugs Authority (FDA), Ghana Export and Promotion Authority (GEPA) and the African Continental Free Trade Area (AfCFTA).