Great company ideas may come in a variety of forms. Some people get life-changing ideas through talks, while others get them from dreams. Great ideas are frequently conceived in situations when a remedy to an existing problem or a deficiency is required.
Patricia Asare, a former University of Ghana, Legon student, came up with the revolutionary idea to launch a microfinance company on campus while attending a camp meeting. It occurred to her during a prayer session that she might lend money to students and earn interest.
Patricia talked out about the measures she took after receiving the company concept and how she has been able to build and sustain the firm over the years in an interview with YEN.com.gh.
Obtaining startup funding to launch a microfinance company
Patricia began making plans to bring her vision to life after returning from the camp meeting, and one of the first things she had to figure out was the starting cash. Patricia understood she would have to make a significant sacrifice to fund her new interest, and she did exactly that.
“I had no money readily available to start my venture so I chose to sell the iPhone I was using at the time to raise the capital I needed”
Patricia began giving money to students who needed loans as soon as she had enough money. The company was located in her room at school, and happily, a number of her pals offered to assist her.
Students on campus patronized the micro-finance, and by the time Patricia finished from university, she realized that operating her business full-time was the best option for her.
“By the time I completed, I was well aware of the potential of my business to grow bigger than it currently was and so the next step was to get it registered with the Bank of Ghana and I also made sure all the necessary licenses to ensure smooth operation of the business were acquired”
She also enrolled in a number of business programs to learn more about running a business and interned with consulting firms to broaden her business management knowledge.
An interesting part of Patricia’s journey was the reaction of her parents when they initially found out she had a business in school.