Skip to content
freeloanfinders

freeloanfinders

Business, Your Way

Primary Menu
  • Interesting Economic
  • Business & Finance
  • Business Market
  • Best Investment
  • Life Insurance
  • Finance
  • About Us
    • Advertise Here
    • Contact Us
    • Privacy Policy
    • Sitemap
  • Home
  • University Of Ghana Graduate Who Sold Her iPhone To Start A Micro-Finance Business In School Shares Her Story
  • Business & Finance

University Of Ghana Graduate Who Sold Her iPhone To Start A Micro-Finance Business In School Shares Her Story

By Ruth B. Brooks 2 years ago
  • Patricia Asare, a University of Ghana alumnus started a microfinance business in school after birthing the idea during a prayer session at a camp meeting
  • She sold her iPhone for the initial capital and operated the business in her room until she completed university and registered the company with the Bank of Ghana
  • The young lady received a grant from UKAid through Technoserve and got an investor along the line through a friend

PAY ATTENTION: Click “See First” under the “Following” tab to see YEN.com.gh News on your News Feed!

Great business ideas come in diverse ways. There are individuals who got their life changing idea through conversations and some through dreams. More often than not, great ideas are birthed in times where a solution is needed for an existing problem or lack.

Patricia Asare, a former University of Ghana, Legon student got her ground-breaking idea to start a micro-finance business on campus while at a camp meeting. In a prayer session, it just clicked to her that she could lend money to students and gain interests out of it.

Read also

GH mum seen carrying twins and selling water gets provision shop, 2 years’ rent, other goodies; photos pop up

Former University of Ghana student on how she started a business in school
Student volunteers of Patricia’s micro-finance business, Patricia posing for the camera
Photo credit: Patricia Asare
Source: UGC

In an interview with YEN.com.gh, Patricia opened up about the steps she took after getting the business idea and how she has been able to expand and sustain the business over the years.

Raising initial capital to start the micro-finance business

Upon returning from the camp meeting, Patricia began preparations towards bringing her idea to light and one of the things she had to figure out was the starting capital. To finance her new idea, Patricia knew she had to make a huge sacrifice and she did just that.

Download YEN’s news app on Google Play now and stay up-to-date with all major Ghana news

“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”

With her capital available, Patricia right way started lending out money to students who needed loans. Her room in school was the location of the business and thankfully, a few of her friends volunteered to help her out.

Read also

Meet Ghanaian woman who makes bamboo bikes to mitigate carbon pollution

Registering the business with Bank of Ghana after completing University of Ghana, Legon

Former University of Ghana student on how she started a business in school
Patricia with an award and a male colleague
Photo credit: Patricia Asare
Source: UGC

The micro-finance got a lot of patronage from students on campus and by the time Patricia graduated from the university, she knew running her business on full time basis 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.

Read also

She’s smart: Meet the Ghanaian who quit her job as a lecturer to build her beauty brand

“Parents being ‘parent’, they were unhappy that I was running a business in school instead of fully focusing on the reason for which I was in school but eventually, they came around. They were even so proud of me to the extent that they invested in my business”, she told YEN.com.gh

Becoming a national service personnel for her own company and hiring permanent staff

University Of Ghana Graduate Who Sold Her iPhone To Start A Micro-Finance Business In School Shares Her Story
University Of Ghana Graduate Who Sold Her iPhone To Start A Micro-Finance Business In School Shares Her Story
Source: UGC

As mandated by the government of Ghana, Patricia had to go through national service for a year after completing school but being the boss lady she was, Patricia was able to get things running in her favour.

“After school, I paid a visit to the National Service Secretariat and thankfully, they were able to change my service posting to my own company.”

Patricia was also able to employ a number of permanent staff and continued to engage student volunteers. The business run successfully from 2015 until 2020 when the COVID pandemic hit and they had to go on a break.

Read also

Photos, videos emerge as Nigerian family get thrown out of their own house of 30 years, social media reacts

“The students who were our clients had to go home due to the pandemic and business dwindled extremely due to that. I also got married, got pregnant and welcomed our bundle of joy which meant putting the business on hold for a little longer”

Getting financial support from UKAid and other investors

University Of Ghana Graduate Who Sold Her iPhone To Start A Micro-Finance Business In School Shares Her Story
University Of Ghana Graduate Who Sold Her iPhone To Start A Micro-Finance Business In School Shares Her Story
Source: UGC

Patricia shared with YEN.com.gh that one of the things that helped her business was getting funding from various individuals and entities.

“Along the line, a friend of mine introduced me to a man who thankfully became my first investor, I also received grants from UKAid through Technoserve and my parents support me from time to time”

The goal according to the young lady is to resume business coming June, 2022 as things have settled down and students are now in school.

For Patricia, being a business owner at less than 25 years was very challenging. It required a lot of discipline, proper management and resilience but the ultimate goal to build a better and sustainable future for herself is what keeps her going all the times.

Read also

She put smiles on their faces: Actress helps people as she gives out free food to hungry kids in video

To the young ones who wish to run their own businesses someday, the micro-finance CEO encouraged them to always remember that they are very much capable of achieving anything they set their minds to and that they only need to stay committed and to never lose sight of the end goal.

Meet The Ho Technical University Student Who Works Part-Time As A Dressmaker

Meanwhile, YEN.com.gh earlier reported that Lydia Amedekah, a young Ghanaian lady recently took to social media to introduce herself and open up about what she does to sustain herself.

In a post on her LinkedIn timeline, Lydia revealed that she is a student at the Ho Technical University.

She also shared that she currently works as a fashion design and a textile designer on a part-time basis and the goal is to one day dominate Ghana’s fashion industry with fashionable outfits.

Source: YEN.com.gh

Tags: "Ca Business Search, Amazon Business Login, Amazon Business Prime, Bank Of America Business Account, Best Business Schools, Business Attorney Near Me, Business Bank Account, Business Card Holder, Business Card Maker, Business Card Template, Business Cards Near Me, Business Casual Attire, Business Casual Shoes, Business Casual Woman, Business Plan Examples, Ca Sos Business Search, Capital One Business Credit Card, Chase Business Checking, Chase Business Credit Cards, Chase Business Customer Service, Chase Business Login", Chase Business Phone Number, Cheap Business Cards, Citizens Business Bank, Cox Business Login, Digital Business Card, Facebook Business Suite, Finance In Business, Free Business Cards, Google Business Login, Harvard Business School, Lands End Business, Massage Parlor Business Near Me, Michigan Business Entity Search, Mind Your Business, Mind Your Own Business, Ohio Business Search, Risky Business Costume, Skype For Business, Small Business Loan, Small Business Saturday 2021, Starting A Business, Texas Business Entity Search, Triumph Business Capital, Vending Machine Business, Verizon Business Customer Service, Vonage Business Login, Wells Fargo Business Account, Yahoo Small Business, Yahoo Small Business Login

Continue Reading

Previous Session Replay, Warmth Maps And Form Analytics Combined With Advanced Reporting Tools
Next Signature Bank Launches New National Business Line With Appointment of Healthcare Banking and Finance Team | National Business
December 2023
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728293031
« Nov    

Archives

Recent Posts

  • 13 Popular Social Media Sites in 2023
  • Sneak Peek: The MozCon 2023 Speaker Line-Up
  • 6 Ways WebOps Optimizes Your Team and Your Website
  • Your free guide to marketing in a recession
  • Fox News defamation lawsuit pulls in Rupert Murdoch : NPR

BL

Tags

"Business Insurance Cover Coronavirus 5e Business Profit Ahron Levy Columbia Business School Business Business Consultant Certification Austin Business Letter With Logo Example Business Located Easy Location Business Platform Stocks Business Positions Seattle Business Regulation Legal Services Daystarr For Business Dimagi Business Development Toolkit Do Business Schools Accept Entreprenuers Enironmentall Friendly Business Ideas Eric Early Republican Business Owner Essec Business School Dean Essential Business To Remain Open Example Small Business Fall Winter Business Hours Template Fdot Woman Owned Business Certification First Business Women United States First Com Business Fixing A Damaged Reputation Business Florida Business Enforcement Free Small Business Communication Tool Law School Business Entity Outlines Mapping A Business Location Medical Business Trends Economics Mix Business And Personal Money Mlm Nit Small Business Legally New Business Agency Sales Questions Patricia Saiki Women'S Business 1990 Safety Business Proposal Sample Business Plan Entrepreneur School Business Administration Positions S Corp Business Deductions Search Tx Business Llc Sentextsolutions Business Cards Signs For Business On Roads Skype For Business Recording Capacity" Small Business Forums .Net Small Business Insurancr Tech Monkey Business Ttu Business Cards Template Turbotax Business Nys Forms
freeloanfinders.com | Magazine 7 by AF themes.

WhatsApp us