Build brands, don't focus on making money – Anthony Dzamefe to young entrepreneurs

The Chief Executive Officer (CEO) of Caveman watches, Anthony Dzamefe, has advised student entrepreneurs to consider building brands rather than focusing on creating wealth.

He made this comment on a panel discussion held at the University of Ghana Business School (UGBS) in partnership with Society Influencers Foundation themed: 'Trans-Political Business in Ghana' on Wednesday March 29, 2023.

According to him, brand-building possesses long-lasting effects compared to focusing on money-making.

“You need to know the difference between doing a business to make money and [creating] a brand," he asserted. "Young people must know from the beginning, what they want to do, whether they want to build a brand or work for money. Doing business for money is not the best because it doesn’t last for long but building a brand is what would leave it for the next generation,” he said.

Anthony Dzamefe also encouraged young entrepreneurs to have mentors not necessarily for financial remedy but for coaching.

He noted that mentors are not points of financial solutions but sources of guidance and counselling in business avenues.

“Having a mentor is also necessary," he said. "Your mentor is not your financial remedy. When you have a mentor, plead with them to keep their doors open for guidance and counselling.”

Meanwhile, Anthony Dzamefe urged business leaders to support their subordinates on their business journey.

According to him, the support would massively contribute to the growth of the individual’s business.

“The biggest challenge is not about government but the people you work with," Dzamefe posited. "It is only when the workers are developing or growing that the company would grow. When you are true to the value you want to create, you hold yourself accountable even the consumer doesn’t know, but you remain true to your value."

"Most businesses try to cut corners because a lot of the youth are too much in [a] rush to be rich, so they want to hoard as much money as they can," he said.