Some say business aptitude is inherent, and others say it is learnt; but Gwyneth Gyimah Addo, Chief Executive Officer (CEO) of one of the biggest hair extension companies in Ghana – Hair Senta – has proven that business acumen, although can be innate, has to be built on through consistent learning and relearning because of its ever-evolving nature.
The daughter of the pioneer of the ‘Obroni Wawu’ (second-hand clothing) business and successful trader mother, Gwyneth and her siblings were introduced to business at an early stage and showed interest in following the path their parents set for them.
Gwyneth, who started out in the banking industry, enjoyed her job; but her business and entrepreneurial instincts will not remain dormant, and reared its head, birthing Hair Senta. Her first attempt at running her hair business was unsuccessful but being persistent and believing in the dream, she bounced back stronger, laying a solid foundation for Hair Senta.
Enumerating some strategies she relied on to succeed, she disclosed that a successful business does not always have to be run by hard cash, but relationships.
She said: “What I can say has really helped me is supplier-buyer relationship. If you don’t have that, it can be really difficult. As a business person, you don’t always have the funding or that full capital to invest; so that supplier-buyer relationship has been very helpful. We’re able to get some credit terms so we work and pay.”
This came about while she was talking about the financial sacrifices she had to make and strategies she had to use to ensure the company she was building would be a successful one.
She added in an interview with Y107.9FM’s Rev. Erskine, host of the ‘Myd Morning Radio Show’ on the Y Leaderboard Series that a lot of books say that people are the biggest assets to an entrepreneur or businessperson, however, she believes it’s not just any people but the right people.
“The books will tell you that people are your greatest assets but I beg to differ. The right people are your biggest assets, so we need to always find the right people for the job. It’s not about just hiring people and making it look like your company has a lot of staff.”
Sharing how she chooses the right people for her company, she noted: “For me, I like to hire a combination of skill and character. Skill is never enough for me. You have to have good character because somebody who does not have good character will not help your company grow.”
The established businesswoman maintained that integrity is very important to her and therefore, she is very particular about people’s character when taking them through an interview process for hiring.
Gwyneth observed that a lot of employers hire employees to help them fulfill company’s mission, however, they fail to communicate the vision of the company to these employees. “It’s important that as a leader, you have your company know what the vision is. A lot of times, you keep the vision to yourself; but if the people don’t know the vision, how can they travel along with you? You need to give them some, hope so give them the vision. We’re always focused on the mission; but even the mission, if it’s without the vision, it becomes just a statement,” she urged.
People say social media is not the real world, hence, one cannot be held accountable for their words, but the CEO of Hair Senta, believes otherwise. She argues that inasmuch as social media is a huge platform for businesses to thrive, it can also be the downfall of a brand, urging businesses not to treat social media as a plaything, especially when it comes to upholding promises.
“People say social media is not the real world and you cannot be held accountable for your words but that’s not true. Social media is a powerful tool and you cannot treat it as a plaything and not keep your word.”
She advised budding entrepreneurs working in virtual offices to be wary of what they say on their socials as that can affect their businesses adversely. To Gwyneth everything is possible so far as you set your mind to it.
