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Businessman, Ronald Nii Awuley Adiko, has disclosed that his business that collapsed caused him to lose all of his startup capital in a year.

He revealed that his friends were his ‘biggest downfall’. He added that he had to pay his employees with his money since the business was running at a loss. Mr Adiko started an online business to sell books.

“I was a newbie in the business, and I had a lot of money to invest. So I got an office, employed my friends, a secretary, and a delivery guy because that was what I thought a business should be. But I should have taken a different approach.

“We were not making enough sales, so I paid them from my pocket, and within a year, the business collapsed. I owed my secretary a three-month salary,” he said.

In a chat on SVTV Africa, he indicated that he lost all GH¢50K of his startup capital and went back to selling phone accessories on the streets of Madina.

“I hit the streets of Madina to sell phones and cases. It was my money, but it was a shadow business. If you need something, I’ll buy it for you and keep the profit. The little money I got I used to buy data to learn how to code, digital marketing online,” he told DJ Nyaami.

Mr Adiko mentioned that he had to set up another website himself because he could not afford to pay a web developer. With the knowledge gathered online, he revamped the business and saw its growth with the experience of a failed business.

The businessman mentioned that his biggest setbacks had always come from friends. He advised that “you need to be around people who will help you grow. Don’t be the smartest person in the room; 60 percent of my friends were not good.”