- Ghanaian real estate mogul and millionaire Cheddar has given a piece of advice to Ghanaians who want to venture into the real estate business
- He stated that most people rush into businesses without having a firm grasp of the company or the environment in which the business will operate
- Even though real estate is a viable business venture, it will not produce the desired results if people don't do their research well
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Ghanaian millionaire and businessman Nana Kwame Bediako, popularly known as Cheddar, is a successful real estate mogul who owns several real estate developments in Ghana. Many have applauded him for contributing to Ghana's infrastructure with impressive buildings. In an interview on YouTube by Benita B, Cheddar shares four insightful keys people should know before venturing into the property business. YEN.com.gh mentions them below.
Relate Your Business To The Culture Of The Country
Cheddar advised Ghanaians to understand the rules and regulations of any country they want to do business in. He urged Ghanaians also to respect the country's culture and tradition, which explains the people's mindset. Cheddar further explained that every business person who would be successful should know how to add value to people, and that can be achievable when they understand how people think.
Study Current Trends And Needs Of The Market
As explained by Cheddar, one way to succeed as a real estate business person is about building what people are looking for and not producing just anything and expecting buyers. Instead, building projects that people are looking for is what will attract buyers. He added that it is essential for people to do research and study the market before starting a project.
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Fill The Gap And Stay Ahead Of The Game
The third point Cheddar raised was that people looking to enter the property market must identify loopholes in the industry and be the solution to them. Using himself as an example, he stated that he wanted to become the biggest competitor for hotels in Ghana. He explained:
I decided to be the biggest competitor for hotels because I know Africans are not going to be comfortable living in hotels which is only 29 square metres. Likewise the person coming from Europe or America. People don't travel to Africa with briefcases, they travel with suitcases. They are going to stay here for several days so I need to give them a place comfortable enough for them to live.
Turn Challenges Into Opportunities
The last point Cheddar raised was that people should learn how to turn challenges into opportunities. He explained that the most significant buzz for entrepreneurs is to win, so people must identify challenges and find ways to overcome them because that is the only way they can grow.
Kennedy Agyapong Advises People Who Want to Go Into Real Estate: "Beware Of Land Guards"
In an earlier story, YEN.com.gh wrote about how Kennedy Agyapong advised Ghanaians who want to venture into real estate. Kennedy Agyapong, a businessman and member of parliament for Assin Central, urged Ghanaians in an interview regarding problems with the country's real estate market.
The politician lamented the prices of properties in the nation compared to those in other countries worldwide. Kennedy Agyapong warned Ghanaians to beware of land guards, saying he was not a cowardly man, but some people sold off his land.
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