Kwabena Duffuor started Excellence In Broadcasting Network (EIB Network) – a media empire which owns a number of FM stations and two TV stations. Nathan Kwabena Anokye Adisi, popularly known as Bola Ray is the CEO of EIB Networks.
These are the lessons we can learn from their media take over.
1. There is no ”saturated” market
EIB Networks started at a time when the number of FM stations in Ghana was increasing (and still is), there are over 412 FM radio stations of which more than 292 are commercial radio stations. This sends out a clear indication that the media industry specifically FM station niche is virtually “saturated”, which could have been a misconception that might have prevented EIB Networks from starting left alone advance to it’s current status. So, whatever you are passionate about that you will like to build a business or brand around; never get discouraged to start because there are bigger and well established brands in such niches; not to talk of the numerous people who direct their efforts and investments in your preferred niche or target market.
2. Acquisitions can prove more successful than starting a business from scratch
Despite the fact that buying a business is more expensive than starting a a new business from scratch; it comes with it’s own advantages. When you buy a business, you take over an operation that’s already generating cash flow and profits. You have an established customer base and reputation as well as employees who are familiar with all aspects of the business. And you don’t have to reinvent the wheel—setting up new procedures, systems, and policies—since a successful formula for running the business has already been put in place. These benefits of buying an already existing business proved evident and true in the case of the various FM stations and TV stations Kwabena Duffuor’s EIB Networks Limited acquired.
EIB started this journey with Starr FM, but through acquisitions and other strategic efforts has added a few more media organisations to the group. They include Live FM, Kasapa FM, Ultimate Radio, Agoo FM, Abusua FM, Empire FM; GhOne TV, Agoo TV; Daily Heritage Newspaper; starrfmonline, kasapafmonline, livefmonline and ultimatefmonline.
The next are two more stations to commence transmission in Cape Coast and Tamale soon.
3. The media industry is booming
The media industry is getting bigger and better and even since we are in the 21st century and advanced technology has been fused into the media – things are getting “kinda perfect”, making it one of the most profitable industries in Ghana. Hence, the decision by Kwabena Duffour to venture into the media industry has been a good one. You can also start media related businesses on a small scale including DVD/CD vendor, local and foreign movie vendor etc. if you have a passion linked to the media industry.
4. Have an ultimate goal and don’t let it go
The ultimate goal of EIB is to become a global company which will build a good image for for Ghana and Africa as a continent through their efforts. After starting a successful business it is always important not to get complacent, which can get you into thinking that you have reached your peak and so there is no need to advance again. To prevent over complacency (which stops you from dreaming and harbor growth) always have an ultimate goal or bigger vision for your brand; and never stop working towards it.
5. Start small but do not hesitate to expand
EIB Networks started small, in the sense that they begun with one FM station (which is Starr FM) to be precise, in 2014 during the month of August. But today they can boast of 6 FM Stations, 2 TV stations, a newspaper and 4 news and media websites.
6. Do not allow well-meaning friends to discourage you
When you are passionate about an idea and is ready to invest your time and money in it, there is always some concerned people (family, friends, and colleagues) who might think you will be wasting your time, efforts and money if you start such a business. But the truth is that, provided you are passionate and really beleives in your business ideas after doing your market research well, then do not let any concerned friend who think you might fail discourage you from starting. My pal, just go ahead and start now (no delays). This was same in the case of EIB as Bola Ray is quoted saying,
“I have heard people say that we are too big and that we will fail, some have said it not because they want us to, but they do out of genuine concern.
I have had friends who have mentioned that to me as well. But my answer is that why not? If you believe you want to make an impact on society and you have the means and the team to effect it why don’t you do it?”
He said EIB was set up to affect society and if setting up as many stations would help to achieve that they would.
“There are opportunities to be exploited and we shall exploit them to add our quota to social change.”
There your have it. My favourite is #5, which one is your favourite and what do you make of these lessons?