Business and technology leader in banking and finance, Solomon Osuoza, has advised entrepreneurs to transition from sole proprietorships to limited liability companies, arguing that adopting the right business structure is critical to achieving sustainable growth and protecting personal assets.
Speaking at the maiden Legacy Business Summit 2026 held in Accra on Monday, July 6, Osuoza said while sole proprietorships may be suitable for small businesses in their early stages, many enterprises eventually outgrow that structure as they expand.
According to him, incorporating a business as a limited liability company enables entrepreneurs to separate their personal assets from business liabilities, strengthening governance and positioning firms for long-term growth.
“Deciding to stay small in business could be a personal decision without a lofty ambition. However, it could be really demanding because you have to learn a lot as one man,” he said.
Beyond business registration, Osuoza cautioned young professionals against leaving paid employment too early in pursuit of entrepreneurship.
He explained that formal employment provides valuable opportunities to acquire technical expertise, understand organisational systems and develop professional relationships that can later become important assets in business.
“One of the values of paid employment is that it gives you stability, allowing you to grow, learn established structures, and build relationships,” he noted.
Osuoza described the decision to leave employment and establish a business as one of the most significant choices entrepreneurs face, stressing that it should be based on careful preparation rather than emotion.
“This is where proper planning is required. One needs to have a strategic and comprehensive plan,” he said.
He encouraged aspiring entrepreneurs to establish clear transition plans, gain industry experience and build practical knowledge before launching their own ventures.
“You can decide to work for 10 years and then, in the eleventh year, start something on your own,” he suggested, noting that industry experience often improves the likelihood of business success.
Osuoza also underscored the importance of building strong teams, saying successful entrepreneurs recognise their limitations and recruit people with complementary skills to strengthen their businesses.
He advised business owners to leverage partnerships, delegate responsibilities and surround themselves with professionals who possess expertise in areas where they may be less experienced.
As part of the summit, selected participants pitched innovative business ideas before a panel, with organisers announcing that viable ventures could receive up to GH¢100,000 each in seed funding to support business growth and expansion.
The Legacy Business Summit forms part of broader efforts to equip entrepreneurs with practical knowledge, mentorship and financial support to build sustainable enterprises capable of creating jobs and contributing to Ghana’s economic development.
