Development of Entrepreneurship in Ghana: the Way Forward
DEVELOPMENT OF ENTREPRENEURSHIP IN GHANA: THE WAY FORWARD
Entrepreneurship is the most powerful economic force known to mankind. The Entrepreneurial Revolution that captured our imagination during the 1990s has now permeated every aspect of business thinking and planning. As exemplified by industry players and era definers like Sam Walton of Wal-Mart, Fred Smith of FedEx, Bill Gates of Microsoft, Mark Zuckerberg of Facebook, Alhaji Asuma Banda of Antrak Group of Companies, Mike Adenuga Jnr of Globacom, and Kofi Amoabeng of UT Financial Services, the applications of creativity, risk taking, innovation, and passion lead the way to economic development far greater than anyone could imagine.
Entrepreneurship is the process of creating or seizing an opportunity and pursuing it regardless of the resources currently controlled.
Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence.
Challenges to entrepreneurship development in Ghana It is apparent that entrepreneurial activity is beneficial for Ghana both at a micro level in terms of creating stable and sustainable employment for individuals and at a macro level where it significantly increases a nation's GDP. Yet Ghana has been unable to create and maintain the favourable environment needed to foster SMME development. There are a number of barriers which entrepreneurs in Ghana face. According to Bridges.org (2002), the factors affecting entrepreneurial activity can generally be divided into four categories and these portray the exact situation in Ghana:
Infrastructure: Quite often the barriers to starting and maintaining a business come down to simple, yet often insurmountable factors, such as lack of roads, electricity, water and other facilities. This challenge is very much a nation-wide phenomenon.
Entrepreneurship is the most powerful economic force known to mankind. The Entrepreneurial Revolution that captured our imagination during the 1990s has now permeated every aspect of business thinking and planning. As exemplified by industry players and era definers like Sam Walton of Wal-Mart, Fred Smith of FedEx, Bill Gates of Microsoft, Mark Zuckerberg of Facebook, Alhaji Asuma Banda of Antrak Group of Companies, Mike Adenuga Jnr of Globacom, and Kofi Amoabeng of UT Financial Services, the applications of creativity, risk taking, innovation, and passion lead the way to economic development far greater than anyone could imagine.
Entrepreneurship is the process of creating or seizing an opportunity and pursuing it regardless of the resources currently controlled.
Entrepreneurship is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence.
Challenges to entrepreneurship development in Ghana It is apparent that entrepreneurial activity is beneficial for Ghana both at a micro level in terms of creating stable and sustainable employment for individuals and at a macro level where it significantly increases a nation's GDP. Yet Ghana has been unable to create and maintain the favourable environment needed to foster SMME development. There are a number of barriers which entrepreneurs in Ghana face. According to Bridges.org (2002), the factors affecting entrepreneurial activity can generally be divided into four categories and these portray the exact situation in Ghana:
Infrastructure: Quite often the barriers to starting and maintaining a business come down to simple, yet often insurmountable factors, such as lack of roads, electricity, water and other facilities. This challenge is very much a nation-wide phenomenon.