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Entrepreneurship Development and New Business Challenges and Prospects for Ghanaian Entrepreneurs’

In: Universities, Entrepreneurship and Development in Africa - Conference Proceedings 2017

Author

Listed:
  • Abigail Opoku Mensah
  • Nick Fobih
  • Alex Yaw Adom

Abstract

This paper presents a framework for formulating strategies for business start-ups within the context of small and medium-scale enterprises (SMEs) in diverse industries. Using Ghana as a case study, it addresses how to increase entrepreneurs’ success rate in business ventures in developing countries. The objective of the study is to identify avenues through which entrepreneurs could address the challenges they face, and to take advantage of the emerging opportunities in the domestic and global business environments. The questions addressed are, what challenges face Ghanaian entrepreneurs’ new business start-ups and existing SME’s in developing countries? How could these challenges be addressed appropriately to make the private sector the engine of growth in Ghana’s economy? The methodology is based on the qualitative approach, involving interviews to achieve the study’s objectives. Four main themes emerged as challenges faced by the entrepreneurs business start-ups and operations which include the following: Funding availability & accessibility; Lack of planning, Skilled labour & proper management skills; Lack of competitiveness, technology innovation & customer loyalty; and finally, Legal & regulatory framework & social factors. Recommendations for entrepreneurs, policy makers, and scholars are discussed in the study. Published In: Munyoki, Bode (Eds.): Universities, Entrepreneurship and Enterprise Development in Africa - Conference Proceedings 2017. Nairobi, Kenya, 19. July 2017

Suggested Citation

  • Abigail Opoku Mensah & Nick Fobih & Alex Yaw Adom, 2017. "Entrepreneurship Development and New Business Challenges and Prospects for Ghanaian Entrepreneurs’," Universities, Entrepreneurship and Enterprise Development in Africa, in: Munyoki, Justus & Bode, Jürgen (ed.), Universities, Entrepreneurship and Development in Africa - Conference Proceedings 2017, volume 6, pages 174-194, German African University Partnership Platform for the Development of Entrepreneurs and Small/Medium Enterprises.
  • Handle: RePEc:sau:ueedcc:06:174-194
    DOI: 10.18418/978-3-96043-060-5_174
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    References listed on IDEAS

    as
    1. Lumpkin, G. T. & Dess, Gregory G., 2001. "Linking two dimensions of entrepreneurial orientation to firm performance: The moderating role of environment and industry life cycle," Journal of Business Venturing, Elsevier, vol. 16(5), pages 429-451, September.
    2. Zoltán J. Ács & Catherine Armington & Ting Zhang, 2015. "The determinants of new-firm survival across regional economies: The role of human capital stock and knowledge spillover," Chapters,in: Global Entrepreneurship, Institutions and Incentives, chapter 18, pages 344-368 Edward Elgar Publishing.
    3. Acs,Zoltan J. & Armington,Catherine, 2011. "Entrepreneurship, Geography, and American Economic Growth," Cambridge Books, Cambridge University Press, number 9781107402539.
    Full references (including those not matched with items on IDEAS)

    More about this item

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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