Development of Entrepreneurship in Ghana: the Way Forward

Entrepreneurship is a term that has reentered the public vernacular over the last few years, many times in reference to what is wrong with America but what it means is rarely defined. Furthermore, it is generally agreed that more Entrepreneurship is a desirable trait but how to go about encouraging it is again a point of contention. This paper will address a specific facet of entrepreneurship and attempt to discover what are the key drivers to foster an entrepreneurial spirit from childhood.

Slowly he became market leader for that product. Entrepreneurship has been defined by several researchers as the progression of making a product or service valuable by gathering a distinctive set of resources and opportunities. This procedure comprises the set of accomplishments to recognise opportunities, business classification, evaluation and obtaining the essential resources, management and getting positive results. Furthermore, entrepreneurship has been seen as an organizational coordination that underlines the three extents: innovation, taking calculated risks and proactive orientation. There are many indications to provision the idea that the businesses which were engaged in entrepreneurial practices have been most effective and successful (Hills, Hultman & Miles, 2008).

This article talks about how it can be difficult to be an entrepreneur but it’s worth it. An entrepreneur is when one lives off their own business. Eades talks about how by starting your own business you can make a positive impact no matter the risk that exists of failing. The author mentions a few people that are well known that became very successful; for example, Steve Jobs and Bill Gates. Following their footsteps is very extreme; it can be a goal but it is something

secretary of education states that “high-quality education" that encourages "creativity, imagination, and ingenuity’”. It is true that thirty percentage of startup business failure reasons of “unbalanced Experience or Lack of Managerial Experience”, followed by “lack of Experiences in line of goods or services” is about eleven percentage. Interestingly, company competence occupied the highest rate of failure of 46% (Statistic Verification, Entrepreneur Weekly, Small Business Development Center, Bradley University, university of Tennessee Research). In addition, successful entrepreneur usually possess “highly motivated and willingness to take initiative to execute duties” and have appropriately responsible to their activities, decision, and company’s outcomes.

An entrepreneur is “a person who organizes and manages a business with considerable initiative and risk”. In other definitions an entrepreneur “identifies an opportunity or a gap in a market and evaluates the risk related to the establishment of the business and is prepared to take the associated risk to start the business in the quest for making profit; and has the ability to obtain the resources to establish and grow a business”. Entrepreneurship exceedingly relies on entrepreneurs to start-up, develop and produce companies across the use of their

It is a well recognized factor that entrepreneurship and entrepreneurs are important drivers of economic growth, because they encourage employment , innovation and improve the GDP of the country. “Entrepreneurship” became the buzzword in India only in the early part of the new century. Traditionally Indian have a very strong culture of security in income, barring a few communities like Marwaris, Punjabis, Parsis and Sindhis most other communities prefer to have secure jobs and are risk averse. Most of the entrepreneurial ventures were from these communities. This has changed considerable of late and one hears of several success stories were the entrepreneurs are self-made

Currently, Indonesia has only 1.65% of entrepreneurs from the population of Indonesia. This amount is still very small, compared to neighboring countries, Singapore has 7.2% businessman, 11% Japan, 10% China and Malaysia 3%, especially when compared with developed countries, such as United States, the number of entrepreneurs has reached 11.5 %. To make young people aware of the importance of creating their own jobs to increase income and family welfare, entrepreneurship training needs to be done. The target of this training is young people in the kevikepan West Surabaya, who come from various universities and members

Fortune magazine claimed that the next generation will be the highest achieving generation in history (Hira, 2007) Companies who aspire to be entrepreneurial need to understand as to how to encourage, reward and motivate this generation as this generation is the most technically knowledgeable which gives them a better position to respond to challenges and will be motivated by success (Melissa Grafton 2011). For firm operating in environment which face speedy changes in industry and market structures, customer needs and technological and societal values, the only way to have competitive advantage is through corporate entrepreneurship (B.R. Bhardwaj and K.Momaya 2011). “The key to effective corporate entrepreneurship lies in

I like hard work, I like challenges, especially challenging myself and I don’t like pretending that shit is sunshine and roses. This is what I have learned about myself. I have no fear of great depths but I have a severe fear of shallow living. I am a warrior, I have been fighting to survive my entire life. “Survival Mode” has been all I’ve known for as far back as I can remember. Why would entrepreneurship be any different? Entrepreneurship? #laughs. Entrepreneurship has nearly darn well killed me. Because you see, entrepreneurship is a whole different kind of survival game – one that nothing and nobody can ever prepare you for. Entrepreneurship is hard. Everyone lies about

In order for a business to survive and prosper, more emphasis should be placed or entrepreneurship education as opposed to business education ( Isaacs et al.,2007:611) A competed and educated management is a vital factor that contributes to a competitive business( Isaacs et al.,2007 610). Entrepreneurship education achieves competency awareness, creative applications, startup and growth of any business (Segal &Herrington, 2001:57). A higher level of education is significantly associated with high level of entrepreneurial activity (Niemen,

Entrepreneurship is a term often used to describe a person who owns and operates their own business, but the 2009 World Economic Forum report describes it, “The pursuit of opportunity beyond the resources you currently control” Stevenson (1983, 1985); Stevenson and Jarillo (1991) and the 2008 European Commission published a framework definition derived from representatives from ETF, GIZ, ILO, UNESCO and UNEVOC that states, “Entrepreneurship refers to an individual’s ability to turn ideas into action…”. But no matter how you define it, the most important skills, traits, and characteristics needed to be successful are vastly analogous. Along with this week’s reading, I conducted internet searches for the top characteristics, traits, and skills for entrepreneurship and my findings were surprisingly similar. The most common result that I found was determination (willpower, self-discipline, drive, motivation). In this submission, I will identify a successful entrepreneur and describe the their type of innovation or business, what characteristics or traits they have, how they got started, and what they did in order to become and remain successful.

Entrepreneurship happens to be getting popular and fast rising to be the largest employer of labor in many developed nation’s economy. An entrepreneur is an individual who, rather than working as an employee, runs the small business and assumes all the risks and rewards of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes.

Besides this, Gemechis (2007), Hisrich (2005), ILO (2009) added Social and cultural attitude towards youth entrepreneurship; entrepreneurship education; administrative and regulatory framework; and business assistance and support; barriers to access technology are crucial factors that affect entrepreneurial success.

Instead, an endless number of issues, whether they be personal issues such as pride and hyper-ambition, financial issues like the rising cost of rents, or administrative issues such as disorganization and miscommunication, can be identified as the root of this widespread problem. In order to better the situation and help our economy, an effective approach must be developed and implemented in every start-up nation-wide. I believe that an effective approach towards solving this problem would include education and training; as research findings suggest a strong and direct correlation between education and entrepreneurial success. Even simple courses in areas such as business management and business administration, or accounting might serve to strengthen the weaknesses in businesses, thereby potentially increasing revenue. Education would clarify the work needed to operate a successful company, and in doing so would help aspiring entrepreneurs and would be failures set realistic goals for themselves and their firms. A firm understanding of what is attainable would lower the expectations of the “dissatisfied lord”, and the “megalomaniac”. Executive training and team-building are not a novel concept, most people understand their effectiveness in achieving cooperation and camaraderie, but in order to maximize efficiency and productivity, greater efforts must be made to

The researcher believes that education play important role for promoting young entrepreneurship in the country. Therefore, the researcher recommends Indonesia to create awareness among society to promote entrepreneurship by providing early access on entrepreneurship education. This recommendation could be achieved by advise formal institutions to provide early entrepreneurship courses at school; and encourage business accelerators and incubator to involve on giving training,