The Business Process And Sustainability Of A Company

2371 WordsMay 20, 201610 Pages
PROBLEM: New ventures are more likely to fail than they are to succeed. That said, most startups in Ghana fail. In fact, almost 9 out of 10 startups fail most especially due to lacking a need on the market, running out of cash and not building the right teams. This goes a long way to buttress the point that a great product idea and a strong technical team are not a guarantee of a sustainable business. It is very easy to for individuals in a startup to ignore the business process and sustainability of a company because it is not their job. More often than not, technology startups fail due to superior competition. During my experience working as a Software Engineering Intern in a local startup in Ghana, I realized that the failure of most tech startups can be can be duly addressed by inculcating proper economic and social sustainability practices which nurtures and supports innovation in the technology industry. MACROECONOMIC OVERVIEW OF THE GHANAIAN ECONOMY Sub-Saharan Africa’s economic growth has increased rapidly since the turn of the 21st century. GDP growth in the region was expected to rise over 5% between 2013 and 2015 (Source: World Bank Database). This growth is largely driven by an increasing population, a commodity-price boom, rapid urbanization and rise in use of information and communications technologies (ICTs). Within Sub-Saharan Africa, Ghana’s economy has expanded due to political stability, relatively liberal economic policies and a growing middle class.
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