Entrepreneurship development and new business start-ups: challenges and prospects for Ghanaian entrepreneurs

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