Entrepreneurship development and new business start-ups: challenges and prospects for Ghanaian entrepreneurs
Entrepreneurial development in Ghana has come under sharp scrutiny in recent years as a result of the debates that have characterized the role of entrepreneurs to the development of the Ghanaian economy and the challenges militating against the growth and sustainability of entrepreneurs. Existing literature has overlooked the challenges that entrepreneurs face in starting new businesses in Ghana. This paper addressed the scholar gap in the literature within the context of small and medium-scale enterprises (SMEs) in diverse industries in Ghana. Using qualitative research approach with selected SMEs as case study, the paper unearths some of the challenges confronting entrepreneurs and the remedial measures to adopt in their operations to remain competitive and relevant in both the local and international markets. Four main themes emerged as the challenges that entrepreneurs face: funding availability and accessibility; lack of planning, skilled labour & proper management skills; lack of competitiveness, technology innovation & customer loyalty; and Legal and regulatory framework and social factors. Based on the outcomes in the findings, the study recommends assistance from stakeholders such as policy makers, financial institutions and the government of Ghana to help formulate new strategies to support entrepreneurship development initiatives and new business start-ups in Ghana.
Keywords: Ghanaian entrepreneurs, entrepreneurship development, new business start-ups, prospects and challenges