IDEAS home Printed from https://ideas.repec.org/h/sau/ueedcc/06174-194.html
   My bibliography  Save this book chapter

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

In: Universities, Entrepreneurship and Enterprise 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’," Proceedings Paper, in: Munyoki, Justus & Bode, Jürgen (ed.), Universities, Entrepreneurship and Enterprise Development in Africa - Conference Proceedings 2017, volume 6, pages 174-194, Universities Entrepreneurship and Enterprise Development in Africa International Conference.
  • Handle: RePEc:sau:ueedcc:06:174-194
    DOI: 10.18418/978-3-96043-060-5_174
    as

    Download full text from publisher

    File URL: https://pub.h-brs.de/frontdoor/deliver/index/docId/3426/file/GAUP_Conference_Proceedings_2017_174.pdf
    File Function: Download
    Download Restriction: no

    File URL: https://libkey.io/10.18418/978-3-96043-060-5_174?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Acs,Zoltan J. & Armington,Catherine, 2011. "Entrepreneurship, Geography, and American Economic Growth," Cambridge Books, Cambridge University Press, number 9781107402539, September.
    2. 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.
    3. 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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Henry Renski, 2014. "The Influence of Industry Mix on Regional New Firm Formation in the United States," Regional Studies, Taylor & Francis Journals, vol. 48(8), pages 1353-1370, August.
    2. Chahal, Hardeep & Gupta, Mahesh & Lonial, Subhash & Raina, Swati, 2019. "Operational flexibility-entrepreneurial orientation relationship: Effects and consequences," Journal of Business Research, Elsevier, vol. 105(C), pages 154-167.
    3. Francisco Javier Forcadell & Fernando Úbeda, 2022. "Individual entrepreneurial orientation and performance: the mediating role of international entrepreneurship," International Entrepreneurship and Management Journal, Springer, vol. 18(2), pages 875-900, June.
    4. Claudio Vitari & Elisabetta Raguseo, 2016. "Big data value and financial performance: an empirical investigation [Digital data, dynamic capability and financial performance: an empirical investigation in the era of Big Data]," Post-Print halshs-01923271, HAL.
    5. Hongyi Mao & Zongjun Wang & Lin Yi, 2021. "Does Entrepreneurial Orientation Lead to Successful Sustainable Innovation? The Evidence from Chinese Environmentally Friendly Companies," Sustainability, MDPI, vol. 13(18), pages 1-19, September.
    6. Sikandar Ali Qalati & Dragana Ostic & Gu Shuibin & Fan Mingyue, 2022. "A mediated–moderated model for social media adoption and small and medium‐sized enterprise performance in emerging countries," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(3), pages 846-861, April.
    7. Raquel Ortega-Argilés, 2022. "The evolution of regional entrepreneurship policies: “no one size fits all”," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 69(3), pages 585-610, December.
    8. Francesco Quatraro & Marco Vivarelli, 2015. "Drivers of Entrepreneurship and Post-entry Performance of Newborn Firms in Developing Countries," The World Bank Research Observer, World Bank, vol. 30(2), pages 277-305.
    9. Brigitte Kroon & Karina Voorde & Jules Timmers, 2013. "High performance work practices in small firms: a resource-poverty and strategic decision-making perspective," Small Business Economics, Springer, vol. 41(1), pages 71-91, June.
    10. Misbah Haque & Imran Ali, 2016. "Uncertain Environment and Organizational Performance: The Mediating Role of Organizational Innovation," Asian Social Science, Canadian Center of Science and Education, vol. 12(9), pages 124-124, September.
    11. Fossen, Frank M. & Neyse, Levent & Johannesson, Magnus & Dreber Almenberg, Anna, 2020. "2D:4D and Self-Employment Using SOEP Data: A Replication Study," IZA Discussion Papers 13180, Institute of Labor Economics (IZA).
    12. D’Angelo, Alfredo & Presutti, Manuela, 2019. "SMEs international growth: The moderating role of experience on entrepreneurial and learning orientations," International Business Review, Elsevier, vol. 28(3), pages 613-624.
    13. Aparicio, Sebastian & Urbano, David & Audretsch, David, 2016. "Institutional factors, opportunity entrepreneurship and economic growth: Panel data evidence," Technological Forecasting and Social Change, Elsevier, vol. 102(C), pages 45-61.
    14. Uwe Cantner & Michael Stützer, 2010. "The Use and Effect of Social Capital in New Venture Creation - Solo Entrepreneurs vs. New Venture Teams," Jena Economics Research Papers 2010-012, Friedrich-Schiller-University Jena.
    15. Águeda Gil-López & Unai Arzubiaga & Elena San Román & Alfredo Massis, 2022. "The Visible Hand of corporate entrepreneurship in state-owned enterprises: a longitudinal study of the Spanish National Postal Operator," International Entrepreneurship and Management Journal, Springer, vol. 18(3), pages 1033-1071, September.
    16. Aaron Chatterji & Edward Glaeser & William Kerr, 2014. "Clusters of Entrepreneurship and Innovation," Innovation Policy and the Economy, University of Chicago Press, vol. 14(1), pages 129-166.
    17. Timothy J. Bartik, 2009. "The Revitalization of Older Industrial Cities: A Review Essay of Retooling for Growth," Growth and Change, Wiley Blackwell, vol. 40(1), pages 1-29, March.
    18. Emmanuel Agwu ARISI-Nwugballa & Matthias Egede Elom & Chinedu U. Onyeizugbe, 2016. "Evaluating the relevance of Entrepreneurial Orientation to the Performance of Micro, Small and Medium Enterprises in Ebonyi State, Nigeria," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 6(3), pages 221-230, July.
    19. Haifeng Qian, 2013. "Diversity Versus Tolerance: The Social Drivers of Innovation and Entrepreneurship in US Cities," Urban Studies, Urban Studies Journal Limited, vol. 50(13), pages 2718-2735, October.
    20. Maria Elo, 2015. "Diaspora networks in international business: a review on an emerging stream of research," Chapters, in: Handbook on International Alliance and Network Research, chapter 1, pages 13-41, Edward Elgar Publishing.

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sau:ueedcc:06:174-194. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.