Entrepreneurship Development and New Business Start-Ups: Challenges and Prospects for Ghanaian Entrepreneurs’
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| Conclusions – The Way Forward
This chapter sets out to investigate the prospects and challenges of entrepreneurship and SMEs’ development and the effect of entrepreneurial orientation and personality on performance, and how to address these challenges more effectively to serve as the engine of developing countries’ industrial and socio-economic growth in the 21 st
services demonstrate how greater commitment by the government can help make SMEs the foundation for job creation, economic resource redistribution and propel the country into an economic, industrial and technological giant in Africa. This chapter contends that new, dynamic and more aggressive private sector development policies, viable loan schemes and management training programmes must be provided by governments in developing countries and their development partners to build the financial and managerial capacity of SMEs in order to make them sustainable, and ultimately, enhance their contribution towards the broader society. If developing countries’ governments’ initiatives are to have significant impacts on SMEs, then government policy should be strengthened in this area to ensure that the numerous challenges facing SMEs are addressed adequately and appropriately to 192
enhance the prospects and potential of achieving socio-economic development. As comparable studies have shown, the challenges in the promotion of entrepreneurial activities and SMEs highlighted in the study can be attributed to similar challenges facing entrepreneurs and SMEs in the developing world in general. Through these recommendations, various governments in the developing world could develop appropriate policies that could go a long way to redistribute much-needed resources to entrepreneurs and SMEs. Based on this chapter’s findings, it could be argued that the NBSSI and MASLOC initiatives have not been successful enough to propel SMEs in Ghana to facilitate their growth and expansion and make them competitive globally. For this reason, it is important that the government takes a second look at existing policies and strategies and redesign effective ones to facilitate entrepreneurship development, new business start-ups and SMEs growth. This chapter concludes with the view that domestic entrepreneurs and SMEs need to be an integral embodiment in government policies because unlocking private sector potential is key to sustained economic growth. With the dominance of neo-liberalism and capitalism in the contemporary global system, state enterprises cannot be the panacea for citizens’ job needs or solving the myriad of societal problems. Support for entrepreneurs and SMEs is one of the effective tools that should be at the heart of any government’s private sector development initiatives towards achieving the new 2016 Sustainable Development Goals (SDGs) agenda that have been introduced by the United Nations to replace the MDGs. This could help move frontier and emerging economies from economic stagnation into dynamic thriving economies and drive up the wealth of most citizens, particularly the poorest in the society. The chapter has shown that the promotion of entrepreneurial activities, in terms of the issues and analysis highlighted in the case of Ghana, can be linked to business start-ups and SMEs’ operational challenges in other developing countries with similar experiences. To motivate people to become entrepreneurs, they should be equipped with the prerequisite skills such as business start-up and management training, availability of funds, tax breaks and other incentives for business start-ups, making these support sufficiently available will help new entrepreneurs turn their ambition into successful business ventures. Evidence from this study identified in the empirical analysis shows that like many developing countries, government’s support for new entrepreneurs and SMEs in Ghana has not been very successful due to politicisation, corruption and favouritism in the administration of funds to SMEs. The study concludes with the view that while there are signs of optimism for new business start-ups in developing countries, to develop a comprehensive approach towards promoting entrepreneurial ventures to help them develop into healthy firms, a supportive framework and enabling conditions must be created by developing country governments based on three levels – the individual entrepreneurs, the firm and society in general. By taking these findings and recommendations into consideration could help governments in developing countries to develop appropriate policies that could also go a long way to redistribute entrepreneurial activities in both the rural and urban locations and help address some of the variation factors in rural/urban business start-ups. The study’s findings, along with policy implications as suggested in the concluding section contribute to the literature on the challenges and opportunities in the development of new business start-ups in developing countries. Examining the challenges facing entrepreneurs and SMEs and suggesting possible solutions to address these problems could help policy makers and development practitioners in Ghana to redesign appropriate policies to support entrepreneurs and SMEs. This step will help build the capacity of new entrepreneurs and SMEs to contribute significantly towards the developing economies’ socio-
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economic development in the 21 st century. More importantly, the success of Ghana’s private sector development initiatives could significantly help other African countries’ use the model as the basis for reviewing their private sector development policies. The outcome of this study could have implications for potential entrepreneurs, managers, academics and policy makers. This study will also serve as guidance for policy making and provide a framework for future research on entrepreneurship development and facilitate SMEs operations in the developing world.
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