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Dr. Abigail Opoku Mensah (Contact Author)
School of Business at the University of Cape Coast
Email: aopokumensah@ucc.edu.gh
Dr. Nick Fobih
School of Business at the University of Cape Coast
Dr. Alex Yaw Adom
School of Business at the University of Cape Coast
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