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PARADOX OF ENTREPRENEURSHIP: THE CASE OF THE MISSING MARKET

Introduction

Due to the effects of unemployment and poverty reduction in many parts of the world, a research made by Ugoani & Ibeenwo (2015) revealed that the issues of entrepreneurship growth and job creation is receiving a high level of attention.

In regards to this, a whole ministry i.e. the Ministry of Business Development (2019) has been created by the Government of Ghana to develop policies and measures like National Entrepreneurship and Innovation Programme (NEIP), National Medium Term Development Policy Framework (NMTDPF), Entrepreneurship Development and Training, Women Entrepreneurship Conference, etc. to help support the movement of empowering its citizens into entrepreneurship. Likewise, a lot of Non-Government Organizations have come up to also empower individuals to go into entrepreneurship, by empowering them to develop a skill and start their own businesses. Most of the NGOs focus more on women empowerment since women are the most vulnerable people in our societies; they are trained with skills that they can use to earn a living for themselves and their families.

Missing Link

As much as all these initiatives are going on, it seems like there is a gap between the individuals who have the skills, or the ability to set up their businesses and how to get the revenue from the market with their products and services. A lot of individuals are into businesses but are not able to penetrate through the market and get the best out of it. Ruiz (2018) attested to the fact that this is because they do not have the right customers for their products, they lack ideas of adapting the right marketing/sales strategies; better still applying them, and not having a good marketing plan for their businesses. There is also a problem of tagging their goods and services with the right pricing and, making their businesses visible in the open market, for their products and services to sell for them. This is crippling most entrepreneurs, especially the small scale businesses and it is not making them get the revenue they are supposed to earn from the products and services they offer. At the end of the day, instead of being alleviated from poverty and improving their living standards, they still get to be poorer and poorer. This is making most of the Ghanaian entrepreneurs unable to be successful as the benefit of entrepreneurship is meant to be.

Conclusion

Therefore, government and private agencies, as well as NGOs must critically examine this gap, put measures in place to help bridge that gap, and cushion entrepreneurs, especially women to infiltrate through the market in the right way to generate enough money for themselves and the nation, thereby reducing poverty in our nation GHANA.   

 

Written by: Michael Abbiw (CEO)

MGA Consulting Gh Limited

Tel: 024-378-4721

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Michael Abbiw