Senior lecturer at the University of Ghana Business School, Dr. Kobby Mensah, has called on the government to patronize the services of startup enterprises alongside provide financial support to them.
Earlier this year the government rolled out a GH¢50 million funding opportunity for 5,000 startups in the country to form part of the presidential business support program aimed at providing integrated national support for start-ups and small businesses.
However, a significant number of businesses in the country have had to close down due to the lack of funding.
There also have been recent calls for more support to business startups to encourage entrepreneurism in the country.
Speaking to UniversNews, Dr. Kobby Mensah, stated that there is the need to focus, grow, and help new businesses with marketing skills in order to give equal importance to enterprises across the country.
This, he believes, will build confidence in Ghanaian goods and services as well as the sustenance of these businesses
“As much as we are supporting existing business, we must also concentrate on bringing new businesses. It also doesn’t make sense to push someone into a business for them to start the business but the person would not have access to marketing. So what government has to do is to ensure that the ministries and agencies of government are directed to participate in that particular service or products of business so that there is no point in giving money to our people if the government will go to china to buy the same items you have given money to people to create in these countries,” he said.
He added that;
“People have attributed the issue of funding as one of the biggest issues faced in entrepreneurship. I think that majority of the time it’s about getting through the door and talking about the marketing side of it. Majority of entrepreneurs actually face marketing issues because institutions always want to try out existing structures so you realize that the bigger ones are the ones always getting through the door. So, these are some of the challenges we have come across in terms of getting access to markets. It is very challenging.”
Dr. Mensah also urged entrepreneurs to engage in partnerships to complement each other’s skills with their different areas of specialization in order to better the growth of their businesses.
“The advice is that in as much as you have the passion to produce the business remember that’s not a challenge because that one you have absolute control over it but if you do not have absolute control over the marketing and if you don’t have the time to get that skill then be in partnership with someone whose field is also marketing so that the partners can run the business effectively“
Story by: Nana Adwoa Wiafe-Akenteng | universnewsroom.com