Free Essay Sample «Entrepreneurship Opportunities in Ghana»

Ghana is one of the most developing nations in Africa both in reputation and economy. The country offers a wide range of employment and potential entrepreneurship opportunities (Napier 21). Africa suggests many investment areas both in agriculture and in other unrelated areas. Entrepreneurship in Africa has fetched great areas of indulgence, offering many chances of employment through industrial and non-industrial areas. Opting to venture into entrepreneurship brings the nation into great economic development and growth.

This paper focuses on many diverse chances in entrepreneurship investment in the country considering that the nation is well established in agriculture. The nation is a huge exporter of cocoa products to the world. This paper uses secondary sources of data to build a credible data presentation of the subject matter. The significance of using secondary information from books gives the discussion a reliable basis.

GHANA AND ITS ENTREPRENEURSHIP

In Ghana, there is a need for innovative creations in the agricultural sector. This is to utilize the byproducts that are obtained from the main processes. For instance, in the area of cocoa production in Ghana the process gives any byproducts that can be directed into other sectors of the economy (Ozbilgin 37). Agricultural byproducts form an important part of organic fertilizers that plants need for growth. This is because they have high levels of nitrogen essential for the plants development. Many small scale farmers practice the art of cocoa farming with the aim of participating in the national cocoa production. The husks form part of mulching and add to the organic content of the soil in the fields.

For a consistent growth in the national economy, there is need for full participation of the citizens. Therefore, it calls for an early involvement in the area of interest. For instance, students in schools should start to plan for their future business ideas in early stage, while in school they should work to develop an interest towards their business ambitions. This will enable them have the necessary drive in achieving them. Their future success is dependent on the current success they have while in school. Students should be able to create businesses that will benefit their future approaches. It is through this exposure that they develop the necessary experience in businesses and investments.  

The advantage of this action is felt when investing. It is easy for a panel of investment parties to be convinced that their potential investments are safe and growing (Wohlmuth 44). This is because of the early establishment that the company or organization has secured. Ghana is known for its influence in the international market, so these companies would be free from pressure related to finances. Entrepreneurs that are established in a short period of time are faced with monetary challenges that make their running difficult. Unlike new entrepreneurs, the earlier ones have already formed a secure business experience that puts them at an advantage over the others. Income from the business would stabilize quicker than when it is new in the market, thus putting the investments on hold.

These early challenges put the dreams of many entrepreneurs to test as this pressure tends to reduce their output (Napier 52). This shatters the realization of business establishment for the young parties. Business is likely to fail if its early establishment is faced with challenges in finances and management hence little market potential. For instance, Ghana has a high population of young generation that is capable of taking over the national market. These individuals should be encouraged to develop interests in economical matters that will improve their standards of living. Statistical study from the capital of Ghana shows that only 50% of its youth are able to seek employment and earn their own salary. This figure is very small considering that there are many fields of investing into. For instance, their culture attracts tourist who opt to buy ornaments that reflect a rich cultural background.

Locally, the nation has little efforts in boosting other non-agricultural activities. Ghanaians needs to create more local entrepreneurial businesses that touch other vital areas. These creations offer job opportunities to the citizens of the nation. It is vital that a huge number of citizens are employed as it creates a stable nation in terms of economy. A nation experiences economic stability if it has the majority of citizens earning income. This reduces criminal activities and promotes living standards of people. Many individuals in Ghana are employed by foreign companies. It is vital for local entrepreneurial ventures to be increased, so that these citizens can be employed locally. These foreign industries and companies might choose to terminate their contract on employment and lay off their workers thus affecting the economy. A shift by the government by focusing on local entrepreneurs is a key factor (Walker 30).

The government of Ghana finds its revenue from activities like farming and trading. Local entrepreneurs would benefit the nation's economy more than foreign ones. This is due to the financial accountability of foreign market that tends to utilize more of the resources and offer little output for the country. The nation is bound to grow more if its resources are being handled by a local organization than a foreign one. For instance, a foreign entrepreneur who is concerned with the production of animal products is less contributive than a local businessman. This is because foreign involvement does not allow full realization by the country due to the skill and equipment used in the process.

Cultural and social setting of the people of Ghana has enabled some of them to earn for a living. Ghana is a desirable tourist attraction as it has a rich culture and attraction sites. These aspects put Ghana in an advantageous position as the local community can sell their locally made wares to the tourists. It is a form of foreign exchange as the foreigners bring their currency into Ghana when they buy these wares.

In spite of the pressure to create businesses in Ghana, many still face the problem of inadequate capital. The money needed to start these businesses is a huge challenge for the present generation as the cost of living is high, thus successful businesses requires a lot of money to start. A great deal of citizens lack the source of capital or income to enable them venture into the fields thus they are left with ideas only. This explains why many local people opt to sell ornaments and other cultural items on streets and public areas, because they lack the money to establish better business.  

On the other hand, these local wares do not bring a substantial income to the country's government. With the high living costs, the money obtained in selling these items cannot accommodate every need. There is a need to invest in market worthy commodities, those that attract better money. For example, seeding a small number of bracelets and necklaces does not result in proper returns. The money is inadequate and the job is tedious.  

A nation is said to be at an economic advantage when it has more small, medium and micro enterprises than the major ones. This protects the effect on economy once these major companies fail or withdraw (Boachie-Mensah 25). Having these small organizations puts the economy at stability as they complement each other. The effect of a small company withdrawing from a nation is not as adverse as that of major contributors. The reason for withdrawal might be better market shares or profits. This happened in Singapore, when the economies of its neighbours fell due to the effect of withdrawal.

The expansion of curio industry is an investment in national culture. The country needs to create more entrepreneurs in this area so that they can exploit national heritage (Chamlee-Wright 47). These local businesses boost the general foreign direct investment of the nation. It comes from the long experience in the area thus investment would be reliable and promising basing trends of past activities.  It gives the extra assurance that cannot be accounted for from data insurance. For instance, in the case of fishing in Ghana where the reputation is known, investing in entrepreneurs by foreign parties is promising. The industry has a stable foundation and market share in the international market.

CONCLUSION

Ghana is one of the most developing nations in Africa both in reputation and economy. The country offers a wide range of employment and potential entrepreneurship opportunities. In Ghana, there is the need for innovative creations in the agricultural sector. This is to utilize the byproducts that are obtained from the main processes. These early challenges put the dreams of many entrepreneurs to test as this pressure tends to reduce their output (Napier 51). This shatters the realization of business establishment for the young parties.

A nation is said to be at an economic advantage when it has more small, medium and micro enterprises than the major ones. This protects the effect on economy once these major companies fail or withdraw. On the other hand, these local wares do not bring a substantial income. With the high living costs, the money obtained in selling these items cannot accommodate every need. Despite the pressure to create businesses in Ghana, many still face the problem of inadequate capital. The money needed to start these businesses is a huge challenge for the present generation as the cost of living is high thus successful businesses requires a lot of money to start.

There has to be a consistent growth in the national economy thus the need for full participation of the citizens. Therefore, it calls for an early involvement in the area of interest. The country needs to create more entrepreneurs in this area so that they can exploit national heritage. These local businesses boost the general foreign direct investment of the nation. It comes from the long experience in the area, thus investment would be reliable and promising basing trends of past activities (Chamlee-Wright 37). Ghanaians needs to create more local entrepreneurial businesses that touch other vital areas. These creations offer job opportunities to the citizens of the nation. It is vital that a huge number of citizens are employed as it creates a stable nation in terms of economy.  It is for local entrepreneurial ventures to be increased so that these citizens can be employed locally. Ghana is a desirable tourist attraction as it has a rich culture and attraction sites. These aspects put Ghana in an advantageous position as the local community can sell their locally made wares to the tourists.

Ghana is on the brink of economic realization after the need for a better strategy was noted. The ongoing national developments aim at putting the nation among the best and well established industrial nations. With the focus in agriculture and industrial products, this goal will see Ghana add economic significance to its present value and the general population will benefit from a stable economic state.