Creating Wealth through Entrepreneurship

 



 

Mankind has diverse needs to be satisfied. 

According Abraham Maslow, human needs span from physiological to self-actualization needs. Products, services, systems must be created to satisfy these needs. The question is, who has to create the businesses and institutions to make these products and services? It is the work of entrepreneurs to create products and services needed to improve the quality of lives of mankind. There are so many businesses you can think of. Examples include waste management services, catering services, restaurant, lumbering, wholesale and retail businesses, online businesses and so on.

 

The economy of every country ride on the back of businesses built by entrepreneurs. Countries such as United States, China, United Kingdom, Dubai developed their economy through entrepreneurship. These countries are blessed with natural resources, but it takes entrepreneurs to allocate and transform these resources to create wealth for the nation. By building businesses, entrepreneurs create employment avenues for the country, reducing unemployment and improving standard of living. For example, Google has employed over 135,000 full time employees.

 

Entrepreneurship is the dynamic process of creating incremental wealth. The wealth is created by individuals who assume the major risks in terms of equity, time and other sacrifices. The product or service may or may not be new or unique but value must somehow be infused by the entrepreneur by receiving and allocating the necessary skills and resources.

 

Businesses start when entrepreneurs identify a need in a society and come up with ideas on satisfying that need. However, the entrepreneur should satisfy himself that the idea is viable, that is, it can be turned into business and generate cashflows. A viable business idea should have the following characteristics:

1. It should be able to generate cashflows;

2. There should be ready market for the products or services;

3. Resources are available to start and run the business;

4. It should be profitable.

 

Most businesses started from a humble beginning. Dell, for example, started from a dormitory but now has offices in over 35 countries. Entrepreneurs understand that it takes years for a business to grow to become a household name.

 

Entrepreneurship is one of the ways of solving youth unemployment in Ghana. The youth has to be empowered in various ways to enter into entrepreneurship. Government could organize entrepreneurship training, provide seed funding, tax incentives etc, for the youth. Government should encourage the youth to enter into agro-processing and tourism because these sectors require low to moderate skills.


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