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Business News of Thursday, 5 July 2012

Source: Agamah, Bright

A Case For The Private Business

By Bright Agamah

Many dream of having their own business; but how many of such dreams see reality? There are lots of innovative thinkers who dare to think the impossible and achieve it too. Over the years, business scenarios have undergone tremendous changes that are quite evident. People have come up with great novel business ideas that are not only creative but fruitful too. Today, every economy needs such budding entrepreneurs in order to establish more and more business units which is not only beneficial to them but also helps in the growth and development of the economy as a whole.

NewMax Company Ltd soon to become NewMax Group is a typical example of a company built by a group of young Ghanaian entrepreneurs. Since 2006, NewMax has been a source of fresh breath and innovative ideas in the Ghanaian business community. NewMax which simply stands for ‘New ways to Maximize’ provides high end Marketing, PR and Business Consultation to Ghanaian and foreign owned businesses that want to maintain and break new frontiers (www.newmaxcompany.com). “Despite the challenges over the years, we have seen tremendous growth and development because we are knee bent on succeeding. The story of NewMax could be the story of so many other young and smart Ghanaians if given the chance”; recounted by Philip Akorfa Tay (Project Manager of NewMax).

The economy of Ghana can and will develop if government spearheads a revolution to support young people to take up leadership positions and create jobs for themselves and for others. Example is Malaysia, where a special ministry for entrepreneurs (Ministry of Entrepreneur Development) was established as far back 1995; provides funding, physical infrastructure and business advisory services to entrepreneurs. This clearly, showcases the importance the Malaysian Government places upon entrepreneurship and entrepreneur development.

The financial sector led by the Central Bank and Government must ensure that, no innovative idea is dead and buried due to lack of finance. At the moment, medium scale businesses are even having difficulties to asses finance talk less of small scale and or start ups. Asked what is the biggest challenge entrepreneur’s face in setting up in Ghana? Prince Edinam Attipoe, COO of NewMax said lack of proper institutions. Legalities; it is time consuming to register a company in Ghana. Not just time consuming but very frustrating. However, his recent visit to the Registrar General's Department gave him hope that there is a bright light at the end of the tunnel.

Internationalentrepreneurs.com recalls that it is estimated; China’s SMEs is responsible for about 60% of its industrial output and employs about 75% of the workforce in China’s cities and towns. The Chinese government is providing the “enabling environment” for small and medium-sized enterprises (SMEs). In fact, small business owners are respected people in the community because they are responsible for spurring community development starting at creating local jobs. Jobs provided by entrepreneurs are even more fulfilling compared to jobs in high-rise offices. You're not only providing for yourself and your family, you're also providing for the community in your own little way. No economy in the world can survive without the ingenuity, creativity, and labour provided by entrepreneurs. It also facilitates governance in that it fills the country’s coffers with the taxes that are generated from the entrepreneurship undertakings which in turn help them to generate more revenues to do more developmental projects for the good of society. For instance in China, private business is said to be the fastest-growing sector of its economy, expanding at an annual rate of 20 percent, far above the 9.5 percent average growth of the national economy over the past two decades. By the end of 2001, it generated an output of 1.9 trillion Yuan ($232 billion), and contributed 20 percent of GDP.

Equally, Ghana being the fastest growing economy in Africa, has a huge potential in realizing development in this respect. This therefore calls for the need to for government and all stakeholders involved to take advantage of this fact to empower and support entrepreneurship in the country. We can take example from other successful entrepreneurs like Prince Amoabeng -Founder/CEO, UT Financial Service now UT Bank, Grace Amey-Obeng - CEO, FC Beauty Clinic and Dr. Joseph Siaw Agyepong - CEO, ZoomLion Ghana Ltd.

The aforementioned persons and their organisations do not only contribute to national development by way of their contribution to the GDP and other important economic indicators, but they also provide employment to thousands of people who cannot be absorbed by the public sector. Ultimately, the government becomes one of the greatest beneficiaries because the load of unemployment and its related consequences are lifted of the already over-burdened shoulders of government.

The best part about entrepreneurship is that it doesn't discriminate: men, women, young, old, educated or not, everyone can become an entrepreneur through hard work and dedication to continuous learning and improvement. What is needed of government and other state agencies is the provision of fertile business environment that will nurture and help young and budding entrepreneurs to transform their dreams into reality. “For no farmer, our wise elders have observed, ever cultivates a farm by tilling the land and planting in his head”.

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