Question

ENTREPRENEURIAL MANAGEMENT

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1. The government of Ghana, through the Ministry of Entrepreneurship Development has called for papers on the topic ‘Effective Steps in Establishing and formally Registering Micro, Small and Medium Enterprises (MSMEs) in Ghana by Ghanaian Youth’ from African consultants. Fortunately for you, you took a Semester’s Course in Entrepreneurial Management at the Regent University and on that basis you are well equipped to take advantage of this opportunity as an African. How would you take advantage of this advantage with your knowledge in Entrepreneurial Management? You have been given FORTY-EIGHT HOURS to submit your paper by the assessors of this paper so kindly start NOW.

Answer 1

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Question:

Answer:

Entrepreneurship: An entrepreneur is a person devoted into creating something of value for the people, the society and of course the economy. Apart from the financial reward, an entrepreneur also has a sense of personal pride and satisfaction for his achievements. It turns out that there are four distinct types of entrepreneurial organizations; small businesses, scalable startups, large companies and social entrepreneurs.

Characteristics of Successful Entrepreneurs

a). Self-Motivation. One of the most important traits of entrepreneurs is self-motivation.

b). Understand What You Offer. As an entrepreneur, you need to know what you offer, and how it fits into the market.

c). Take Risks. Entrepreneurs work for risk-rewards. Higher the risk higher the rewards.

d). Know How to Network. Success of Entrepreneurs depend upon their network in the market.

e). Basic Money Management Skills and Knowledge.

f). Flexibility in work and planning  

g).Passion to do something different and creative.

'Effective Steps in Establishing and formally Registering Micro, Small and Medium Enterprises (MSMEs) in Ghana by Ghanaian Youth’

In Ghana, the most commonly used definition of SMEs is the number of employees of the enterprise. The Ghana Statistical Service (GSS) defines small businesses as enterprises that employ less than 10 persons while those that employ more than 10 people are classified as Medium and Large-Sized Enterprises

MSMEs is vital part of the industries in a country. It is vital for creating new opportunities for business, employment, exports. It also helpful in increasing income level and maintaining or balancing the income distribution. As an  Entrepreneurs you can get numbers of benefits from governments likes,tax benefits, easy loans, subsidies etc.

however, SMEs face challenges from limited access to finance, lack of databases, low R&D expenditures, undeveloped sales channels, and low levels of financial inclusion, which are some of the reasons behind the slow growth of SMEs.

'Effective Steps in Establishing and formally Registering MSMEs:

1). Identifying the Opportunity: Either you can creat opportunities of grape the existing opportunities. You have to identify the problems and then solve it in the best ways. If you can solve ther any specific problem then you can make lots of money.

2). Making a Product Choice: Your product should be match with the solution of problem. As an entrepreneur you sells a solution in the form of the product. So, you have also need of taking care of following thing during designing a product likes, Product Line, Depth, Width, Packaging,Branding, Warranties, After Sales Service etc

3). Process Selection: Choices of process technology emerge once the product is finalized. For some complex products, process know how has to be imported. While checking out on a process technology, the following things need to be considered with utmost care like, Whether process requires very high level of skilled workers or complex machines?, Whether process requires large quantities of water and/or power?,  Whether any process or product patent needs to be honored while utilizing the selected process technology. Any special pollution or environmental regulations. Finally, the appropriateness to the Ghana environment and conditions. Machinery and equipment.

4). Finance: Now you have to arrange money to implement it. There are number of sources like, banks, NBFC, Angel investors, UHNIs, HNIs, friend or you can also get the benefits of the schemes of government. At a time of arranging money you need to taking care about following things: required loan amount, cost of the fund, duration and other T&C attached with it.

5). Registration filling: Now you have to registered you company with government authority for getting the incence to ru your business. Where you need of sharing all the required details about you and your proposed business. According to your shared information authority demand for more information. When your company get registered successfully then you cate a license number/registration number as a identity of your company.

You must should be file patent or copyright to protect your intellectual Property rights like, brand, logo, tag line etc.

6). Establishing Office and factory: Now you to choose a location to open your company. Here you should taking care about the required market access, costing etc.

7). Parching raw materials and hiring work force: Now you have to buy required raw materials and hire required skills set work force. You should take care about costing here also.

Then your business is get ready to run as per your planning and strategies.

Thank You