CAGL Chairman Encourages Entrepreneurial Behaviour in Students

Mr. Isaac Amoako Mensah was speaking at an Entrepreneurship Clinic held at the Kwame Nkrumah University of Science and Technology (KNUST) on the theme Creating Tomorrows Employers “Starting and sustaining a Private Business: Means and Strategies”.

He said encouraging entrepreneurial behaviour among students will not only fosters the formation of new business but also shows how entrepreneurial thoughts and practices can help improve the operation of large organizations and the public sector.

He said the time has come for business leaders to nurture current and potential entrepreneurs so as to create a healthy, competitive environment. CEOs, entrepreneurs and senior management have an obligation to make their minds and experiences available to the young ones who will one day take their place.”

According to him, entrepreneurship is all about setting young people on the right path, helping them to widen their horizons, think more broadly and equipping them with real-world skills that will help them master greatness. Unless young people are equipped with the right skills and tools, they will have little idea about what they need to do to turn that entrepreneurial spark from inside their head into a viable business.

He said “We can’t afford to risk letting the untapped entrepreneurial talent of thousands of other youngsters go to waste. More needs to be done to ensure they can fulfil their entrepreneurial ambitions, and it should start from an early age.  Not everyone will want to be an entrepreneur. …There is the eternal debate over what truly defines an entrepreneur; whether they are ‘born’ innovative thinkers and risk takers, or ‘made’, through learning, development and experience. “But he agrees with the latter.

He explained  that entrepreneur  is no  longer  just  a  business  term  , but  a  way  of  life, saying that “You  must  always embrace  an  entrepreneurial  attitude  to  see  and  seize  the  right  opportunities right  clients –– to  assure  the  business  not  only  grows,  but  sustains  itself over time.”

Mr Amoako-Mensah challenged up and coming entrepreneurs to develop the right mechanisms to grab the right clients saying that, “If  you  don’t  have the  right  mechanisms  in  place  to  prospect  the  right  clients,  you  will  find  it  difficult  to  sustain growth let  alone  grow  at  all.  Before  your  business  can  grow  and  sustain  its  momentum,  you  must take  action  to  assure  your company  builds  a  strong  foundation  for  long  term  success.

Every  company  wants  to  grow  their business,  yet  few  know  how  to sustain  it  for  the  long-term  or look beyond  the  next  quarterly  or  yearly  report.”

He said growing  a  business  requires  the  right  intellectual capital, carefully  selected  strategic  partnerships,  and  products  and/or  services  with  strong marketplace  demand.

“Beyond  these  fundamentals,  sustaining  growth  requires  a  strong operational foundation to  reduce  the  risks  to  the  business  over time,” adding that many  entrepreneurs  have  the  vision  to  build  and  run  a  strong  company,  but  fail  to  take key  steps to  secure  the  company’s  future growth and sustainability.

He also touched on succession plan and indicated that a succession plan is something every strategic business should have to ensure that the business won’t suffer when circumstances change. It will help cement the business legacy you’ve worked so hard to create.

He encouraged them never to give up if they fail their first attempt to business as the rewards of entrepreneurship are well worth the obstacles they will face on the road to success. He said the path to succeed is mostly paved by failure and it’s nearly impossible to succeed without having to fail first. It’s possible to learn as much from your failed project as you’re able to from a successful project, yet the most important thing you can learn in regard to failure is how to get back up on your feet and keep on trying.

 

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