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.