Entrepreneurs must innovate to remain relevant

Nana Akwesi Bonsu, a business consultant, has challenged entrepreneurs in the country to keep themselves from endeavours which are no longer relevant in today’s dynamic world.

Rather, Mr. Bonsu – who is the Chief Executive Officer (CEO) of My Story Magazine – said entrepreneurs must be adaptable, with the ability to deliver new products and services or build new systems and structures that can help strengthen their operational capacities.

Speaking to the media in Accra, the CEO stated that innovation and technology adoption are no longer an option but rather a must for entrepreneurs: “Create a niche for your business, adjust to current or future innovations, learn new inventions and build up new systems and structures for your businesses. Don’t underestimate the power of technology; and above all, have the mental capacity.”

No rosy journey

Mr. Bonsu said entrepreneurship is not a rosy journey, and that a tough-minded approach is needed to create an avenue that will help society.

“Nonetheless, mental fortitude, a wealth of knowledge, understanding your essence for the establishment, and having the wisdom to ride your idea are very essential in this instance.

“Amid the current economic crisis and global recession, there is also a place for individuals who have mastered their craft to also survive,” he said.

Tax exemptions

According to him, government should support entrepreneurs by creating opportunities such as tax exemptions on specific consumable goods and services.

He said there should be a system that financially supports business owners to help them expand their operations.

He said government must take deliberate steps to patronise small-scale businesses, especially for locally-produced goods and services.

Mentorship

He explained that mentorship for entrepreneurs is now very essential, and therefore startups and anyone interested in business should make an effort to have mentors.

“Individuals who are giants in our industries must also avail themselves to teach upcoming entrepreneurs. They shouldn’t see them as threats or competition, but rather as a medium to pour out their experience and help the upcoming ones become more productive and efficient.

“Partnership, on the other hand, is also key. Most people from our side of the world do not consider partnerships in business, which isn’t the best. People must come together to create businesses that will profit all parties,” he said.

My Story Magazine

Mr. Bonsu noted that the My Story Magazine’s focus is on telling their stories and putting a spotlight on entrepreneurs, startups and change-makers across Africa.

He said the publication ultimately gives people an opportunity to tap into the brains and experience of business leaders, start-ups, entrepreneurs and experts to learn their strategies, what motivates them and all the challenges they faced and continue facing in the path they chose.

“By telling the stories of individuals and organisations from different perspectives and from across all regions of the continent – west, east, south, central and north – we believe it is only by collective action and innovation-sharing across the regions that we can help Africa solve its deepest challenges,” he added.