GCYE on why partnership is key to business sustainability among entrepreneurs in Ghana

Ghana Chamber for Young Entrepreneurs (GCYE) is committed to the growth and development of young entrepreneurs and their businesses. It is positioned to provide policy direction, advocacy and lobby for support, finance and training as well as conduct research on areas that will inure to the benefit of start-ups and businesses run by young people. It is in this regard that, we wish to share this information on why partnership is key to business sustainability amongst young entrepreneurs in Ghana and Africa as a whole.

Young Entrepreneurs are the engine of sustainable economic growth, innovation and transformation in Ghana. Under proper governance and encouraging environment, they can make a pivotal contribution to the socio-economic development of this country. In fact, this is contained in a report by Africa Renewal for United Nations, that Africa has the youngest population in the world.

However, young entrepreneurs in Ghana have continued confronting formidable challenges. This is due to the new reality marked by increasing international business interactions and technological interdependency affecting all developed and developing economies around the globe. This in turn has brought enormous intricacies and complexities to young entrepreneurs in conducting business locally (Ghana).

This degree of direct and indirect implications of internationalization, free trade, market competitiveness and virtually non-existing domestic support for young entrepreneurs comes with the need for massive drive for young entrepreneurs’ partnerships such as

1. Individual Company Value Chains or a Hybrid – Young entrepreneurs must learn the practices of partnering with government agencies, donors, NGO’s, established companies and community organizations to extend the reach of their products and services.

2. Collective Business Linkage Initiatives – Companies or enterprises of young entrepreneurs in the same industry sector or location work in the collective with each other, harness resources and opportunities with government agencies, donors, NGO’s, academics and others to increase the number scale and overall development impact.

3. Foster Trade and Industry Associations – Young entrepreneurs must be deliberate about formation and joining of entrepreneurial body to jointly expand the scope and/or to strengthen the governance and operational capacity of young entrepreneurs. e.g. Ghana Chamber of Young Entrepreneurs.

4. Blend Value Financing Mechanisms – Mechanisms that serves as catalyst pool or leverage the combination of private and public funding with commercial capital and social investment to deliver financial services to Young entrepreneurs in an economically viable manner.

5. Institutionalized Enterprise Support Services - a dedicated enterprise support initiatives that provide combination of technical assistance, training, mentoring, evaluation and brokerage services must be established. This must be aimed at improving and integrating the access of Young Entrepreneurs to essential resources, skills, information and business opportunities including improved environmental and work place practices.

Young Entrepreneurs must voluntarily and collectively agree to work together to achieve a common purpose, undertake a specific task, share risk & responsibilities, resources, competencies and benefits for business growth and dominance to promote partnership. Such partnership will add to the knowledge, insight, implementation capacity, and financial resources at their disposal.

Over the past decade there has been a dramatic increase in the number, scope diversity and reach of multi-sector partnership between business, governments, civil society and other actors. This is the kind of business practice that must be emulated by Young Entrepreneurs for the purposes of advocacy, developing norms and standards; sharing expertise & coordinating resources.

Such practice of partnerships will harness markets for development, improve access to some of the fundamentals in entrepreneurship such as finance, skills, knowledge and legal rights.

Young Ghanaian entrepreneurs can learn from partnerships that rejuvenate corporate culture (Dell, Google), innovate big brands (Microsoft, Telefonica, Accenture), solve business problems (Unilever, Diageo) and expand into the future markets.

Signed:

Sherif Ghali

CEO

Ghana Chamber for Young Entrepreneurs

0269266668

Scofray Nana Yaw Yeboah

Communication Director

Ghana Chamber for Young Entrepreneurs

0243085932

gcyegh@gmail.com