Young entrepreneurs urged to venture into innovative businesses
Young entrepreneurs have been urged to venture into innovative businesses which have prospects for expansion and growth in a bid to create their own jobs and businesses.
The Chief Executive Officer (CEO) and Co-founder of WestlionCo, Ms Gifty Boatemaa Annan, who made the call at the Africa Entrepreneurship Accelerator Summit in Accra last week, cautioned the youth against entering into necessity-driven ventures.
She defined necessity-driven ventures as businesses which did not have prospects for expansion, innovation and growth.
Ms Annan said the necessity-driven businesses were hand-to-mouth businesses and the youth mostly entered into such businesses because there were no viable options for them after school or due to unemployment.
The day’s programme, which was the second in the series, was on the theme “Africa’s Demographic Dividend: Accelerating Youth Entrepreneurship for Sustainable Economic Development.”
Organised by the Westlionco, an entrepreneurship hub, the summit brought together about 200 young entrepreneurs, key players in the Startup ecosystem, policymakers, corporate and academic institutions, and support organisations that are committed to driving economic prosperity through entrepreneurship and innovation.
Speaking on the topic Africa’s Young Demographic and the window of opportunities it can present to the continent if properly harnessed, entreated the youth to enter into innovative businesses which had prospects for expansion and growth to establish thriving businesses.
Ms Annan explained that there existed a bi-directional relationship between entrepreneurship and a thriving economy.
She called on all stakeholders to prioritise Africa’s economic growth by supporting young entrepreneurs across various sectors.
“Given the degree of unemployment that has ravaged the continent, engendered by the significant gap between young graduates churning out of our universities and the limited employment opportunities available, I believe that entrepreneurship can save the continent by fostering economic prosperity,” she stated.
A Presidential Advisor on Gender and Development, Madam Angela Asante, in her remarks, said entrepreneurship was not merely an abstract concept, but a transformative force that held the potential to reshape Africa’s destiny.
She mentioned access to education, finance, mentorship and digital innovation as some challenges that have long hindered the rise of youth entrepreneurship on the continent. Among the many were access to education, finance, mentorship, and digital innovation.
“It’s our collective responsibility to break down these barriers and create an enabling environment for youth entrepreneurship to flourish as Africa is home to the youngest population in the world,” Madam Asante stated.
She assured participants of the government’s determination to deepen entrepreneurship support for the youth and women entrepreneurs.
Development Consultant and Board member, WestlionCo,Madam Sakyi-Bekoe, who chaired the programme, said social capital and cultivating meaningful relationships were entrepreneurial currencies for young startup founders.
According to her, business owners were responsible for identifying relevant connectors and collaborators to amass the required resources for building sustainable enterprises.
She also called on key stakeholders to beef up SME support and intentionally create opportunities for businesses to thrive.
STORIES: BY KINGSLEY ASARE
