Young entrepreneurs have been advised to consider identifying their target market in developing business models to accelerate growth.
Mr Yofi Grant, the Chief Executive Officer, Ghana Investment Promotion Centre said business growth was hinged on available market, and it was necessary for aspiring entrepreneurs to conduct a thorough research about the market space to respond appropriately to the needs.
Mr Grant gave the advice at the 2019 Third Edition of Young Entrepreneurs Forum which was on the theme: ‘Connect? Accelerate, Growth: Breaking Boundaries,’ and organised by GIPC in Accra.
The forum brought together young entrepreneurs to chart the path forward in sharing and learning from best practices for the growth of the sector.
Mr Grant said it was imperative for young entrepreneurs to develop strong partnerships with clients, saying, “the fortunes of your business lies in the network you create with people.”
He described the youth ‘as the engine of growth and the currency of future growth, which needed to be harnessed and nurtured to realise that dream.
Mr Grant explained that the forum was to create a platform for the youth to network and engage with great and business icons for mentorship and inspire them to make a move towards developing their potential for positive outcomes.
He said the government had put in place social policy interventions including tax relief for start-up businesses to enable the youth to imbibe the spirit of entrepreneurship as well as build their livelihoods.
Mr Grant urged young entrepreneurs to build onto their dreams to spur the needed outcomes because every successful business begins with a step.
Dr Ellen Hagan, Founder of L’aine Services, a Human Resource Consulting Firm, advised potential entrepreneurs to define their mission and align them with values.
“You need to build structures and systems in place for your business, have budget cycle and consistently review your financial performance to know whether you are making progress or not,” she advised.
Mr Kofi Genfi, Co-Founder of CYST, a Software Innovation Company, giving the background of the company, said it started as ‘Mazzuma,’ an online payment system that allows online shops to receive mobile payment in Ghana and later moved into artificial intelligence.
He said after a year, the company’s transaction increased from $200.00 to $800.00, and urged entrepreneurs to be focused and pursue their business goals in spite of any bottlenecks on their way.
Some of the participants that spoke to the Ghana News Agency expressed satisfaction about the forum, saying it offered them the opportunity to meet new people and network for future collaborations.