THE ENTREPRENEURIAL MINDSET

The world as we see it is shifting towards a new era. This is the era where countries are running into debt leading to huge debt bailout by the international community (European Union, etc) they find themselves in. There is also an increase in global challenges. The challenges include global unrest such as in Libya and Morocco; natural disasters like the earthquake in Fukishima, Japan; high unemployment rate; poverty; proliferation of ICT; HR-Generation X type and global economic meltdown. The current challenges being faced in this era calls for strategic measures being put in place to take advantage of this new era. This era in the 21^st Century is the era where various entrepreneurship ventures are rising. In Ghana the number of Microfinance Industries, fast food joints, schools, etc has increased dramatically. There is the need for people to take advantage of this opportunity that lies around.

 Gone are the days when organizations line –up just to scoop young graduates from various tertiary institutions. The percentage of unemployment is increasing rapidly even though governments of various economies are trying to put in place measures to curb the rate of unemployment. The only way out of unemployment is to develop extra skills rather than just academic skills. This skill is entrepreneurial skills.

Entrepreneur is risk-taking businessperson who initiates or finances new commercial enterprises (Microsoft Encarta 2007). The business being financed can be any kind of business as long as it is what your customers want and you have the skills to manage such a venture. Financing such a commercial activity does not necessarily require huge amount of capital but all that is required is determination and hard work towards your goal. Most graduates come out as baby graduates with nothing to offer. They spend long hours just studying to pass their exams instead of developing creative skills for their future. In this 21^st Century there is the need to identify opportunities, use of the right hand side of your brain and develop any special skills and talent that you have.

The CEO of KAMA Group Limited, Dr. Michael Agyekum Addo stated in his book “the seven principles of success and wealth creation” outlined seven principles that he followed to build his business to this level. The principles include honesty and reliability, hard work, avoid spending everything, investing, not forgetting your history, the fear of God and patience. By sticking strictly to these principles you are surely going to make it in this age of high unemployment in building your business. There may be challenges though but never give up.   

To have financial freedom requires a strategy. One can be an employee and work for someone all his life and just depend on monthly salary; be self employed; build a business or become an investor. Most people always go to school to get good grades but end up unemployed. By developing an entrepreneurial mindset and becoming financially literate, you are surely going to gradually build and climb the success ladder.  The world renowned author of the Rich Dad’s Cashflow Quadrant book, Robert T. Kiyosaki in his book said that his rich but uneducated dad advised him to “go to school, graduate, build businesses and become a successful investor”.

Money is not needed to build a business or become an entrepreneur; Dr. Agyekum Addo started his business with almost everything on credit. What is needed is keeping focused on your goal and always remembering to keep your cash flow in control. Luxury and unnecessary expenses must be avoided as you build your business. Most Ghanaian business men take loans to build their business and immediately they buy a new car for themselves, which can cause cash flow problems for their business. Robert T. Kiyosaki said an asset is something that puts money in your pocket whiles a liability takes money out of your pocket. A house that does not bring in rental income is a liability whiles a house that attracts rental income is an asset. Keep this in mind as you build your ladder towards your financial success.

In conclusion the world as we see it today is moving very fast. Many are still day dreaming waiting for a change to take advantage of, while others are making the change for others to take advantage of, it’s time for us to start using our mind to develop business opportunities rather than relying only on the government to get us non-existing job after graduating from college.

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 REFERENCE

1.    Michael Agyekum Addo; The Seven Principles of Success and Wealth Creation.

2.    Robert T. Kiyosaki; Rich Dad’s CashFlow Quadrant.

3.    Microsoft Encarta 2007.