Deploying true entrepreneurship within the struggle towards COVID-19 [ARTICLE]


Imagine you wanted your child, Kofi, to take a swimming class. You’re hiring the best tutor you can find, Teacher Ama. She then teaches Kofi every muscle movement that is required to make him an experienced swimmer.

Kofi learns breathing techniques, body positioning, arm-leg coordination and remembers each of them perfectly. When Kofi is done with the class, he can also be a tutor to you himself as he can remember everything that teacher Ama taught during the class.

According to this standard, A + is as good as guaranteed.

When the exams are due and you are confident. Kofi is confident. He knows what to do. Kofi remembers what to do and is very ready to do it. Now let us all remember that Teacher Ama had not given any of these lessons in the water. She did what she was hired to do: teach swimming.

If teacher Ama throws your kid Kofi in the pool on the final day, what do you think will happen? Will all the book knowledge help the world? I mean, Kofi knows what to do. However, you and Kofi will both find very quickly that some things can be taught, such as: B. Billing cycles and business principles.

If we really want to train entrepreneurs to fight COVID, we have to get people to practice it as it is the only means to get meaningful results.

Some things, like real entrepreneurship, can only be learned through practice.

If you are wondering why many companies fail when their leadership is very well trained, the above analogy is my theory. You may know how to add numbers, understand the principles of trading, and be an accounting assistant, but without getting into the proverbial tide, that wouldn’t make you a seasoned entrepreneur. I am still learning to appreciate this fact.

Some of the largest companies in Ghana were started by seasoned entrepreneurs who started out without much formal training. Side by side, however, their financials would easily outperform many companies in the formal sector. Our Makola Market millionaires remain proof of this. And oh, that’s them; These market women really are millionaires, dollar millionaires.

Relevant to the topic, entrepreneurship in the classroom is an unnatural environment.

The fundamental flaw of most entrepreneurship education efforts is that they take place in the most common artificial environment: the classroom. The training to become an entrepreneur was very necessary and should be encouraged even more. In today’s world, some level of formal education is always required if one is to gain wealth. Most people know that by now.

I am only saying that the theories and principles taught in the classroom can only be well applied in practice and mastered through practice in a real situation. Entrepreneurship in the classroom, just like with Kofi, is an unnatural setting for the topic and not a real business setting where a real business idea is being implemented that you are willing to invest your money and that of your friends and family in.

It can be said that entrepreneurship is social entrepreneurship.

A major reason for running a business is to make money – profit. The unintended outcome, however, is social services as businesses create jobs, contribute to public household health and stimulate the overall economy. Wouldn’t that be consistent with the literal definition of “social” “services”?

I assume that the economic preposition is that if 1 Ghana Cedi is spent it will trigger indirect investments worth about 10 Ghana Cedi. When you pay for work, the recipient of that payment spends that money on buying consumer goods or services. You have indirectly contributed to the growth of all these other relevant sectors.

The moment the worker issues the payment that you gave him, you have affected all the suppliers and distributors, as well as the transport companies associated with the relevant sectors of his expenses, as well as those associated with the above sectors . Even the government benefits from taxes.

This was the chant of some of the world’s rich and wealthy in response to being advised of their relative inactivity in relation to charity and other philanthropic acts. Because the fact is that an entrepreneur’s original intent may not be to advocate for social welfare, but inevitably ends up there by default in a certain sense.

Economic / Social Entrepreneurship and COVID-19

Even with a vaccine in sight, this novel coronavirus continues to cause unprecedented chaos in almost every area of ​​our lives. Our doctors and other key volunteers have served as key contributors on the front lines. Without their immense efforts, the already very bad situation would be much worse.

Do you know who else we have to thank God for? Veronica Bekoe, the inventor of the now famous Veronica Bucket. Your invention is used all over the world today. It is a global village indeed, and in this village Veronica Bekoe is worth being counted as the frontline answerer at this time of great peril. Your invention could have been made before the COVID outbreak, but look at how popular the Veronica Bucket is now. It is currently a staple in our homes, offices, schools, and churches.

Aunt Veronica’s invention helps fight a health crisis. She is a life scientist who did not intentionally or unintentionally patent her invention, her gift to the world. A welcome gift that we luckily had. I’m just saying that bucket is very important.

Ask yourself: what and who will fight the economic impact of the coronavirus? Strong borrowing? I hope not.

If, as I tried to illustrate earlier, entrepreneurship is indeed social entrepreneurship, and entrepreneurship is vital to social well-being, it is safe to suggest that promoting entrepreneurship among Ghanaians goes a long way in combating the economic impact of COVID should.

The World Bank thinks the same … or closes.

In a report entitled The African Continental Free Trade Area, Economic and Distributive Effects, the World Bank stated: “Successful implementation of the AfCFTA would be critical. In the short term, the agreement would help cushion the negative effects of COVID-19 on economic growth by supporting regional trade and value chains by lowering trade costs. In the long term, the AfCFTA would allow countries to anchor expectations by providing a path for integration and growth-enhancing reforms.

In addition, the pandemic has shown the need for increased cooperation between trading partners. By replacing the patchwork of regional agreements, streamlining border procedures and prioritizing trade reforms, the AfCFTA could help countries increase their resilience to future economic shocks. “

The same World Bank estimated that 100 million people could fall into extreme poverty as a result of COVID. And guess what … that number could easily go much higher. The many business areas affected continue to lose between 20% and 80% of their sales. This affects the employees and thus their relatives.

Africa’s entrepreneurs will be at the forefront of the economic battle against COVID.

A frontline employee is one who provides essential services that are vital to the survival of the sector. I paraphrase; Let me finish We need more entrepreneurs now. We need more innovation to meet this need. So we’re building again.

If we are to fight the devastating effects of COVID on our pockets, a permanent solution that will stand the test of time will fuel actions that encourage the public to start a basic form of entrepreneurship and / or trade in Ghana. It’s an all-hands-on-deck approach: government, banks, private institutions and the general public.

For this to work we need to normalize (even require) entrepreneurship while creating an ecosystem in which entrepreneurs and their businesses can thrive. Access to capital, the systems that provide secure funding, and other support services help create this ecosystem that I am talking about.

Don’t shoot the messenger.

I just finished reading the whole article and it seems like typing like I know all the answers, right? No, I don’t have all the answers. I only write this all because the more I get into this entrepreneurship path at the level I am at, the more I know what I don’t know, but I thought so beforehand, which leads me to the conclusion that me and many others do I do not know the lot that we do not know. Knowing that you don’t really know still means knowing something, doesn’t it? This is a critical step in effective learning.

This article was written by Maxwell Ampong, CEO of Maxwell Investments Group