Challenges to business development and sustainability in Ghana perspectives of graduate entrepreneurs in the Kumasi Metropolis

Abstract

The study was designed to investigate the challenges graduate entrepreneurs faced in developing and sustaining their businesses in the Kumasi Metropolis. Data was collected using interview and focus group discussion guides. Fifteen participants were selected for the study, using the purposive and snowball sampling techniques. Data collected was analysed qualitatively. The study revealed that, graduate entrepreneurs in the Kumasi Metropolis were faced with challenges such as lack of capital and high taxes, poor management and inadequate marketing accessibility, legal and regulatory issues, and insecurity and thievery. It was also revealed that, among the numerous effects the challenges posed to the businesses of graduate entrepreneurs in the Kumasi metropolis, were their inability to get access to the formal sector of the economy, poor business expansion as well as poor labour practices and high attrition rate. Based on the findings of the study, it is recommended that, government of Ghana, through Parliament should implement a tax regime policy that will either exempt graduate entrepreneurs from paying taxes for at least, the first five years of operation of their businesses or reduce their taxes to help grow their businesses. It is also recommended that, graduate entrepreneurs are assisted with the needed funds to operate their businesses. Thus, the commercial banks must be encouraged to give loans to graduate entrepreneurs at low interest rates to promote their businesses. Graduate entrepreneurs must also be assisted to access the Ghana Venture Capital Trust Fund and Micro Finance and Small Loans Centre (MASLOC) to promote their businesses.