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Imagine you wanted your child, Kofi, to take a swimming lesson. You hire the best tutor you can find, Professor Ama. She then teaches Kofi all the muscle movements necessary to make him an expert swimmer. Kofi learns breathing techniques, body positioning, arm and leg coordination, and he memorizes them perfectly. By the time Kofi finishes his lessons, he might as well be a tutor for yourself, as he remembers everything Master Ama taught during the lesson.
According to this standard, A + is virtually guaranteed.
When 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. Let us all remember now that Master Ama had not given a single one of these lessons in the water. She did what she was hired to do: teach swimming.
If Professor Ama throws your kid Kofi in the pool on the day of the finals, what do you think will happen? Will all the knowledge of the book in the world be useful? I mean, Kofi knows what to do. But what you and Kofi will soon realize is that there are some things that can be taught, such as accounting cycles and principles of business administration.
If we are serious about training entrepreneurs to fight COVID, we have to get people to practice it because it is the only way to get meaningful results.
Some things, like true entrepreneurship, can only be learned by doing.
If you are wondering why many companies fail when their leadership is highly educated, the above analogy is my theory. You might know how to add numbers, understand the principles of trading, and be an expert in accounting, but without getting into the proverbial waters, it wouldn’t make you a seasoned entrepreneur. I’m still learning to appreciate this fact even more.
Some of Ghana’s biggest businesses were built by seasoned entrepreneurs who started out without much formal education. Yet, side by side, their financial ratios would easily outweigh many formal sector companies. Our millionaires in Makola market are proof of that. And oh they are; these market women really are millionaires, dollar millionaires.
Related to the subject, entrepreneurship in the classroom is an artificial environment.
The fundamental flaw in most entrepreneurship education efforts is that it occurs in the most common man-made environment: the classroom. Entrepreneurship education has been very necessary and should be encouraged all the more. In today’s world, some degree of formal education is still necessary if one is to acquire wealth. Most people know that now.
I’m only saying that the theories and principles taught in the classroom can only be well applied in practice, and mastered by practice in a real situation. Entrepreneurship in the classroom, just like with Kofi, is an artificial environment as far as the topic goes and not a real business environment executing a real business idea in which you are willing to invest your money and that of your friends and family. your family.
We can say that corporate entrepreneurship is social entrepreneurship.
One of the main reasons to run a business is to make money – profit. Nonetheless, the unintended result of this is social services, as businesses create jobs, contribute to healthy public finances, and boost the economy as a whole. Would that not fit the literal definition of “social” “services”?
I guess the economic preposition is that when 1 Ghana Cedi is spent it triggers around 10 Ghana Cedi of indirect investment. When you pay for labor, the recipient of said payment will spend that money to buy consumer goods or services. Indirectly, you have contributed to the growth of all of these other relevant industries.
By the time the worker spends this payment you gave him, then you have assigned all suppliers and distributors and carriers related to the relevant areas of his expenditure, as well as those related to the above-mentioned areas. Even the government benefits from it through taxation.
This has been the song of some of the rich and the rich in the world, as their response to being relied on for their relative inactivity in charity and other philanthropic acts. Because the point is, an entrepreneur’s initial intention might not be to engage in welfare, but it inevitably ends there by default, in a sense.
Business / Social Entrepreneurship and COVID-19
Even with a vaccine in sight, this new coronavirus continues to wreak unprecedented havoc in almost every area of our lives. Our doctors and other key volunteers served as essential frontline workers. Without their immense efforts, the already dire situation would be much worse.
Do you know for whom else we have to thank God – Veronica bekoe, the inventor of the now famous Veronica Bucket. His invention is now used all over the world. It is indeed a global village and in this village Veronica Bekoe is worthy of being considered as a frontline worker in this time of great peril. Her invention may have happened before the COVID outbreak, but look at how much demand the Veronica Bucket is right 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 biologist who did not patent her invention, her gift to the world, whether intentional or not. A welcome gift that we are fortunate to have. I’m just saying this bucket is very important.
Ask yourself the following question: what and who will fight the economic effects of the coronavirus? Heavy borrowing of money? I hope not.
Yes, as I tried to illustrate earlier, indeed, business entrepreneurship is social entrepreneurship, and business entrepreneurship is essential to social and economic well-being, it is safe to suggest that the promotion of business entrepreneurship among Ghanaians should do a lot to combat the economic effects of COVID.
The World Bank thinks the same… or stands firm.
In a report titled African Continental Free Trade Area, Economic and Distributional Effects, the World Bank said: “Successful implementation of the AfCFTA would be crucial. In the short term, the deal would help cushion the negative effects of COVID-19 on economic growth by supporting regional trade and value chains through reduced trade costs. In the longer term, the AfCFTA would allow countries to anchor their expectations by paving the way for integration reforms and growth enhancement.
In addition, the pandemic has demonstrated 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 ”.
This same World Bank has estimated that 100 million people could end up in extreme poverty due to COVID. And guess what… that number could easily go a lot higher. The numerous sectors of activity affected continue to lose between 20% and 80% of their turnover. This affects the employees thus affecting their dependents.
African entrepreneurs will be at the forefront of the fight against COVID on the economic front.
A frontline worker is one who provides essential services essential to the survival of the sector. I’m paraphrasing; listen to me. We need more entrepreneurs right now. We need more innovation to meet this need. This is how we rebuild.
If we are to combat the devastating effects of COVID on our pockets, a sustainable solution that will stand the test of time will be to push policies that encourage the public to start a grassroots form of entrepreneurship and / or commerce in Ghana. . It’s a hands-on approach: government, banks, private institutions and the general public.
For this to work, we need to normalize (or even require) entrepreneurship while creating an ecosystem that allows entrepreneurs and their businesses to thrive. Access to capital, the systems that facilitate secure financing, and other support services all help create this ecosystem I’m talking about.
Don’t shoot the messenger.
I just read the entire article and feel like I’m typing like I know all the answers, huh? No, I don’t have all the answers. I write all this only because the more I embark on this path of entrepreneurship at the level where I operate, the more I know what I don’t know but I thought I had done it before, leading me to conclude this Me and many others, I do not know the lot that we do not know. Knowing that you don’t really know is still knowing something, right? It is a vital step for effective learning.
Join me on other episodes of the ‘Entrepreneur In You’ podcast for know more.
‘Entrepreneur in you’ Podcast – where you’ll find real value all year round.
This year, my premier release will be the “Entrepreneur In You” column and podcast – audio and video. I’ll share articles, funding offers, job opportunities, business deals, mentorship programs, all the while chatting with famous and successful people we all know and read. We’ll discuss their journey, how they got their spark, what drives their inner entrepreneur, and how they’ve “ created or extracted value ” in many ways we don’t know. All of this in an effort to share ideas, offer real help, and demonstrate life hacks that equip our audience with the proper tools needed to bring out the Entrepreneur in you.
Stay tuned!
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