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04.11.2004 Business & Finance

Final competition for entrepreneurs held

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Accra, Nov 4, GNA - The Ministry for Private Sector Development (MPSD) in collaboration with TechnoServe Ghana on Tuesday, held the final competition to select the best 10 out of 20 businesses of young entrepreneurs, for awards and support under the GYE programme.

The competition, which was instituted in 2003 by the Ministry, engaged TechnoServe Ghana to provide follow-up services and ensure the organisation and implementation of the competition annually.

It was aimed at encouraging young entrepreneurs, especially those who had just completed school to set-up their own businesses.

Through an annual competition a panel of judges was constituted to access the performance of participants in terms of the development and presentation of a comprehensive business, which would be supported by the Ministry for further implementation or expansion.

Mr Fred Oware, a member of the President's Investors Advisory Council and Chairman of the panel, said government was keen on the development of entrepreneurship skills among the youth to prevent their over reliance on white colour jobs.

He advised the young entrepreneurs to aim at coming up with unique features and ideas in their businesses to help them win competitions in the vast competitive market.

Participants had earlier been taken through series of training programmes aimed at equipping them with skills to develop professional and standard business plans, which would be acceptable for donor support.

"They were also introduced to application of supply and demand, financing strategies, corporate governance, research and marketing as well as introduction to PowerPoint presentations for effective presentation of their final business plan during the competition," he said.

Mr Oware urged participants who did not meet the mark of winning the competition to be encouraged by the fact that their business plans would be discussed by experts and corrected to enhance their profit.

"We will assist you to correct your flaws and sharpen your visions for actualisation," he said.

He stated that TechnoServe would further assist the winners of the competition to register their businesses and provide them with other technical support to ensure their growth.

Mr Robert Hinson, Technical Advisor, Innovation and Entrepreneurship, MPSD, said public notice was placed in the print media for nationwide participation, after which 82 out of the 85 entries received from all the regions were short listed for training.

He said 50 persons representing 41 businesses across industry ranging from agro-processing, through information technology to health went trough the training, after which they were further grouped into the 20 businesses for the final competition. 4 Nov. 04

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