THE FUTURE OF GHANAIAN MICROENTERPRISE: HOW A MODEL SMALL BUSINESS SHOULD LOOK LIKE

Microenterprises in Ghana are run mostly by people in the informal sector. These entrepreneurs often lack the skills needed to start a small business. As a result, most of the businesses they start up often collapse or cannot stand the test of time. The future of Ghanaian microenterprises should move away from a try-and-error approach and adopt a systematic approach. The study focused on how a model small Ghanaian business should be structured to ensure its sustainability. Important aspects of the microenterprise model, such as the composition of a new microenterprise system, including the microenterprise planning stage, the capital stage, and the execution stage, were considered. The research also considered how an entrepreneur can systematically save to enable him or her start a microenterprise venture in Ghana. This study, through a questionnaire survey, investigated entrepreneurs' awareness of starting microenterprises in Ghana and the success of those new startups, analyzing whether they have a future. The study also ascertained the difficulties entrepreneurs encounter in accessing financial support for their startups. The study revealed a low level of awareness among entrepreneurs about how to properly start a microenterprise and ensure its sustainability. Most Ghanaian entrepreneurs enter into microenterprises because there are no jobs. They lack the basic understanding of microenterprises and are unable to sustain their businesses. A number of specific action areas have been identified to proactively educate microenterprises in Ghana to ensure their sustainability.