ENTERPRENEURSHIP DEVELOPMENT OF PROFESSINALS IN MSMEs IN GHANA
Abstract
Background -Purpose: The study explores the factors that influence enterpreneurship development of career professionals in Ghana. Professionals venture into various businesses to supplement revenues from their employment for financial sustainability. This is usually the alternative for employees with varied obligations and responsibilities who need additional income amidst the volatile economic environment in Ghana.
Objectives: The study determines the influence of access to finance and technical know-how on enterpreneurship development of professionals who venture into micro, small and medium enterprises in Ghana.
Methodology: A sample of 250 drawn from professionals in entrepreneurship in Ghana and residing around university communities. The response rate of the study is 76.3%. The model estimation and testing will be done using Microsoft excel, SPSS (IBM) and PLS-SEM-Smart PLS 4.0 data analysis tools.
Results: The findings show a positive statistically significant relationship between access to finance and enterpreneurship development of professionals, and a weak statistically significant relationship between technical know-how and enterpreneurship development of professionals.
Conclusions: The results suggest that professionals with entrepreneurship intention become satisfied and sustainable where they have access to finance and technical know- how. Their work-life balance improves where they are able earn significant income to support their family and other obligations.
Recommendations: The study recommends that, to ensure family work life balance and enterpreneurship development, human resource function should facilitate access to finance, encourage technical knowledge in employees with intention to venture into enterpreneurship. The study further suggests that professionals should engage in business types that facilitate pooling of resources such as partnerships to ensure access to some level of funding for their enterpreneurship activities.
