Entrepreneurs must innovate to remain relevant

• Published date: 10 February 2023
• Publication title: Business and Financial Times

Nana Akwesi Bonsu, a business consultant, has challenged entrepreneurs in the country to keep themselves from endeavours which are no longer relevant in today's dynamic world.Rather, Mr.

Bonsu who is the Chief Executive Officer (CEO) of My Story Magazine said entrepreneurs must be adaptable, with the ability to deliver new products and services or build new systems and structures that can help strengthen their operational capacities.Speaking to the media in Accra, the CEO stated that innovation and technology adoption are no longer an option but rather a must for entrepreneurs: "Create a niche for your business, adjust to current or future innovations, learn new inventions and build up new systems and structures for your businesses.

Don't underestimate the power of technology; and above all, have the mental capacity."No rosy journeyMr.

Bonsu said entrepreneurship is not a rosy journey, and that a tough-minded approach is needed to create an avenue that will help society."Nonetheless, mental fortitude, a wealth of knowledge, understanding your essence for the establishment, and having the wisdom to ride your idea are very essential in this instance.

"Amid the current economic crisis and global recession, there is also a place for individuals who have mastered their craft to also survive," he said.Tax exemptionsAccording to him, government should support entrepreneurs by creating opportunities such as tax exemptions on specific consumable goods and services.

He said there should be a system that financially supports business owners to help them expand their operations.He said government must take deliberate steps to patronise small-scale businesses, especially for locally-produced goods and services.

Mentorship He...