A Senior Lecturer at the Department of Marketing and Entrepreneurship at the University of Ghana Business School (UGBS), Dr. George Acheampong, delivered an insightful lecture on the theme, “4 Steps to Starting and Succeeding in Agribusiness as a side business”. This lecture was held online on 14th July 2021 and was organised by the United States Embassy Public Affairs Section. The lecture sought to highlight entrepreneurial opportunities that exist in the agricultural sector in Ghana.
In his presentation, Dr. Acheampong indicated that the objective of his presentation was to give people a paradigm shift from the established perception of the agricultural sector, using a perspective that can help them succeed in their agribusinesses. Focusing on the agricultural factsheet-crop, Dr. Acheampong disclosed that agriculture employs over 48% of Ghana’s workforce according to 2016 statistics, and Ghana has 65% of their land being arable. However, he noted that there are always food shortages in the country. He revealed that lots of our farmers are subsistent and not commercial. “Most of these food producers rely on our normal rains which is very dangerous”, he said. He continued by discussing some of the challenges of agriculture in Ghana and opined that these challenges include the lack of formal management, lack of access to a ready market, irrigational difficulties, and few extension services such as lack of farmer educational opportunities in the agribusiness.
Dr. George Acheampong stated some frameworks for engaging in side-businesses. He explained a side-business as an enterprise where individuals engage in aside their routine ‘8-5’ jobs. According to Dr. Acheampong, there are two major considerations an individual must make before going into a side-business and these are the resource commitment and the scalability of the business. However, he advised that in venturing into a side-business, a person must try and go with their means, take the risk he or she can afford, share risks, and most importantly, pivot with feedback.
There was a question-and-answer session at the end of the presentation.
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