Authors: Dr. David Ackah, PhD2. | Dr. Stephen K. A. Hammond, DBA2. | Amina Sammo, FPMP3.
1President, Institute of Project Management Professionals
2Project Management Office, GCB Bank
3Director, Social Services, Ministry of Zongo & Inner City Development, Ghana
Entrepreneurship is not an easy vocation and does not always guarantee a 100% success. Several critical factors must be in place to enable entrepreneurs to achieve a measure of success. In this regard, Trivial and Average Initiatives deserve much more attention, especially with regards to the entrepreneurial attributes as well as the business practices of the entrepreneur, which are frequently acquired as part of the entrepreneur’s personal life strategies. The current study investigated the effect of entrepreneurial characteristics and business practices on the long-term survival of Trivial and Average Initiatives. The central question that was addressed included the entrepreneurial characteristics and business practices that affect the long-term survival of Trivial and Average Initiatives and the extent to which they do so.
The descriptive research design was employed to obtain a picture of the effect of entrepreneurial individualities as well as professional practices on the long-term survival of Trivial and Average Initiatives in Ghana. A mixed method strategy was employed to reach conclusions that are accurate, reliable and reproducible. The population of this study focused on was entrepreneurs in the small, medium and large enterprises in the Kumasi metropolis. Interviews, as well as questionnaires, were employed to collect the required data for this study. SPSS was employed to analyse the quantitative data.
The main empirical findings of this study demonstrate that entrepreneurs in the Kumasi metropolis believe that they have the traits or are characterised by the need for achievement, commitment and determination, risk-taking propensity, self-confidence, creativity self-reliance and ability to adapt, innovative, obsessed with opportunities and then they have the motivation to excel. The trend of the responses further implies that the Trivial and Average Initiatives in the Kumasi metropolis have well-developed teamwork functionality and to ensure a better application of existing resources by focusing them on the highest risks while conducting all-inclusive and systematic documentation of risks concerning each of its stated purposes and objectives.
Keywords: Entrepreneurial Individualities, Professional Practices, Entrepreneurial Characteristics