Institute for Liberty and Policy Innovation (ILAPI) collaborated with AIER and Bastiat Society of Ghana on a dinner Event on the topic “Practical Economic Meaning of Entrepreneurship,” at the Mensah Sarbah Hall- University of Ghana on the 28th February, 2023.
The event emphasized on the need to understand the entrepreneurial ecosystem which will help in discovering entrepreneurial potentials for socio-economic development. Participation was overwhelming with both students and other interested young entrepreneurs debating and asking questions on the controversies on entrepreneurship.
The presentation was based on Different Views of Entrepreneurship, Creativity and Innovation, The Entrepreneurial Mind, and the Difference Between Productive and Unproductive Entrepreneurship.
During the presentation by the Executive Director for ILAPI, Mr. Peter Bismark Kwofie on An Introduction to Entrepreneurship; a book written by Eamonn Butler and published by IEA in 2020, Peter disclosed that there are various views when we mention entrepreneurship. To him, one may understand entrepreneurship from the perspective of the type of business, occupation, risk taking and mindset.
Also, He explained how innovation plays a significant role in an entrepreneurial journey. He added that, for an individual or an entity to be innovative, there is a need to always identify productive opportunities in every phenomenon. Further, he acquiesces in Ridley philosophy that even though innovation aids the discovery of new ideas and devices, it is congruently a great equalizer to all regardless of geographical location (Ridley, 2020).
This phrase was explained with mobile phones and laptops as an innovative gadget used by diverse heterogeneous people without geographical or class limitation.
Explicitly, in his presentation, He admonished that sociological factors can greatly influence one’s mindset into entrepreneurial journey. However, to become an innovative productive entrepreneur, you must have the potential to change valueless things into valuable things through the application of creativity, inventiveness, and opportunity driven Mindset.
After the presentation, participants took of the Eamonn Butler’s book. The mass distribution during the ILAPI – LEC Group 2023 annual university tour program from January to mid-February which experienced over 680 books distribution including individuals visiting our office, also paved way for others to download online.
The Head of Research at ILAPI, Mr. Stephen Dansu also asked participants to make room for productive innovations and have passion for all that they do as entrepreneurs.
A participant recounted how bureaucracies and red tapes in product registrations have delayed her product onto the market. That the “regulatory environment is frustrating and discourages innovations” she said. The demands from the Food and Drugs Authority (FDA) and other regulatory institution have been the “killer” of businesses and often do not incentivize to help entrepreneurs to do business. This was discussed as part of the obstacles taking people out of business and discouraging others from starting one.
The dinner event on entrepreneurship was a memorable one and ILAPI and its partners would putting together similar ones in future.