By Dr. Francis Fondo
When discussing the twin issues of innovation and entrepreneurship, it is important to understand the distinction between them for they do not mean the same thing. Neither are their meanings interchangeable. The importance of understanding innovation is the first step towards being a successful entrepreneur and the importance of understanding entrepreneurship is the first step in being an innovator.
Peter Drucker has probably made the sharpest distinction between innovation and entrepreneurship. In his book Innovation and Entrepreneurship, he quotes the French Economist J.B. Say who around the year 1800, described an entrepreneur as one who “shifts…
By Adam Fayed
There are only three certainties in life. Death, taxes and the that Ghanaian Cedi and the Nigerian Naira will depreciate every year. Well, perhaps that is an exaggeration. Nobody can time the currency markets or predict the future with 100 percent certainty.
Yet the overall trend is clear. One dollar bought 0.91 Cedis in 2007. It now buys 5.85. One Dollar was worth 138 Nigerian Naira in 2003, and now buys a whopping 381 Naira. These currencies are just two examples I could have used from around the world.
Currencies all over the emerging world, from Latin…
By Derrick Vikiru
Entrepreneurship and the growth of small and medium enterprises (SME) are essential in the economic transformation of Africa. This is especially true considering the fact that about 80 percent of Africa’s economy is informal — an indication of the prevalence of the entrepreneur culture in Africa.
However, the nature of entrepreneurship and small business development in African Economies greatly differ from those in developed market economies, due to the unfavourable financial and capital market conditions.
That notwithstanding, African entrepreneurship has been on a gradual rise, and today we see more young people start their own ventures or…