Aspiring entrepreneurs have been urged to dispel stereotypes that hold them back from launching their own businesses.

Industry players claim lack of finance, fear of taking risks, and the belief that entrepreneurs are created rather than born are all barriers to their success.

However, participants at the 2022 edition of the National Youth Mentorship Summit held in Kumasi have been asked to brace up to establish successful businesses.

The National Youth Mentorship Summit is to empower the youth and guide them on leveraging opportunities.

Facilitators provided career guidance, coaching and mentoring for participants.

Chief Executive Officer of Letshego Ghana, Arnold Parkers, cautioned participants on some myths and misconceptions on entrepreneurship.

“There is this myth that all the money in Ghana is in Accra. However, there is much money to be made outside of Accra. Another myth we need to break is, graduates can’t do menial jobs. You will find some blogs publishing stories about first class graduates selling charcoal, bread among others. People see it as funny. When I read such blogs, I ask myself, what is wrong if a graduate sells bread or charcoal?” he quizzed.

In recent years, requirements for the job market have substantially changed, but teaching methods in schools have remained the same.

Employers find the graduates lacking in soft skills, creativity and problem-solving skills.

Economist Sam Ankrah finds this worrying.

“Isn’t it ironic, a university like ours was built purposely to produce scientists and innovators and creative individuals. Yet our basic agricultural industry has not seen any enhancement or technological advancement from our institutions,” he said.

On global markets, Ghanaian producers compete with other foreign producers.

Managing Director of Prudential Bank, John Addo, wants producers to harness their export potentials.

“It is difficult to have what we produce locally to be accepted on the international market. That is because we are not able to meet the right standard. When you go into business make sure you do things right. Make sure you produce to a high standard,” he advised.

Meanwhile, Arnold Parker has advised aspiring entrepreneurs to explore opportunities in the Ghanaian breakfast industry.

“One of the things we have not modernized is our breakfast industry. The challenge with our breakfast industry is that, the people who sell to us are not even educated.  We do not even know the kind of water, or chemical they put in what they are selling.

“Do you think if you have a degree in chemistry, you will put Sudan dye in palm oil? No, unless probably you are a criminal,” he said.