Citi Business Festival: SME owners must change their mindset to compete and grow – Dr Ayiku

Dr Andrew Ayiku, the coordinator of the MBA on Entrepreneurship and Innovation at the University of Professional Studies-Accra (UPSA), has emphasised the need for a significant shift in mindset among SME owners if they are to compete effectively in today’s market.

According to him, many SME owners tend to limit their growth potential by clinging to the notion of running a ‘small’ business.

Dr. Ayiku, speaking at the Absa – Citi Business Festival, SME Business Roundtable, on Channel One TV, highlighted the importance of support systems and a conducive regulatory framework that encourages entrepreneurs to ‘think outside the box’ and aspire beyond the confines of small-scale operations.

“In my university and with the entrepreneurs we work with, we are trying to introduce courses like Running a Family Business and how to scale up. But just like my colleague said, it is the mindset.

“People’s mindset is just to hold on to something small, so when you ask them, they tell you that they run something small; it is always how they pitch.

“So, these things need to change, and when the support is there, the regulatory framework helps people think outside the box and not think that they only run something small. We cannot continue to grow,” he stated.

The Citi Business Festival 2024 is powered by 97.3 Citi FM and Channel One TV in partnership with Absa Bank and is sponsored by MTN Business, GIRSAL, AMG Fertilizer, Nsano Ltd and Agri-Impact Limited.

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