Developing Entrepreneurial Ventures In Ghana Through Succession Planning

Abstract

This paper reports the results from a survey of 147 small business owners in the Adentan Municipality in Accra, Ghana. Descriptive statistics were used to analyze the respondents’ general characteristics as well as their attitude toward business succession planning. Consistent with extant literature, the study revealed that though small business owners would want their businesses to outlive them and possibly transfer the business to the next generation; majority of these enterprises have not deliberately planned for their succession. It was also revealed that these small business owners do not have a clear understanding of the concept of succession planning and its benefits. This outcome has serious implications for entrepreneurship development in Ghana in relation to small businesses’ economic and job creation potential.

Keywords: entrepreneurship, succession planning, small business, Ghana