Strategic Management Practices and Youth Enterprise Development in Ghana: An Empirical Analysis

Abstract

This study sought to provide an empirical analysis of strategic management practices among owner-managed youth enterprises in Ghana. The study adopted a qualitative approach because it sought to gain an in-depth understanding of the issue. In all, twenty (20) owner-managed youth firms participated in the study. Strategic management practices were perceived in order of importance as the practices that transformed strategy into action; practices that form the core values of a firm and practices that inform managements‟ approach to implement business strategies. The findings of the study also showed that, in order of importance, owner-managed youth firms utilized the following strategic management practices; corporate goals, internal and external analysis, mission and vision statements, action plan and long-term objectives. According to the interviewees, some of the implications of the strategic management practices on their businesses are: increase in profit, increase in sales volume, increase in production, adoption of new methods of doing things in the firm and increase in firm size (employees). The study however recommended the adoption of all the strategic management practices by youth enterprises in Ghana because of their relative impact on firm growth and development. The study also recommended the inclusion of strategic management practices in the training programs of stakeholders in the field of youth entrepreneurship development in Ghana