[August 01, 2011] Ernst and Young Award Will Inspire Business Role Models Tweet Aug 01, 2011 (Ghanaian Chronicle/All Africa Global Media via COMTEX) -- Ghana's Minister of Trade and Industry, Ms Hanna Tetteh has described the Ernst & Young Entrepreneur of the Year Award as the appropriate benchmark for the emergence of role models in business and industry, to serve as role models for budding entrepreneurs in Ghana. Ms Hanna Tetteh made this observation while responding to the presentation on the criteria that will be used in judging the winners of Ernst & Young Entrepreneur of the Year Award in Ghana. Country Leader of Ernst & Young -Ghana, Mr. Ferdinand Gunn and Mr. Djabanor Narh, Partner, Advisory Services, had jointly updated the Minister on the ideals of the Awards and preparations made to host a successful EOY award event. The Minister, who said the award was truly a way of celebrating entrepreneurs that have successfully managed their businesses profitably over the years, noted that such awards and the recognition of the right calibre of entrepreneurs will assist the Ministry of Trade and Industry in providing role models to aspiring entrepreneurs in various businesses, but who wrongly believe that money is the only factor to business growth and success. "When the stories of winners of Ernst & Young Entrepreneur of the Year Award are told, people will know that business is not easy, and that to be successful in business in the real world, money is not a major factor. Many successful businesses started small and through perseverance and creativity of the individual entrepreneur, the businesses become successful over the years," the Minister said. The Minister particularly lamented about the number of Ghanaian entrepreneurs that were beneficiaries of State facilitated grants or loans, to start their business or as capital injection into the business, but had refused to pay back the loans which were given to them on liberal terms and at very low interest rates. Mr. Gunn and Mr. Narh explained that the Award is the first and truly global award of its kind. They added that for the first time in its existence after 25 years, the award process has come to West Africa and it would be held in 50 countries and 140 cities around the world. Winners of the award in Ghana will join winners from Nigeria at a final event to be held later in the year, to determine winners that will represent West Africa at the international award event to be held in Monte Carlo, Spain. To be nominated for the next 2011Entrepreneur of the Year award, the business leader should have passion, vision and the drive to succeed. The nominee should be a compelling leader who embodies entrepreneurial spirit and isn't afraid to take risks and can drive his or her business forward. "There are two award categories, namely the Master Entrepreneur and Emerging Entrepreneur. To qualify for consideration for the Master Entrepreneur category, the nominee must have a turnover of at least US$ 75million and must be an executive leader of one or more businesses for at least 10 years, listed or privately held, and recognized as leading industry figure, driving market leadership in his or her sector, while nomination consideration for the Emerging Entrepreneur is given to a leader with between two and seven years in business, with a turnover of at least US$5million," Mr. Gunn said in his presentation. [ Back To TMCnet.com's Homepage ]