The Africa Centre for Entrepreneurship and Youth Empowerment (ACEYE), led by co-founder and CEO Emmanuel Acquah, is a think tank in Ghana dedicated to promoting entrepreneurship and free markets in Africa. One of its projects is ACEYE Club 100, which helps young entrepreneurs and small and medium-sized enterprises succeed.
I enjoyed making two video-conference presentations to members of the Club in the pilot training program. The session on July 31, 2025, covered two subjects: 1) briefly, economic freedom, and 2) the entrepreneurial mindset. The following is based on the outline, with links to sources and a list of references and other resources. A discussion followed.
The purpose of this piece and Part Two, on leadership, is to enable the attendees to review the points and learn more, and for others to be able to benefit from the information.
Economic Freedom
Ghana’s Ranking
The Fraser Institute annually publishes a report, Economic Freedom of the World, which includes an index. “The annual index published in Economic Freedom of the World 2024 measures the degree to which people in 165 jurisdictions around the globe are allowed to make their own economic choices.”
The report is based on 2022 data. The factors it analyzes are the size of the government, the legal system and property rights, sound money, freedom to trade internationally, and regulation. (Chapter One, p. 12).
The report explains, “Like human freedom more broadly, economic freedom is based on the concept of self-ownership. If individuals own themselves then they have a right to choose how to use their time, talents, and resources to shape their own lives.” (Chapter One, p. 9).
The index ranks Ghana 113th.
The Cato Institute and Fraser Institute’s Human Freedom Index 2024 covers both personal and economic freedom and provides combined scores and rankings.
Ghana’s personal freedom rank, 63rd, is better than its economic freedom rank. Its combined rank is 76th, placing it 7th in Sub-Saharan Africa.
Importance of Economic Freedom
Freedom is its own virtue, and it has positive consequences, as discussed in the Executive Summary of Economic Freedom of the World 2024.
- Higher income
- Longer and more satisfying lives
- Lower infant mortality
- Lower rate of child labor
- Higher youth literacy for both boys and girls
- Better environmental stewardship
- Greater tolerance of other genders, minorities, and immigrants
- Lower corruption
Economic Freedom and Entrepreneurship
Economic freedom allows people to form and operate new businesses, enhancing economic progress. Entrepreneurs overcome the obstacles that governments put in their way, inspiring others to pursue this path.
Entrepreneurial Mindset
Examples of American Entrepreneurs
As requested, here are two examples of entrepreneurs in the United States.
Henry John Heinz
Henry John Heinz was born to immigrant parents in 1844. By the time he was nine years old, he was selling surplus produce from the family garden. At age 24, he formed a company with friends to make and sell products such as pickles and ketchup. He stressed purity and quality and innovated in branding, farming, manufacturing, marketing, and the treatment of employees.
Now, 156 years later, Heinz, which merged with Kraft Foods, remains strong, with global sales, including in Ghana.
Eric Yuan
Eric Yuan, well educated in China, immigrated to the United States in 1997. He worked for a video-conferencing company, WebEx, later bought by Cisco. He attended the Stanford Executive Program in 2006, which led him to decide to be an entrepreneur.
In 2011, he founded a new company to create a better and simpler approach to video conferencing. The field was crowded, but the company developed the strongest brand.
The name of the company? Zoom. ACEYE uses its platform for its training program, and many of us regularly use it for meetings.
We can think about what made these men successful, learn about more American entrepreneurs, and explore the experience of entrepreneurs in Ghana and around the world.
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Ten Principles of the Entrepreneurial Mindset
1. Follow Your Interests
- When creating a new business or introducing a new product or service, do something that excites you, so you can sustain your interest.
2. Be Financially Conservative
- Survive today so that you can thrive tomorrKeep your day job as long as necessary
- Keep expenses low
- Add employees only as necessary, and consider outsourcing
- Create savings
- Be cautious about any outside financing
3. Recognize the Risks of Partnerships
- They come at the cost of independence
- An alternative is collaboration
4. Pursue Excellence in Everything You Do
- This includes any written communication
- I recommend Grammarly Pro
- Style is substance
5. Be Ethical
- Being ethical is its own virtue, and it is essential for establishing trust and having a good reputation
- Includes honesty and fairness
6. Have a Growth Mindset, Not a Fixed One
- But play to your strengths
- Focus on the journey
- Be a learner, including through reading
7. Be a Critical Thinker
- Apply reason and question assumptions
8. Persevere
• Accept that all entrepreneurs must deal with challenges
9. Form Connections
- Find a mentor in your field
- Consider having a coach
- Coaches are thought partners, offering encouragement and different perspectives
- Network, including by attending industry events
10. Take Care of Yourself
- Walk
- It is good for your health and your thinking
- Sleep
- Getting plenty of sleep is essential for your health, resilience, and performance
Conclusion
I encourage everyone to advocate for freedom, including economic freedom. And I wish happiness and success for entrepreneurs.
……..
References
Economic Freedom
Economic Freedom of the World 2024
PDF is linked:
“Canadians have less economic freedom today than they did in late-1970s due partly to growth of government” (10-16-24).
https://www.fraserinstitute.org/studies/economic-freedom-of-the-world-2024-annual-report
Human Freedom Index 2024
Cato Institute and Fraser Institute
https://www.cato.org/human-freedom-index/2024
Entrepreneurial Mindset
“Brand Man: The HJ Heinz Story” (7-5-18). Gary Hoover.
https://www.archbridgeinstitute.org/brand-man-the-hj-heinz-story/
“Eat, Sleep, Zoom” (7-31-20). Steve Hawk.
https://www.gsb.stanford.edu/insights/eat-sleep-zoom
“Eric Yuan:
Founder and CEO, Zoom”
“2020 Great Immigrants”
Carnegie Corporation of New York
https://www.carnegie.org/awards/honoree/eric-yuan/
Grammarly Pro
https://www.grammarly.com/pro
“Do You Have a Passion for Your Purpose?” (7-31-25). Bill George.
https://www.linkedin.com/pulse/do-you-have-passion-your-purpose-bill-george-994xe/
“What Is a Mindset and Why It Matters” (Updated 6-23-24). Kendra Cherry.
https://www.verywellmind.com/what-is-a-mindset-2795025
“The Role of Critical Thinking in Entrepreneurship” (8-14-24). Netish Sharma.
https://www.linkedin.com/pulse/role-critical-thinking-entrepreneurship-netish-sharma-vn42c/
“Taking a Walk Will Boost Your Creativity and Problem-Solving” (1-21-19). Susan Biali Haas.
https://www.psychologytoday.com/us/blog/prescriptions-life/201901/taking-walk-will-boost-your-creativity-and-problem-solving
“Why Is Sleep Important?”
https://www.psychologytoday.com/us/basics/sleep
Additional Resources
“Overcoming Barriers through Purpose and Entrepreneurship: Lessons from 21 Amazing American Originals”
(3-30-20). Gary Hoover.
https://www.archbridgeinstitute.org/overcoming-barriers-through-purpose-and-entrepreneurship-lessons-from-21-amazing-american-originals/
“American Originals”
Gary Hoover and Dave Stanwick.
https://www.archbridgeinstitute.org/category/american-originals/
New edition of the 1936 classic:
How to Win Friends and Influence People (2022). Dale Carnegie.
https://www.simonandschuster.com/books/How-to-Win-Friends-and-Influence-People/Dale-Carnegie/9781982171452
“How to Win Friends and Influence People: A Therapist’s Book Review” (7-11-23). Meera Phull.
https://www.brighter-minds.co.uk/blog/how-to-win-friends-and-influence-people-a-therapists-book-review/
“How (and Why) to Think Like an Entrepreneur:
Approach all new projects with a sense of potential and anticipation.” (7-18-25). Bruce Rosenstein.
https://www.psychologytoday.com/us/blog/the-peter-drucker-files/202507/how-and-why-to-think-like-an-entrepreneur
“3 traits of an entrepreneurial mindset” (11-23-22). Meredith Somers.
https://mitsloan.mit.edu/ideas-made-to-matter/3-traits-entrepreneurial-mindset
“Growth Mindset”
https://www.psychologytoday.com/us/basics/growth-mindset
