He said entrepreneurs act as catalytic agents in the process of industrialisation and economic growth.
In an interview with Ghana News Agency in Accra, Dr Buame said the rate of economic progress of a nation depends on the rate of innovation, which in turn relies upon the distribution of entrepreneurial talents.
Technological progress alone could not lead to economic development unless technological breakthroughs were put to economic use by entrepreneurs.
Dr Buame who is also an entrepreneur said an effective businessman always identified opportunities, organised existing resources and converted those prospects into marketable goods and services.
He explained that it was the entrepreneur who could organise and put to use capital, labour and technology in the best possible manner for the setting up of an enterprise.
“Entrepreneurs must be innovative and able to create employment opportunities since unemployment is one of the most important problems confronting developing and underdeveloping countries.
“Having in place entrepreneurial development programme, would enable prospective entrepreneurs in the setting up of their own units both on small and large scale to facilitate their self employment,” he noted.
Dr Buame stressed that entrepreneur as an organiser of factors of production who employ resources for the setting up of an enterprise.
He said an effective entrepreneur mobilised idle savings of the public and put them to productive use, thus helping in capital formation which was essential for industrial and economic development.
Dr Buame said entrepreneurs must make a difference in their fields and be good networkers who should focus on spotting and exploiting opportunities.
He said to succeed as an entrepreneur, one needed to have positive attitude, skills and knowledge adding that, there was no short-cut to wealth other than hard work.
“Entrepreneurs must first look out for ideas on solving problems, have the passion and determination for a project before thinking of the benefit, since developing ideas results into meaningful returns.
“China is moving fast because of individual intellectual entrepreneurs who do not depend only on the government,” he said.
Dr Buame noted that there should be free economy to engage the private sector in creating business opportunities in the country for national development.
He encouraged the youth to venture into entrepreneurial skills since it was the engine of growth adding that the University of Ghana Business School had introduced a course in entrepreneurial skills to equip students with business ideas.