FOUNDATIONS OF ENTREPRENEURSHP Elikem Nutifafa Kuenyehia CLASS THREE: THE ENTREPRENEUR & THE ENTREPRENEURIAL MIND SET

Agenda For Class Three Class Admin & Recap of Class Two The Entrepreneur The Entrepreneurship Spectrum Traits of a successful entrepreneur Other factors influencing entrepreneurs Are Entrepreneurs born or made? Behaviours typical of Ghanaian Entrepreneurs? Why Entrepreneurs Fail? How one might avoiding failure Different types of entrepreneurs Some celebrated Ghanaian entrepreneurs Case: Pak-Wo TravelKing Guest Speaker: Constance Swaniker CEO/Founder, Accents & Art Opportunity to ask questions

Class Administration Submission of group list & entrepreneur for assignment Questions regarding assignment Reading Chapter 2 – The Entrepreneur Speakers until end of term Entrepreneurial Opportunity for all –Of particular interest to someone with an events background

Recap of Class Two What did you learn about entrepreneurship in Ghana? What is corporate entrepreneurship? Is this the same as intrapreneurship? What did you learn from Guest Speaker – Mr. Ibrahim Awal

The Entrepreneur Anyone who, acting alone or jointly with others generates an idea, nurtures the idea and develops the idea into an enterprise that creates value for customers and simultaneously captures value for the enterprise. Where acting in concert with others, must be significantly ‘vested’ in the enterprise (e.g. major part of idea generation or risk taking)

The Entrepreneur cont’d At the heart of the entrepreneurial venture –The person who ‘dreams the dream’ –OR buys into an existing dream Can be through inheritance? Must ‘adopt’ dream if not your dream Value may be monetary but not necessarily the case for social entrepreneurs

The Entrepreneur cont’d ‘Active entrepreneur’ ‘Passive entrepreneur’ ‘Founding entrepreneur’

The Entrepreneurship Spectrum The Start Up –Classical case of entrepreneurship. Acquisition –Acquire a business whose fundamental idea or product you buy into –Hope to make business more successful than before –Maybe take advantage of some synergies

The Entrepreneurial Spectrum cont’d Franchise –A licence obtained by an entrepreneur (the franchisee) from the owner (franchisor) of an established product, business method or service. Inheritance –Inherit business from relative, close friend –Must ‘adopt’ the dream though –Otherwise better to be a shareholder only

Traits of A Successful Entrepreneur Interpersonal skills Ability to become connected Dynamic leadership & vision Self Confidence & Optimism Salesmanship Passion Willingness to take risks Flexibility

Traits (con't) Unsentimental Disciplined Organised Opportunity obsessed Initiative Desire for responsibility Realistic Energetic & Hardworking Sense of Mission

Traits (con't) Tolerance for ambiguity Committed (to the venture) Resilient Resourcefulness/Creativity Future-oriented Unwillingness to submit to authority

Other factors influencing entrepreneurs Entrepreneur’s background Age (Hermann Chinery-Hesse found the Soft Tribe at 27 years) Educational level

Are Entrepreneurs born or made? Class Discussion

Behaviours typical of Ghanaian Entrepreneurs? Unable to separate ‘self’ from business Personality driven Lack of planning Do not listen Spread too thinly Lack of trust Desire for Control Cut corners

Behaviours cont’d Limited management expertise Inability to think big Unwilling to stick with it Competency dependence

Why Entrepreneurs Fail? Environmental reasons Over-optimism Over engagement in task oriented activities Approach to decision making Inability to recognise when entrepreneur must give way to manager Lack of discipline/Focus

Why Entrepreneurs Fail? Cont’d Underestimation of competition Inadequate investment in product or service development

Avoiding Failure? Find the right people Give them freedom to succeed Broaden the conversation Get the right knowledge Prepare a business plan Manage financial resources Adapt, evaluate, course correct Don’t spread thinly

Different types of entrepreneurs Lifestyle vs. high growth entrepreneurs Religious entrepreneurs Political entrepreneurs Social entrepreneurs Opportunity vs. necessity entrepreneurs Intrapreneurs Extrapreneurs The State?

Some celebrated Ghanaian entrepreneurs Prince Kofi Amoabeng Alhaji Asoma Banda Ernest Bediako Sampong Mark Davies Herman Chinery- Hesse Dr. (Mrs.) Esther Ocloo Ken Ofori-Atta Sandy Osei-Agyeman Mrs Elizabeth Villars

Pak Wo Shum & Travel King What did we learn from the case?

Homework Exercise Spend five to ten minutes to analyse yourself, your strengths, weaknesses and ask yourself whether you consider yourself a born entrepreneur based on the traits of successful entrepreneurs discussed.