FOUNDATIONS OF ENTREPRENEURSHIP Elikem Nutifafa Kuenyehia CLASS FOUR: ENTREPRENEUR & ENTREPRENEURIAL MINDSET

Agenda For Class Four Recap of last class The Entrepreneur The Entrepreneurship Spectrum Entrepreneurial Mindset Traits of a Successful Entrepreneur Are Entrepreneurs born or made? Other considerations about Entrepreneurs Guest Speaker: Catherine Krobo Edusei Benson, Founder of Eden Tree Ghana Limited

Recap of Class Three What did you learn from Introduction to Entrepreneurship? What did you get from Mike Nyinaku?

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 is: –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 Unsentimental Disciplined Future-oriented

Traits (con't) Organised Opportunity obsessed Initiative Desire for responsibility Realistic Energetic & Hardworking Sense of Mission Tolerance for ambiguity Committed (to the venture) Resilient Resourcefulness/Creativity

Other factors influencing entrepreneurs Entrepreneur’s background Age 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 Limited management expertise Inability to think big 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 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 Kwasi Twum Kwaku Bediako

Guest Speaker Catherine Krobo Edusei Benson, Founder of Eden Tree Ghana Limited