1. FOUNDATIONS OF ENTREPRENEURSHIP
CLASS ONE: INTRODUCTION TO CLASS & TO COURSE
Elikem Nutifafa Kuenyhia
Management Consultant & Corporate Lawyer

2. Agenda For Class One Introduce one another.
Set ground rules & expectations.
Elect Class Captain.
Introduce Course.
Present Semester Schedule including class outlines and speakers.
Explain Assignments.
Give you opportunity to ask questions

3. Class Individual Introductions
Name.
Major.
Employment & Role.
Entrepreneurial Experience?
Which entrepreneur you admire and why.
Expectations of class.
Best class taken at GIMPA till date

4. My Background
Corporate Lawyer, specialise in venture capital and private equity transactions
Management Consultant focused on nurturing and developing fast growing businesses
Entrepreneur: Start up team of Standard Trust (now UBA) Bank, Run & manage own business. (Micro) Venture Capital Investor through O & B Investments. Advise entrepreneurs.
Academic?? & Textbook Author??? – Kuenyehia & Entrepreneurship (very early draft)

5. My Background (cont’d)
Serve on the boards of MET Insurance, Chase Petroleum& Creativehub.
Recipient of ‘2006 Young Professional of the Year Award’ (Newmont /Millenium Excellence Foundation)
Clients include International Finance Corporation (IFC), Development Bank of South Africa, Australian High Commission, Johnson & Johnson, MET Life.

6. My Education
MBA (Entrepreneurship, Marketing & Finance), Kellogg School of Management, Northwestern University. USA.
MA (Jurisprudence) University of Oxford. England.
BA (Jurisprudence), University of Oxford. England. Upper Second Class.
A-level: 4 A’s from Achimota School.
O-level: Distinction from Achimota School.
Common Entrance: 283/400. Ridge Church School.

7. My Passions Entrepreneurs. Successful ones! African Art. Travel Food.
Knowledge – acquisition and dissemination.

8. The Rest of the Team Kwabena Asiedu
Research Assistant, Kuenyehia on Entrepreneurship

9. Ground Rules & My Expectations
ACTIVE participation in Class.
ALWAYS read assigned chapters and articles.
ATTEND every class.
Participate in team work.
Mobile Phones on Silent or Off.
Punctuality every time. [Counts towards class participation grade]
ONLY One conversation a time in class.
CHALLENGE my ideas. Respectfully!

10. Ground Rules & My Expectations (cont’d)
Be Polite to Speakers.
Ask them insightful questions.
Have fun.

11. Elect Class Captain Get Nominated OR Nominate yourself
OR Nominate Someone
Vote!

12. Objectives of Course Introduce the key elements of entrepreneurship.
Introduce students to the discipline of entrepreneurship generally in Ghana & globally.
Provide budding entrepreneurs with tool kit to launch and sustain entrepreneurial ventures.

13. My Personal Vision for the Class
To be the ‘best’ class that each and everyone of you has ever taken
Challenge you to challenge yourself.
You contribute to my quest to educate myself in the area of entrepreneurship.
You provide me with examples for KOE and also criticise (constructively) KOE.

14. The Soul of the Course Entrepreneurship involves:
Acquiring ideas and identifying high-potential opportunities
Gathering resources (talent & capital)
Creating a unique brand
Planning a well laid out business plan

15. ……etc etc Just a few examples…. Starbucks Travel King Ghana Home Loans
Databank Financial Services
BusyInternet
SOFT Tribe
Multi-media Broadcasting Company Limited
Farmer George
……etc etc

16. Resources Scarborough & Zimmerer Kuenyehia On Entrepreneurship (KOE)
[as we progress through the class]
Speakers
Assigned Readings

17. Class Two The Entrepreneur & The Entreprenuerial mindset
Case: The King of Travel: Pak Wo Shum
Proposed Speaker : Pak Wo Shum

18. Class Three Idea Generation and Opportunity Analysis Build or Buy?
Case: Triumphant entry into Ghana: Standard Trust
Proposed Speaker: Ken Ofori-Atta

19. Class Five Legal and Regulatory Consideration
Corporate Governance and Ethics
Proposed Speaker: Stanley Amartefio

20. Class Four Seminar 1: Idea Generation and Opportunity Analysis
Proposed Speakers:
Ellis Atekpe
Mr. Kofi Ababio (KAS)
Tettee Antio, BSL/Soft Tribe
J.E. Allotey-Pappoe, Business Ghana
Jasmine Shangari, Farmer George

21. Class Six Acquiring and Managing Financial Resources
Article: The Ghana Venture Capital Trust Act 2004: A good shot in the dark? Kuenyehia, Ghana Business Journal, Nov 2003

22. Class Seven Attracting and Managing Human Capital Operational Issues
Case: Starbucks

23. Class Eight Seminar 2: Attracting and Managing Human Resource Capital
Proposed Panelists:
Asuma Banda
Ellen Hagan, E’lain Services
Ken Ofori-Atta, Databank
Kwabena Obeng Ansong

24. Class Nine Building and Developing a Brand
Case: Its all about You: Building a brand from scratch

25. Class Ten The Business Plan
Planning for venture maturity: Expansion, Restructuring, Insolvency, Bankruptcy and Exit Strategies

26. Class Eleven Seminar 3: Entrepreneurial Finance and The Business Plan
Proposed Panelists:
Edmund Poku
Kekeli Gadzekpo
Daniel Asiedu, COO, Zenith Bank

27. Class Twelve
Finale: Bringing it all together

28. Grading & Assignments Class Participation: 10%
Active participation. Attendance. Punctuality.
Individual Case Study Assignment: 30%
Real Life case study: Write a case on an existing entrepreneur and his/her business. Using concepts developed in class, evaluate the process of development of the venture from idea to profits (or losses).
Final Exam: 60%
4 essay type questions.

29. Introduction to Entrepreneurship
History and Development of Entrepreneurship
- Entrepreneurship evolved from French word “entreprendre” meaning “to undertake”
- Other referrals include middleman, director of resources, tax contractor
-Richard Cantillon maintains entrepreneurs as middlemen in his postulation of agents of economy (landowners, entrepreneurs, hirelings
- In mid 20th century definition of entrepreneurship were based on economic situations

30. Some Definitions
An entrepreneur is ‘a necessary destabilising force bringing economic growth through the disequilibruim of constant change and innovation’.
-Joseph Schumpeter
‘Individual who undertook formation of an organisation for commercial purposes’.
- Adam Smith
‘It is possessing the know-how to find, marshal and control resources (often owned by others)
- Timmons

31. My Definition
‘Is the process of risking resources based on an idea (or series of ideas) to develop the idea or ideas into goods and/or services that people perceive as valuable and are willing to pay for, in such a way as to maximise profit for the enterprise risking the resources’

32. Entrepreneurship as a process
Entrepreneurial process begins with an idea which develops into an opportunity or vice-versa
Idea and opportunity are intertwined by size of willing patronisers
Key resources risked include time, human and capital resources
One Cycle Entrepreneurship vs Repeated Cycle

33. Entrepreneurship as a state of mind or series of attributes
Entrepreneurship is also a characterisation of attributes that enable people to exploit opportunities for financial reward.
-Motivation factor is the individual’s state of mind
Entrepreneurship as a pattern of behaviour
Ability to build a vision from nothing- Timmons
Complementing one’s skills by building a venture team

34. Forms of entrepreneurship
Social Entrepreneurship
Creating social change through an enterprise
Enterprises include non-profit organizations and businesses set up with a social purpose
Intrapreneurship
Formation of new idea within an existing organisation
Entrepreneurial concept belongs to the organisation and not the intrapreneur.
Financial rewards also go to the company (Intrapreneur’s reward is limited)
Examples include Google (3M), MET Insurance (MET2U), etc.

35. Forms of entrepreneurship (cont’d)
Extrapreneurship
Break off from existing company
New company may carry similar idea from parent company
Example is Strategic African Securities (SAS) which broke off from Databank in 1994
Opportunity entrepreneurship vs. Necessity entrepreneurship
Opportunity entrepreneur develops an idea to exploit an existing opportunity
Necessity entrepreneurs result from lack of alternatives
Entrepreneur vs. Businessman
All entrepreneurs are businessmen but not all businessmen are entrepreneurs
A Business man establishes a business for personal goals while an entrepreneur establishes an enterprise for profit and growth –Beaver and Jenkins

36. Evolution of entrepreneurship in Ghana
Entrepreneurship began in before the arrival of the Europeans
Europeans were also entrepreneurs as they risked resources to identify trading opportunities in Ghana.
Post independence witnessed the introduction of a mixed economy in Ghana.
Nkrumah’s Government encouraged private enterprise
The NLC government also supported local entrepreneurs when it published in 1968, ‘The Promotion of Ghanaian Business Enterprise’
Busia’s government was the first to extensively draw up policies and establish bodies to aid entrepreneurs
Rawlings Government introduced ERP and SAP
Kufour’s government is dedicated to making the private sector the engine of growth in the economy. Policies aimed at encouraging entrepreneurship can be found in ‘KOE’

37. Role of entrepreneurship in development of a country’s economy
Creates jobs
Drives economic growth
Frees up states resources
Fosters competition
Fosters innovation
Increases productivity
Provides a tax base for government

38. Challenges facing Ghanaian Entrepreneurs
Access to finance
Low incomes and corresponding low savings culture
Little initiative by banks to be creative
Inability to properly evaluate and price entrepreneurial credit
Unfriendly government machinery
Political and economic instability
Access to information

39. Factors favouring entrepreneurship
Political stability
Macro-economic stability
Secure property rights
Ease of starting a business
Free flow of information
The rule of law and mechanism for contract enforcement
Access to finance
Size of the market in terms of numbers and income levels
Regulation of businesses

40. Institutions that help entrepreneurship to thrive
An independent central bank
An independent judiciary
An independent media and easy access to credible information
Neutral and professional army or security forces

41. Why become an entrepreneur?
Most graduate students take regular executive or civil service career paths while
Some, after a few years of experience quit to start their own enterprise or buy one.
Appeal for joining ‘Corporate Ghana’ or civil service:
More security
Certainty of income
Greater training opportunities
Lower levels of stress
Smaller personal risk
Responsibility
Autonomy & desire to control one’s own destiny
....etc

42. Overview of entrepreneurial cycle: four(4) stages of entrepreneurship
Identification of opportunities
Acquiring resources
Implementing plan to take advantage of opportunity
Harvesting the opportunity

43. Sedina Attionu: Necessity entrepreneur?
Case Study
Sedina Attionu: Necessity entrepreneur?

44. The End
Questions?

45. k.asiedu@beekmansolutions.com elikem@kuenyehia.com
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