CLASS ONE: INTRODUCTION TO CLASS & TO COURSE
Elikem Nutifafa Kuenyhia
Management Consultant & Corporate Lawyer
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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
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Name.
Major.
Employment & Role.
Entrepreneurial Experience?
Which entrepreneur you admire and why.
Expectations of class.
Best class taken at GIMPA till date
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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)
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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.
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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.
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Entrepreneurs. Successful ones!
African Art.
Travel
Food.
Knowledge – acquisition and
dissemination.
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Kwabena Asiedu
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Research Assistant, Kuenyehia on Entrepreneurship
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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!
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Be Polite to Speakers.
Ask them insightful questions.
Have fun.
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Get Nominated
OR Nominate yourself
OR Nominate Someone
Vote!
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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.
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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.
Entrepreneurship involves:
Acquiring ideas and identifying high-potential
opportunities
 Gathering resources (talent & capital)
 Creating a unique brand
 Planning a well laid out business plan
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Starbucks
Travel King
Ghana Home Loans
Databank Financial Services
BusyInternet
SOFT Tribe
Multi-media Broadcasting Company
Limited
Farmer George
……etc etc
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Scarborough & Zimmerer
Kuenyehia On Entrepreneurship (KOE)
www.kuenyehia.com [as we progress
through the class]
Speakers
Assigned Readings
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The Entrepreneur & The Entreprenuerial
mindset
Case: The King of Travel: Pak Wo Shum
Proposed Speaker : Pak Wo Shum
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Idea Generation and Opportunity Analysis
Build or Buy?
Case: Triumphant entry into Ghana:
Standard Trust
Proposed Speaker: Ken Ofori-Atta
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Legal and Regulatory Consideration
Corporate Governance and Ethics
Proposed Speaker: Stanley Amartefio
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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
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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
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Attracting and Managing Human Capital
Operational Issues
Case: Starbucks
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Seminar 2: Attracting and Managing
Human Resource Capital
Proposed Panelists:
Asuma Banda
Ellen Hagan, E’lain Services
Ken Ofori-Atta, Databank
Kwabena Obeng Ansong
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Building and Developing a Brand
Case: Its all about You: Building a brand
from scratch
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The Business Plan
Planning for venture maturity: Expansion,
Restructuring, Insolvency, Bankruptcy and
Exit Strategies
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Seminar 3: Entrepreneurial Finance and The
Business Plan
Proposed Panelists:
Edmund Poku
Kekeli Gadzekpo
Daniel Asiedu, COO, Zenith Bank
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Finale: Bringing it all together
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Class Participation: 10%
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Individual Case Study Assignment: 30%
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Active participation. Attendance. Punctuality.
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%
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4 essay type questions.
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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
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An entrepreneur is ‘a necessary destabilising force
bringing economic growth through the
disequilibruim of constant change and innovation’.
-Joseph Schumpeter
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‘Individual who undertook formation of an
organisation for commercial purposes’.
- Adam Smith
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‘It is possessing the know-how to find, marshal and control
resources (often owned by others)
- Timmons
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‘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’
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Entrepreneurial process begins with an idea
which develops into an opportunity or viceversa
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
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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
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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.
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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
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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’
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Creates jobs
Drives economic growth
Frees up states resources
Fosters competition
Fosters innovation
Increases productivity
Provides a tax base for government
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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
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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
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An independent central bank
An independent judiciary
An independent media and easy access to
credible information
Neutral and professional army or security
forces
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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
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Identification of opportunities
Acquiring resources
Implementing plan to take advantage of
opportunity
Harvesting the opportunity
Sedina Attionu: Necessity
entrepreneur?
Questions?
For further information: