FOUNDATIONS OF
ENTREPRENEURSHIP
CLASS FOUR: ENTREPRENEUR & ENTREPRENEURIAL MINDSET
Elikem Nutifafa Kuenyehia
Agenda For Class Four
• Recap of last class
• The Entrepreneur
• The Entrepreneurship Spectrum
• Entrepreneurial Mindset
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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
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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)
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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?
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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?
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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
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Lifestyle vs. high growth entrepreneurs
Religious entrepreneurs
Political entrepreneurs
Social entrepreneurs
Opportunity vs. necessity entrepreneurs
Intrapreneurs
Extrapreneurs
The State?
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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