FOUNDATIONS OF
ENTREPRENEURSHP
CLASS THREE: THE ENTREPRENEUR & THE ENTREPRENEURIAL MIND SET
Elikem Nutifafa Kuenyehia
Agenda For Class Three
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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 Shum @ 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.