Elikem Nutifafa KuenyhiaManagement Consultant & Corporate Lawyer

CLASS ONE: INTRODUCTION TO CLASS & TO COURSE

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

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

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)

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.

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.

Entrepreneurs. Successful ones! African Art. Travel Food. Knowledge – acquisition and

dissemination.

Kwabena Asiedu Research Assistant, Kuenyehia on

Entrepreneurship

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!

Be Polite to Speakers. Ask them insightful questions. Have fun.

Get Nominated OR Nominate yourself OR Nominate Someone Vote!

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.

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

Starbucks Travel King Ghana Home Loans Databank Financial Services BusyInternet SOFT Tribe Multi-media Broadcasting Company

Limited Farmer George

……etc etc

Scarborough & Zimmerer Kuenyehia On Entrepreneurship (KOE) www.kuenyehia.com [as we progress

through the class] Speakers Assigned Readings

The Entrepreneur & The Entreprenuerial mindset

Case: The King of Travel: Pak Wo Shum Proposed Speaker : Pak Wo Shum

Idea Generation and Opportunity Analysis Build or Buy? Case: Triumphant entry into Ghana:

Standard Trust Proposed Speaker: Ken Ofori-Atta

Legal and Regulatory Consideration Corporate Governance and Ethics Proposed Speaker: Stanley Amartefio

Seminar 1: Idea Generation and Opportunity Analysis

Proposed Speakers: o Ellis Atekpeo Mr. Kofi Ababio (KAS)o Tettee Antio, BSL/Soft Tribeo J.E. Allotey-Pappoe, Business Ghanao Jasmine Shangari, Farmer George

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

Attracting and Managing Human Capital Operational Issues Case: Starbucks

Seminar 2: Attracting and Managing Human Resource Capital

Proposed Panelists: o Asuma Bandao Ellen Hagan, E’lain Serviceso Ken Ofori-Atta, Databanko Kwabena Obeng Ansong

Building and Developing a Brand Case: Its all about You: Building a brand

from scratch

The Business Plan Planning for venture maturity: Expansion,

Restructuring, Insolvency, Bankruptcy and Exit Strategies

Seminar 3: Entrepreneurial Finance and The Business Plan

Proposed Panelists: o Edmund Pokuo Kekeli Gadzekpoo Daniel Asiedu, COO, Zenith Bank

Finale: Bringing it all together

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.

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

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

‘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’

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

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

Social Entrepreneurshipo Creating social change through an enterpriseo Enterprises include non-profit organizations and

businesses set up with a social purpose Intrapreneurshipo Formation of new idea within an existing

organisationo Entrepreneurial concept belongs to the

organisation and not the intrapreneur.o Financial rewards also go to the company

(Intrapreneur’s reward is limited)o Examples include Google (3M), MET Insurance

(MET2U), etc.

Extrapreneurshipo Break off from existing companyo New company may carry similar idea from parent companyo Example is Strategic African Securities (SAS) which broke off from

Databank in 1994

Opportunity entrepreneurship vs. Necessity entrepreneurship

o Opportunity entrepreneur develops an idea to exploit an existing opportunity

o Necessity entrepreneurs result from lack of alternatives

Entrepreneur vs. Businessmano All entrepreneurs are businessmen but not all businessmen

are entrepreneurso A Business man establishes a business for personal goals

while an entrepreneur establishes an enterprise for profit and growth –Beaver and Jenkins

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’

Creates jobs Drives economic growth Frees up states resources Fosters competition Fosters innovation Increases productivity Provides a tax base for government

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

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

An independent central bank An independent judiciary An independent media and easy access

to credible information Neutral and professional army or security

forces

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:

o More securityo Certainty of incomeo Greater training opportunitieso Lower levels of stresso Smaller personal risko Responsibilityo Autonomy & desire to control one’s own destinyo ....etc

Identification of opportunities Acquiring resources Implementing plan to take advantage of

opportunity Harvesting the opportunity

Sedina Attionu: Necessity

entrepreneur?

Questions?

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