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MKTG 306 FUNDAMENTALS OF ENTREPRENEURSHIP - STUDY GUIDE 2017 of 17

STUDY GUIDE

MKTG 303 INTRODUCTION TO ELECTRONIC BUSINESS

MKTG 306

FUNDAMENTALS OF ENTREPRENEURSHIP

STUDY GUIDE

For Undergraduates Level 300

2016/17 – 2017/18 Academic Year

Dr. Samuel C. K. Buame

Department of Marketing and Entrepreneurship

&

Mr. Shelter S. K. Teyi

Department of Marketing and Entrepreneurship/Department of Distance Education

MKTG 306 FUNDAMENTALS OF ENTREPRENEURSHIP

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MKTG 306 FUNDAMENTALS OF ENTREPRENEURSHIP - STUDY GUIDE 2017 of 17

STUDY GUIDE MKTG 306 FUNDAMENTALS OF ENTREPRENEURSHIP

Acknowledgements

Many thanks to the Teaching Assistant, (Gloria Adu-Darko) who has made significant inputs

in the development of this study guide, the development of the course slides and presentation

of the course module on the University of Ghana Sakai Learning Management System.

MKTG 306 FUNDAMENTALS OF ENTREPRENEURSHIP - STUDY GUIDE 2017 Page 2 of 17


CONTENTS

COURSE DESCRIPTION ………………………………………………………………4

1. COURSE WEBSITE ........................................................................................................................ 4

2. INSTRUCTORS ................................................................................................................................ 4

3. Support Contact Information .......................................................................................................... 4

5. PROBLEM-BASED LEARNING APPROACH ....................................................................... 5

7. LEARNING OUTCOMES .............................................................................................................. 6

7.1 KNOWLEDGE.......................................................................................................................... 6

7.2 SKILLS ....................................................................................................................................... 6

7.3 COMPETENCE ........................................................................................................................ 6

8. ASSESSMENT .................................................................................................................................. 7

8.1 Individual Assignments ........................................................................................................... 7

8.2 Group Assignments .................................................................................................................. 7

8.3 Individual Assignments ........................................................................................................... 7

9. RECOMMENDED TEXT ............................................................................................................... 7

10. SCHEDULE OF SESSIONS ...................................................................................................... 8

11. SESSION 1 – CONCEPTUALIZATION OF ENTREPRENEURSHIP ........................... 8

11.1 Overview................................................................................................................................. 8

11.2 Goals and Objectives ............................................................................................................ 8

11.3 Activities and Assignments ................................................................................................ 8

12. SESSION 2 – MULTIDISCIPLINARY PERSPECTIVE .................................................... 9

12.1 Overview................................................................................................................................. 9


12.3 Activities and Assignments ................................................................................................ 9

13. SESSION 3 – THEORIES, MODELS AND STEREOTYPES OF

ENTREPRENEURSHIP .......................................................................................................................... 9

13.1 Overview................................................................................................................................. 9


13.3 Activities and Assignments .............................................................................................. 10

14. SESSION 4 – towards a venture creation process ............................................................... 10

14.1 Overview............................................................................................................................... 10

14.2 Goals and Objectives .......................................................................................................... 10


15. SESSION 5 – BUSINESS MODEL CANVAS .................................................................... 10

15.1 Overview............................................................................................................................... 10



16. SESSION 6 – WRITING A BUSINESS PLAN ................................................................... 11

16.1 Overview............................................................................................................................... 11





17. SESSION 7 – RESOURCE ACQUISITION, SOURCES OF FUNDING ..................... 11

17.1 Overview............................................................................................................................... 11



18. SESSION 8 – OWNERSHIP/LEGAL FORMS OF BUSINESS ...................................... 12

18.1 Overview............................................................................................................................... 12



19. SESSION 9 – BUSINESS ENTRY STRATEGIES ............................................................ 12

19.1 Overview............................................................................................................................... 12



20. SESSION 10 – MANAGING THE BUSINESS .................................................................. 13

20.1 Overview............................................................................................................................... 13



21. SESSION 11 – UNDERSTANDING THE ENVIRONMENT ......................................... 13

21.1 Overview............................................................................................................................... 13



22. SESSION 12 – BUSINESS EXIT STRATEGIES ............................................................... 14

22.1 Overview............................................................................................................................... 14





COURSE DESCRIPTION

1. COURSE WEBSITE

http://sakai.ug.edu.gh/portal

2. INSTRUCTORS

Dr. Samuel Buame

College of Humanities

University of Ghana Business School


P. O. Box LG 78

Legon, Accra

Email: [email protected]

Office: S13, UGBS MAIN Building

Mr. Shelter S.K Teyi

College of Humanities/College of Education

University of Ghana Business School/School

of Continuing and Distance Education


Department of Distance Education

P. O. Box LG 31

Legon, Accra


Office: Department of Distance Education

Dr. Samuel Buame is the corresponding instructor

3. Support Contact Information

School of Continuing and Distance Education

University of Ghana

P. O. Box LG 31

Legon, Accra

Phone:+233 (0) 303 938855


mailto:[email protected]





4. OVERVIEW

Entrepreneurship has become a major force in the process of any socio-economic

development in Ghana. Governments, private business men and Non-governmental

organisations are discovering that social progress, economic growth and prosperity lie in the

hands of entrepreneurs. Entrepreneurs are seen as very dynamic, well-driven and people who

are committed to achieving success by creating and marketing innovative, customer-focused

new products and services.

Not only are these entrepreneurs creating wealth and prosperity for themselves but also for

their communities. Those who possess this spirit of entrepreneurial leadership will continue

to lead Ghana’s economic developmental process.

Business Education without Entrepreneurship is incomplete as medical training without

Obstetrics (concerned with childbirth). After all, without the conception, birth and growth of

new enterprises, there will be no businesses.

It is hoped that you will want to be part of this group of desirable entrepreneurs in bringing

about positive changes in your communities, in Ghana, and finally on the global stage.

Course Objective/Goals:

1. Appreciate the role of entrepreneurship in any socio-economic development

2. Understand the concept of entrepreneurship

3. Explain the importance of entrepreneurship to organizational renewal and

performance

4. Understand venture creation and management processes

5. To become effective entrepreneurs

5. PROBLEM-BASED LEARNING APPROACH

Problem-based learning (PBL) is a student-centered pedagogy in which students learn about a

subject through the experience of problem solving. The goals of PBL are to help the students

develop flexible knowledge, effective problem solving skills, self-directed learning, effective

collaboration skills and intrinsic motivation. This course will use a problem-based learning

approach.

Working in groups, students identify what they already know, what they need to know, and

how and where to access new information that may lead to resolution of the problem. The

role of the instructor/lecturer/tutor is to facilitate learning by supporting, guiding, and

monitoring the learning process. The tutor will help build students' confidence to take on the

problem, and encourage the students, while also stretching their understanding.

6. COURSE FORMAT

The course content will be delivered online through the SAKAI Learning Management

System (Sakai LMS). The Sakai LMS will be used to deliver



• Video Lecture Sessions

• Session Slides

• Session Reading Materials

• Assessments – Tests, Quizzes and Assignments (including a Problem-based Term

Paper)

• Group activities – Discussions and Presentations

Announcements will be posted to the course website and/email accordingly. It is the

responsibility of students to check on announcements made in class, on the Course Website,

and through email.

7. LEARNING OUTCOMES

The learning outcomes for the course are outlined along three strands: knowledge, skills and

competence.

7.1 KNOWLEDGE

Students must have knowledge on:

1. The conceptualization of Entrepreneurship

2. The Models of Entrepreneurship

3. Business Formation

4. Business Entry Strategies

5. Legal Forms of Business/Ownership Forms

6. The Business Environment

7.2 SKILLS

Students must be able to:

1. Build/work in a team.

2. Design business models for new ventures.

3. Identify or develop business ideas

7.3 COMPETENCE

Students should in the future be able to:

1. Bring a product or service to market profitably

2. Write a business plan

3. Start a company

4. Register a new company



8. ASSESSMENT

The assessment for this course has been designed to help all students to maximize their

individual and group/team learning opportunities. A summary of the assessment tasks is

provided below.

ITEM FORM OF ASSESSMENT DELIVERED MARKS

Individual

Assignments

Multiple Choice Questions (MCQs)

Short Essays

Term Paper/Presentation

Alongside

Sessions

20%

Individual &

Group

Assignments

Sakai Assignments Alongside

Sessions

10%

Written

Examination

Semester Examination End of

semester

70%

Total 100%

8.1 Individual Assignments

Individual assignments will be provided at end of sessions. These assignments may be in the

form of Multiple Choice Questions (MCQs), Short Essays and/or a Term paper or

presentation. Deadlines will be provided for each assignment with respect to scheduling of

the sessions.

8.2 Group Assignments

Students will form groups of 3 to 10 depending on the number of students taking this course

at the various Learning Centers. Each group will be expected to develop a business idea and

use the business model canvas as a blue-print for their business.

8.3 Individual Assignments

Several assignments will be posted on Sakai. All these assignments will carry a maximum of

10 Marks.

9. RECOMMENDED TEXT

Buame, S.C.K. (2012). Advanced Entrepreneurship: Enterprise Culture, Venture Creation,

Promotion & Management of SMEs in Ghana --- MAIN TEXT

Hisrich R.D., Peters M.P., Shepherd D.A. (2012). Entrepreneurship, (9th

ed.) McGraw-Hill

Irwin, New York.



DETAILED CLASS SCHEDULE

The course is organized into 12 SESSIONS along the following lines: (1) Overview; (2)

Goals and Objectives; and (3) Activities and Assignments.

10. SCHEDULE OF SESSIONS

Week Session

1 Session 1

2 Session 2

3 Sessions 3

4 Sessions 4

5 Session 5

6 Session 6

7 Session 7

8 Session 8

9 Session 9

10 Session 10

11 Session 11

12 Session 12

11. SESSION 1 – CONCEPTUALIZATION OF ENTREPRENEURSHIP

11.1 Overview

Introduction and orientation to the use of the Sakai Learning Management System (LMS) and

the available tools for the course. They will also be provided with an overview of the course.

This session is very important as it holds the key to understanding the entire course.

11.2 Goals and Objectives

At the end of the session, the student will

1. Understand the subject matter of this course – Entrepreneurship.

2. Become familiar with the contributions of Schumpeter and McClelland on

Entrepreneurship.

3. Understand the benefits and drawbacks of becoming an entrepreneur.

4. Do self-introductions and discuss the expectations for the course in the Sakai LMS

Chat Room.

5. Think more entrepreneurially.

11.3 Activities and Assignments

This week, complete the following tasks:

1. Log into the UG Sakai LMS course site

2. Watch the Video on the Topic - Course Introduction



3. Watch the video on how Malachi is encouraged by society and his mother.

4. Read the following articles and reports of graduate unemployment as indicated in the

session slides.

5. Visit the Chat Room and introduce yourself while discussing expectations for the

course

6. Explore the online tools available in Sakai.

12. SESSION 2 – MULTIDISCIPLINARY PERSPECTIVE

12.1 Overview

Different people see it entrepreneurship differently. It means different things to different

people, depending upon their background, contexts, and disciplines. This also means that

there is the need to find out how entrepreneurship is understood and seen by other disciplines.


At the end of the session, the student is expected to:

1. Understand what Entrepreneurship means among various disciplines.

2. Be able to explain the concept of Entrepreneurship as an integrative subject.

3. Clearly compare the integrative nature of Entrepreneurship with the multidisciplinary

nature of same.

4. Discover that Entrepreneurship is not all about building profitable business.

5. Be able to differentiate between the various entrepreneurship schools of thought.

6. Recognize Corporate entrepreneurs and Spin-offs in Ghana.




2. Read Recommended Text on the Topic

3. Watch the Video on the Topic

4. Visit the Chat Room and discuss the Forum question for Session 2

13. SESSION 3 – THEORIES, MODELS AND STEREOTYPES OF

ENTREPRENEURSHIP

13.1 Overview

Entrepreneurship is a fairly new discipline. That means that theories in the field of

entrepreneurship are at the nascent stage. However, entrepreneurial models are very useful in

describing the background of entrepreneurs and the patterns of their behavior.


At the end of the session, the student is expected to:

1. Understand and explain each of the entrepreneurial models.

2. Critique each of the entrepreneurial models.



3. Know the five questions that all the models attempt to answer.

4. Discuss how the models relate to Ghanaian entrepreneurs






4. Watch all the videos in the session slides and discuss the model that best describes

these entrepreneurs

5. Review Lecture Slides: Session 3


14. SESSION 4 – TOWARDS A VENTURE CREATION PROCESS

14.1 Overview

Students will be exposed to some of the factors that trigger people to choose an

entrepreneurial career. They will also learn how to generate business ideas.


At the end of the session, the student will:

1. Discuss the factors that can motivate you to create a venture

2. Explain what opportunity identification is

3. Distinguish between PUSH and PULL Factors for starting your own business








6. Students are to identify business ideas. This will prepare them for the next session.

7. Complete the Individual Assignment for Session 4 – students are to speak to and

entrepreneur in their local community and find out what motivated them to start their

businesses.

15. SESSION 5 – BUSINESS MODEL CANVAS

15.1 Overview

This session will discuss how entrepreneurs can create a blueprint for their businesses using

nine (9) key components. The 9 components to be discussed are: value proposition, customer

segments, customer relationships, channels, revenue structure, key activities, key partners,

key resources and cost structure.





1. Know the various components of the business model canvas.

2. Design a business model

3. Create a company







5. Watch all the videos in the session slides

6. Form groups (number per group will be determined during interactions on Sakai) and

develop ideas into a business using the canvas.

16. SESSION 6 – WRITING A BUSINESS PLAN

16.1 Overview

The business plan is a management communication tool/instrument - used by the

entrepreneur to communicate with his stakeholders – e.g. banks, suppliers, key customers,

MDAs, investors. This session will guide students to write a business plan.



1. Know the components of a business plan.

2. Design a product or service that has a real market need.

3. Write a business plan.





3. Watch the Videos on the Topic



6. Groups will convert their business model canvas into a business plan or write a

business plan from the scratch. This should be submitted at the end of the semester.

17. SESSION 7 – RESOURCE ACQUISITION, SOURCES OF FUNDING

17.1 Overview

Having discussed business plan in the previous session, every entrepreneur needs to think of

acquiring the needed resources. No business can operate without adequate resources. This

session will explore the various resources needed by any entrepreneur.




At the end of the session, the student will

1. Determine the capital needs of entrepreneurial activities.

2. List and discuss the various sources of financing.

3. Mention and discuss what considerations the entrepreneur must take into account

when it comes financing the business.








6. Continue to work on business plans.

18. SESSION 8 – OWNERSHIP/LEGAL FORMS OF BUSINESS

18.1 Overview

The session is about the various forms of legal business ownership in Ghana. The various

ownership forms have different legal and financial implications.



1. Explain what business ownership forms are

2. Differentiate among the various ownership forms

3. State the legal implications of the ownership forms









7. Visit the website of the Registrar General’s Department and explore.

19. SESSION 9 – BUSINESS ENTRY STRATEGIES

19.1 Overview

This session will introduce to how to enter into business. The discussion will focus on four

the business entry strategies including their advantages and disadvantages.





1. Explain what a business entry strategy is.

2. Mention the various business entry strategies

3. Formulate a business entry strategy for their businesses.









20. SESSION 10 – MANAGING THE BUSINESS

20.1 Overview

The session highlights how to manage the business, particularly; the session will discuss the

skills required of the entrepreneur in managing his business. Also, the reasons why some

entrepreneurs fail are discussed. Finally the session sheds light on the TRIPOD of

Entrepreneurial Success.



1. Be able to mention and discuss the skills required of an entrepreneur.

2. Be able to explain the TRIPOD of Entrepreneurial Success.

3. Discover some reasons why some entrepreneurs fail.









21. SESSION 11 – UNDERSTANDING THE ENVIRONMENT

21.1 Overview

Building from the understanding of the TRIPOD of Entrepreneurial Success. The session is

designed to help students to understand how important the environment is to the success of

any entrepreneurial activities. Every business is set in a certain societal context. The



environment is so crucial that every government in Ghana tries to create an enabling

environment for entrepreneurs.



1. Understand Describe the Ghanaian business environment

2. Identify the attributes of the environment

3. Scan the environment








6. Complete the Individual Assignment for Session 11


22. SESSION 12 – BUSINESS EXIT STRATEGIES

22.1 Overview

Six business exit strategies are discussed in this session. They are liquidation, keeping the

business in the family, selling the business to employees, selling the business in the open

market, selling to another business and opting for an Initial Public Offering (IPO).



4. Explain what business exit strategies are

5. Analyze the various exit strategies available to the entrepreneur








13. Complete the business plan



APPENDIX A

GROUP ASSIGNMENT

Submission Guidelines: Each assignment should be presented with a cover page which

should state out the title of the assignment and also outline the name, index number and email

address of students in the group. Assignment should be single-spaced, font-size 12, Times

New Roman. Submit online through Sakai LMS by the end of the 13th Week. Each

assignment, therefore, should be carefully edited for grammar, typos, and/or spelling

mistakes. Appropriate citations when applicable should be provided using the American

Psychological Association (APA) format. The following website offers information about

writing and formatting papers in the APA style including general format, reference of the

works of others in your texts, reference list, examples, notes, and additional resources:

http://owl.english.purdue.edu/workshops/hypertext/apa/index.html

1. Late Submission of Assignments Any work submitted after the advertised deadline will attract a penalty in the form of

reduction of marks. Up to 25% of marks available may be lost due to late submission

2. Communications Registered students will be given access to a section of the Sakai Portal for this course.

Sakai will be used as the primary mechanism to disseminate course information,

including announcements, lecture slides, assignments, and grades. Communication with

the instructor on issues relating to the individual student should be conducted using Sakai

Mail, UG email, via telephone, or in person - not in the public discussion board on Sakai.

UG Mail is the preferred method – for urgent messages, you should also attempt to

contact the instructor via telephone. UG policy require that any communication with a

student related in any way to a student's status be conducted using secure UG systems – if

you use email to communicate with the instructor you MUST send messages from your

UG email account.

All course materials (lecture slides, assignment specifications, etc.) are published on

Blackboard in Adobe ® Portable Document Format (PDF) or in a format for which a free

reader is available (such as Microsoft PowerPoint). This allows users of most computing

platforms to view and print these files. Microsoft ® Word (or a compatible word

processing application) is required for preparing assignments.

3. Classroom Conduct

Whether the course is face-to-face or online, students are expected to conduct themselves

in a manner that is conducive to learning, as directed by the instructor. Any student who

negatively impacts the opportunity for other students to learn will be warned – if

disruptive behavior continues, the student will be removed from the course.

4. Examination

Any student who expects to miss more than one session is strongly advised to drop the

course and take it in a later semester when he/she can attend every class and lab.

Departmental policy requires students to take exams at the scheduled time and place,

unless there are truly compelling, severe circumstances supported by appropriate

documentation. Except in such circumstances, failure to arrive at the exam site on time



for a scheduled exam will result in a score of zero (0) for that exam, in accordance with

University of Ghana policy on final exams. Students should not make travel plans or

other discretionary arrangements that conflict with scheduled classes and/or the final

exam period listed on the University’s website. If the University is closed due to weather

or other unforeseen conditions, final exams may be rescheduled – students are strongly

advised not to make plans that would prevent them from attending exams that may be

rescheduled during the entire exam period.

5. Privacy

Instructors respect and protect the privacy of information related to individual students.

As described above, issues relating to an individual student will be discussed via email,

telephone or in person. Instructors will not discuss issues relating to an individual student

with other students (or anyone without a need to know) without prior permission of the

student. Graded work other than exams will be returned to individual students directly by

the instructor (or by a faculty or staff member or a teaching assistant designated by the

instructor or via another secure method). Under no circumstances will a student's graded

work be returned to another student. Faculty and staff will take care to protect the privacy

of each student's scores and grades.

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