Prof Elikem Presentation

1. Elikem Nutifafa Kuenyhia
Management Consultant & Corporate Lawyer
CLASS ONE: INTRODUCTION TO CLASS & TO COURSE

2.  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

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

4.  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)

5.  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.

6.  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.

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

8.  Kwabena Asiedu
 Research Assistant, Kuenyehia on Entrepreneurship

9.  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!

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

11.  Get Nominated
 OR Nominate yourself
 OR Nominate Someone
 Vote!

12.  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.

13.  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.

14. Entrepreneurship involves:
 Acquiring ideas and identifying high-potential
opportunities
 Gathering resources (talent & capital)
 Creating a unique brand
 Planning a well laid out business plan

15.  Starbucks
 Travel King
 Ghana Home Loans
 Databank Financial Services
 BusyInternet
 SOFT Tribe
 Multi-media Broadcasting Company Limited
 Farmer George
……etc etc

16.  Scarborough & Zimmerer
 Kuenyehia On Entrepreneurship (KOE)
 www.kuenyehia.com [as we progress through
the class]
 Speakers
 Assigned Readings

17.  The Entrepreneur & The Entreprenuerial
mindset
 Case: The King of Travel: Pak Wo Shum
 Proposed Speaker : Pak Wo Shum

18.  Idea Generation and Opportunity Analysis
 Build or Buy?
 Case: Triumphant entry into Ghana: Standard
Trust
 Proposed Speaker: Ken Ofori-Atta

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

20.  Seminar 1: Idea Generation and Opportunity
Analysis
 Proposed Speakers:
o Ellis Atekpe
o Mr. Kofi Ababio (KAS)
o Tettee Antio, BSL/Soft Tribe
o J.E. Allotey-Pappoe, Business Ghana
o Jasmine Shangari, Farmer George

21.  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

22.  Attracting and Managing Human Capital
 Operational Issues
 Case: Starbucks

23.  Seminar 2: Attracting and Managing Human
Resource Capital
 Proposed Panelists:
o Asuma Banda
o Ellen Hagan, E’lain Services
o Ken Ofori-Atta, Databank
o Kwabena Obeng Ansong

24.  Building and Developing a Brand
 Case: Its all about You: Building a brand from
scratch

25.  The Business Plan
 Planning for venture maturity: Expansion,
Restructuring, Insolvency, Bankruptcy and Exit
Strategies

26.  Seminar 3: Entrepreneurial Finance and The
Business Plan
 Proposed Panelists:
o Edmund Poku
o Kekeli Gadzekpo
o Daniel Asiedu, COO, Zenith Bank

27.  Finale: Bringing it all together

28.  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.

29.  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

30.  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

31.  ‘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’

32.  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

33.  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

34.  Social Entrepreneurship
o Creating social change through an enterprise
o Enterprises include non-profit organizations and
businesses set up with a social purpose
 Intrapreneurship
o Formation of new idea within an existing organisation
o 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.

35.  Extrapreneurship
o Break off from existing company
o New company may carry similar idea from parent company
o 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. Businessman
o All entrepreneurs are businessmen but not all businessmen are
entrepreneurs
o A Business man establishes a business for personal goals while an
entrepreneur establishes an enterprise for profit and growth –
Beaver and Jenkins

36.  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’

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

38.  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

39.  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

40.  An independent central bank
 An independent judiciary
 An independent media and easy access to
credible information
 Neutral and professional army or security
forces

41.  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 security
o Certainty of income
o Greater training opportunities
o Lower levels of stress
o Smaller personal risk
o Responsibility
o Autonomy & desire to control one’s own destiny
o ....etc

42.  Identification of opportunities
 Acquiring resources
 Implementing plan to take advantage of
opportunity
 Harvesting the opportunity

43. Sedina Attionu: Necessity
entrepreneur?

44. Questions?

45. For further information: