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] www.kuenyehia.com  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 20 th 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: