College of Humanities and Legal

Studies

School of Business

Centre for Entrepreneurship

and Small Enterprise
Development
 About this course

• The main purpose of this course is for

students to explore entrepreneurship
and self- employment as career options
in the short, medium, or long term.
• The course explores the meaning of
entrepreneurship, personal
characteristics of entrepreneurs and
behaviours associated with the practice
of entrepreneurship.
Week Topic Details
- Meaning and history of
entrepreneurship
Overview of - The entrepreneurship revolution
1
Entrepreneurship - Evolution of entrepreneurship
- Role of Entrepreneurship tin economic
development
- Roles of the entrepreneur
- Types of Entrepreneurs
2 The Entrepreneur - Traits and behavioural characteristics
of the entrepreneur
- The entrepreneurial process

- Meaning of creativity, invention and

Creativity, Invention innovation
3 - Types of creativity and innovation
and Innovation
- Protecting creative ideas

- Meaning of opportunity
Identifying Ideas and - Forces that create opportunities
4 - Evaluation of opportunities
Opportunities
- Business concept development 3
Week Topic Details
- Uses and importance of the business plan
Business Plan and
- Parts of a business plan
Business Model
5 - Contents of the business plan
Development
- The business model canvas
- Importance of entrepreneurial teams
- Conditions that necessitate formation of
Entrepreneurial teams
6
Team Formation - Team formation process
- Advantages and disadvantages of teams

- Sole proprietorships
Forms of Business - Partnerships
7
Ownership - Companies

- Types and forms of resources

- Characteristics of resources
8 Resources
- Mobilising, managing and sustaining
resources

9 - 10 Presentations - Presentation of Team Business Plans

Centre for Entrepreneurship & Small Enterprise Development, 2016 November 17, 4
2024
 Instructional Approach
• Short lectures
• Guest Speakers
• Group work/Team learning
• Videos
• Role Plays
• Case Studies
• Reflective Journalling
 Student Assessment
• Business Concept Paper
10%
• Summary Business Plan
15%
• Semester Quiz
10%
• Presentation /Attendance
5%
 OVERVIEW OF
ENTREPRENEURSHIP
 “Much of our American
progress has been the
product of the individual who
had an idea; pursued it;
fashioned it; tenaciously clung
to it against all odds; and then
produced it, sold it and
profited from it.”
--Hubert Humphrey, 1966
THE STORY OF AN
ENTREPRENEUR
 Who is this “Man”?
• He was born on September 9, 1890
• In 1895, his father came home with a
fever and died later that day
• At age 5, he was required to look after
and cook for his siblings
• By the age of 7, he was skilled with
bread and vegetables, and improving his
meat cooking
• At 10, he began to work as a farmhand
for some local farmers
• At 12, he dropped out of seventh grade
• At 13, he finally left home and took a job
painting horse carriages
• At 16, he joined the army
• By 17, he had already lost 4 jobs
• He got married at 18
• Got divorced at 20
• He later became a cook and a dishwasher in
a Shell Service station and in 1930 took over
the business
• In July 1939, he acquired a motel and the
motel was destroyed in a fire by November
• He had the motel rebuilt with a 140-seat
restaurant
• By July 1940, he had finalized his
"Secret Recipe" for frying chicken in a
pressure fryer
• The war forced him to close down his
motel
• At 65, he finally retired and received a
cheque of $105.
• He tired committing suicide but wasn’t
successful
• By the time of his death, there were an
estimated 6,000 KFC outlets in 48
countries worldwide
 Entrepreneurship: A
Mindset
• Entrepreneurship is more than the mere
creation of business. It is about:
• Seeking opportunities
• Taking risks beyond security
• Having the tenacity to push an idea through
to reality

• Entrepreneurship is an integrated
concept that permeates an individual’s
business in an innovative manner.
 Tracing the Meaning
of Entrepreneurship
• No single universally
accepted definition of
entrepreneurship
• Economists, psychologists,
sociologists, management
scientists, have different ideas
about what
“entrepreneurship” and the
“entrepreneur” is.
Richard Cantillon, Adam smith, Hisrich (2014, p.
France British Economist, 9)
(1680-1734)
(1723-1790)

Generally The “enterpriser” Entrepreneurship

acknowledged as is a person with is the ‘process of
the first to use the unusual foresight creating
word and could something new
“entrepreneur” in recognize the with value by
a commercial potential for devoting the
sense – he coined goods and necessary time
entrepreneur services; and effort,
(undertaker) or assuming the
from the root Profits are the accompanying
word reward for risking financial, psychic
entreprendre). capital (virtually and social risks
no separation and receiving the
The entrepreneur between Capital resulting rewards
“buys at a certain and of monetary,
price and sells at Entrepreneurship personal
17
18
19
 Forms of
Entrepreneurship
Small Business
Entrepreneurship

High Growth Transformational

Entrepreneurship Entrepreneurship

Scalable Start-up Forms of Social

Entrepreneurship Entrepreneurship Entrepreneurship

Corporate Subsistence
Entrepreneurship Entrepreneurship
Large Company
Entrepreneurship
 The Role of
Entrepreneurship in
Economic Development
• The link between the roles of “small business” and
entrepreneurship
• New venture creation
• Creation of jobs through entrepreneurial action
• Raising productivity through new product
innovation
• Commercialisation of new inventions
• Harnessing resources that were previously lying idle
• Redistribution of wealth – the poor getting richer?
• Entrepreneurs giving back to the community
Benefits of Entrepreneurship
The opportunity to:

• Create your own destiny

• Make a difference
• Reach your full potential
• Reap impressive profits
• Contribute to society and to
be recognized for your efforts

• Do what you enjoy and to have fun at it

Drawbacks of Entrepreneurship
• Uncertainty of income
• Risk of losing your entire investment
• Long hours and hard work
• Lower quality of life until the business gets
established
• High levels of stress
• Complete responsibility
• Discouragement
 Avoiding the Pitfalls of
Small Business Failure
• Know your business in depth
• Develop a solid business plan
• Manage financial resources
• Understand financial statements
• Learn to manage people effectively
• Set your business apart from the competition
• Maintain a positive attitude
 Feeding the
Entrepreneurial Fire
• Entrepreneurs as heroes
• Entrepreneurial education
• Demographic and economic factors
• Shift to a service economy
• Technology advancements
• Independent lifestyle
• E-commerce and the Internet
Some recent time successful entrepreneurs
(Role models)
Centre for Entrepreneurship & Small Enterprise Development, 2016 November 17, 27
2024
 Jeff Bezos

“If you never want to be criticized, for goodness’ sake don’t do

anything new.”

Jeff Bezos is an American technology and retail entrepreneur, investor,

computer scientist, and philanthropist who is best known as the founder,
chairman, and chief executive officer of Amazon.com, the world's largest
online shopping retailer.
Net worth $159.6 billion (September 2019)
William Henry Bill Gates III
“It's fine to celebrate success but it
is more important to heed the
lessons of failure,”

Bill Gates discovered his interest in software

and began programming computers at age
13. He is the chief software architect of
Microsoft Corporation, the worldwide
leader in software, services and solutions
that help people and businesses realize
their full potential
Net worth $103.5 billion (September 2019)

November 17, 29
2024
Warren Buffett 85
I’m 15 percent Fisher and 85
percent Benjamin Graham. The basic ideas
of investing are to look at stocks as business,
use the market's fluctuations to your
advantage, and seek a margin of safety.
That’s what Ben Graham taught us. A
hundred years from now they will still be the
cornerstones of investing.

is an American investor, businessman,

and philanthropist. He is one of the most
successful investors in the world,
the primary
shareholder and CEO of Berkshire
Hathaway
$79.7 billion ( September, 2019)
Zuckerberg founded the Facebook
in 2004 and dropped out of Harvard
to move the company to Silicon
Valley. Facebook now has nearly
11,000 employees in 48 offices
around the globe. Since launching
its Internet.org initiative in July
2014, Facebook has given free
basic Internet services to more than
a billion people in 17 countries in
Asia, Africa and Latin America.

$69.9 billion (September, 2019)

November 17,
2024
31
Aliko Dangote
51st Richest

Alikote Dangote -
the Nigerian
founder and president
of Dangote Group. He
is known to be one the
richest man in Africa ,
but he said "I think I
have to be rated by
Forbes magazine first
before I can be called
the richest man in
Africa," says Mr
Dangote modestly.The
Dangote Group
provides
cements ,sugar, salt,
flour , rice, spaghettis,
textile etc at
competitive prices.
Dr. Alhaji Asuma Banda
Creating jobs for over 500,000 people
globally, Dr. Alhaji Asuma Banda heads
as CEO of Antrak Group of Companies,
which has 146 branches worldwide.

In his early twenties, he bought cattle

from Mali, Niger, and Burkina Faso and
transported to Kumasi on foot, which
opened the door of wealth for him.

He later entered into private business

and established partnership with a
shipping company in london, OTA Africa
line.
Mrs. Grace Amey-Obeng
She took the initiative to educate
Ghanaian women on skincare.

Upon discovering that market

women all over Africa were
destroying their skin with several
bleaching products on the market,
she ventured into cosmetic
manufacturing.

Over the past twenty years, she

has grown FC from cosmetic
retailing to a conglomerate
comprising FC Perfumery and
Cosmetics, FC Salon and Beauty
Supplies, and FC Beauty College.
Dr. Osei Kwame Despite
He started life as a petty trader, dealing
in music cassettes, padlocks, feeding
bottles, and other merchandise.

He later begun a timber business which

saw its premature collapse, as his
chainsaw crushed. He returned to his
music cassette business until he started
Peace FM.

He now owns Despite Group of

Companies, comprising Neat Foods
Company Ltd., Atona Food Production
Limited, Best Point Savings and Loans
and a number of media related
businesses. He also deals in real estate,
importation and exportation of
commodities.
 David Osei
An award winning entrepreneur
from Ghana and co-founder of
Dropifi Lt., Africa’s first
technology startup to be
accepted into Silicon Valley’s 500
startups Accelerator program.
In 2012, Kauffman foundation’s
.
startup open competition named
Dropifi as the world best startup
company for the year, after
beating startup companies from
over 120 countries. He has been
featured on CNN among the
other reputable news media
outlets.
Tonyi Senayah
“the key to success is
overcoming the fear of
failure”.
He is the CEO of
Horseman shoes, a
manufacturing
company in Kumasi,
Ghana that makes
quality and fashionable
leather footwear.
He founded the
company 2010, and it
took off. Over the
years, he has won
several awards
including award for
the most influential
young entrepreneur in
 Other entrepreneurs
• Kwabena Darko
• Ken Ofori-Atta
• Daniel J. Otoo
• Ernest Bediako
• Samuel Amo Tobbin
 Comments by some
entrepreneurs
"I used to serve tea at a shop to support my
football training" - Lionel Messi
• "I used to sleep on the floor in friends' rooms,
returning Coke bottles for food money, and
getting weekly free meals at a local temple" -
Steve Jobs
• "My teachers used to call me a failure" - Tony
Blair
• "I didn't even complete my University
Education" - Bill Gates
• "In my childhood days, I stitched shoes" -
Abraham Lincoln
• "I played many Shows for Many Show
Organizers and they always Paid me with T-
Shirts and Toffees, I nearly stopped Raping"
#Sarkodie"
• My Mum was a Pito Seller But That Didn't stop
me From Achieving my Dreams" - #Samini"
• I had a car accident, I lost my twin Brother
and I nearly Lost one of my Legs But still I
Chase my Dreams" -#StonebwoyBurniton"
• My Parents Abandoned and Rejected Me, bcuz
I chose to be a singer" - #ShattaWale"
• My First time in "Key Soap Concert Party
Audition" They Rejected Me" #AgyaKoo"
• I even went to work with someone as a car
repairer (rip33la) but he later sacked me,
because I fool too much" - #KwakuManu
• "I went To TV3 Mentor Audition, but they
rejected me" - #Becca"
• I was once an armed robber" - #Archbishop
Duncan Williams"
• I was only a shoe maker, sometimes, i think
all this things happening to me is a dream" -
CEO Of PeaceFM & UTV #KwameDespite"
• I was not interested in school bcuz my
mates and teachers always called me
'GYIMI'"- #KojoNkansahLilWin."
• My first coach once told me, you can't be a
player, is better to be a ball boy for my
team or just try to be a musician' i felt very
bad that very moment" -#AsamoahGyan
• "In London I was a Taxi Driver, in America I
was a plate washer, I nearly Kill my dream
to be a street sweeper" -
#KennedyAgyapong
• "I told my school mates I'll be a president,
they started using that to tease me,
'Mr.President! Mr. President'" - Ex. Prez.
#JAKuffour
 Life is not about
what you couldn't do
so far, it's about
WHAT YOU STILL
CAN! So never give
up!....
Source: Michael H. Morris, P. Lewis, and Donald L. Sexton, “Reconceptualizing Entrepreneurship:
An Input-Output Perspective,” SAM Advanced Management Journal 59, no.1 (Winter 1994): 21–31.