lecturer: dr. samuel c.k. buame, ugbs contact information ... · pdf filelecturer: dr. samuel...

College of Education

School of Continuing and Distance Education 2016/2017 – 2017/2018

Lecturer: Dr. Samuel C.K. Buame, UGBS Contact Information: [email protected]

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Session 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.

Slide 2

Goals and Objectives

• 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.

Slide 3

Session Outline

The key topics to be covered in the session are as follows:

• Topic One: Multidisciplinary Aspect of Entrepreneurship

• Topic Two: Entrepreneurship as an integrative subject

• Topic Three: Dimensions of Entrepreneurship

• Topic Four: Understanding the Various Schools of Thought

• Topic Five: Other cognate forms of Entrepreneurship

Slide 4

Reading List

• Pages 23 - 28; 45 to 46 of the main text –

• Buame, S.C.K. (2012). Advanced Entrepreneurship: Enterprise Culture, Venture Creation, Promotion & Management of SMEs in Ghana --- MAIN TEXT

• Selected Readings and videos inserted in the Session.

Slide 5

MULTIDISCIPLINARY ASPECT OF ENTREPRENEURSHIP

Topic 1

Slide 6

The Multidisciplinary nature of entrepreneurship

• Virtually, anyone has the potential to become an entrepreneur. Indeed, diversity is a hallmark of entrepreneurship.

• Different people see it 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.

Slide 7

The Multidisciplinary nature of entrepreneurship (cont’d)

• Psychology

In the area of psychology entrepreneurship is a process where an individual will like to have CONTROL over his own affairs.

• Economics

In economics the entrepreneur is seen as the fourth factor of production. As you may be aware in economics there are three factors of production, namely: land, capital and labour. These factors are meaningless unless human mind is applied to them.

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• Thus, the entrepreneur is the human factor that combines or organizes these three other factors into any productive asset, wealth and benefit.

• Management

In the area of management studies, entrepreneurship is considered as a process where individuals or organizations organize resources in order to fulfil some predetermined organizational goals.

Slide 9


• Marketing

In marketing, entrepreneurship is seen as a process of identifying and satisfying human or consumer needs.

• Sociology

To sociologists, entrepreneurship is seen any income generating activity.

• So, from the above, you can see that entrepreneurship is seen differently by different people depending upon their subject areas.

Slide 10

ENTREPRENEURSHIP AS AN INTEGRATIVE SUBJECT

Topic 2

Slide 11

Entrepreneurship as an integrative subject

• To say that entrepreneurship is an integrative subject, seemly means that the understanding of the subject requires knowledge of other subjects. As mentioned above it includes accounting, human resource management, economics, information studies and so on.

• It is important for you to know that entrepreneurship is a new area of study. It is said to be a very young subject. It does not have its own fully developed concepts, terms and theories.

Slide 12

Entrepreneurship as an integrative subject (cont’d)

• It has to borrow a lot of concepts, terms and theories from other subjects. In fact, for you to understand the subject then you need to have knowledge of other subjects.

• For instances, entrepreneurship borrows a number of terms from psychology. Think terms and concepts such as trait, behaviour, motivation, drive, satisfaction, characteristics, attributes and inborn.

Slide 13

Entrepreneurship as an integrative subject (cont’d)

• From Marketing, words such as target market, segmentation, market survey, customer care and service are used.

• From Economics, words such as resources, allocation, scarcity, opportunity, investment, savings, needs, budgeting and competition are used.

• From Sociology, words such as values, beliefs, customs and culture are used.

• It borrows words such as environment scanning and analysis, strategic decisions, company strengths, threats, key success factors from Strategic management.

Slide 14

DIMENSIONS OF ENTREPRENEURSHIP

Topic 3

Slide 15

Dimensions of Entrepreneurship

• Entrepreneurship has many dimensions.

• This means that there are various aspects.

• Very often people think only of business activities when the word entrepreneurship is mentioned.

• Note that there are different manifestations of entrepreneurship – not only confined to business activities – Basically, entrepreneurs are change agents, they bring

about change for the benefit or betterment of society, thus all entrepreneurs are solvers of societal problem

Slide 16

Dimensions of Entrepreneurship (cont’d)

1. Political Entrepreneurs – Dr. Kwame Nkrumah, Paa Grant, Gbedemah, Big Six etc. Perhaps apart from Paa Grant, known to be a timber merchant, None of the above individuals, could be said to have any business.

• But like many others, their political activities have brought about change for the betterment of the life of Ghanaians.

Slide 17


2. Moral Entrepreneur – The peaceful ideas of Martin Luther King had brought change for the betterment of many black Americans, if not to all Americans.

• Yet up to today no one talks about any business entity of Martin Luther. But Luther was an entrepreneur in a different dimension

Slide 18

2. Moral Entrepreneur – The peaceful ideas of Martin Luther King had brought change for the betterment of many black Americans, if not to all Americans.

• Yet up to today no one talks about any business entity of Martin Luther. But Luther was an entrepreneur in a different dimension


3. Theological Entrepreneur –Through his preachings, Otabil could be said to have changed the life of many Ghanaians.

• He, in particular, could also be said to be an individual with multiple entrepreneurial dimensions in the sense he has again established a University, the Central University College. Besides, he preaches about moral virtues

Slide 19


4. Educational Entrepreneur – e.g. James Emman Kwegyir Aggrey – This is one of the most famous Ghanaians ever known in history. Even though he had no business entity, he did a lot in the area of education. He had many sayings that are often attributable to him. He was one of the founding fathers of Achimota School.

• Through education, he had brought about change in life of many Ghanaians.

Slide 20


5. Social entrepreneurs - Araba Apt, the then Social Work professor of the University of Ghana. She has been noted for discussions on the local radio in Accra.

• Muhammad Yunus of the Grameen Bank

• Videos

https://www.youtube.com/watch?v=Q3yUfZ2wTA4

https://www.youtube.com/watch?v=MgYes4bA7oM

Slide 21







UNDERSTANDING THE VARIOUS SCHOOLS OF THOUGHT

Topic 4

Slide 22

Understanding the Various Schools of Thought

• The schools of thought attempt to show how they may be useful for understanding the entrepreneurial process

– A school of thought is a collection or group of people who

share common characteristics of opinion or outlook of a philosophy, discipline, belief, social movement etc.

– Schools are often characterized by their currency, and thus classified into "new" and "old" schools. This dichotomy is often a component of paradigm shift. However, it is rarely the case that there are only two schools in any given field

– Cf. Paradigm describes distinct concepts or thought patterns, models of problems and solution for a time being

Slide 23

Understanding the Various Schools of Thought

1. The "Great Person" School of Entrepreneurship

2. The Psychological Characteristics School of Entrepreneurship

3. The Classical School Entrepreneurship

4. The Management School of Entrepreneurship

5. The Leadership School of Entrepreneurship

6. The Intrapreneurship School

Slide 24

1. The "Great Person” School of Entrepreneurship

• They often ask the question, Are entrepreneurs (like leaders) born, or are they made? Can one teach another or learn to be a manager, leader, or entrepreneur, or does the individual come into this world carrying the genes or the inborn natural capacity to perform these activities? The picture presented is usually one of power, success, and wealth, the image of our business elite.

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2. The Psychological Characteristics School of Entrepreneurship

• It is widely thought that one's needs, drives, attitudes, beliefs, and values are primary determinants of behavior (i.e., what one does).

• People behave in accordance with their values far more often than not, despite variations in situations.

• Similarly, one's behavior results from attempts to satisfy these needs be they for power, recognition, achievement, or acceptance and love

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3. The Classical School of Entrepreneurship

• In the early sixteenth century, entrepreneurs were thought of as Frenchmen who undertook to lead military expeditions.

• Entrepreneurship, in this view, refers to the process of creating an opportunity

• As an entrepreneur explains it, "You have to be a creative dreamer, be able to visualize where you will be in x years from now . . . .”

Lecturer: Dr Samuel Buame, UGBS

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4. The Leadership School of Entrepreneurship

• To this school, an entrepreneur is often a leader who relies on people to accomplish purposes and objectives.

• A successful entrepreneur must also be a "people manager" or an effective leader/mentor that plays a major role in motivating, directing, and leading people.

• Entrepreneurial leadership involves more than personal traits or style in relating to others.


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5. The Intrapreneurship School of Entrepreneurship

• The intrapreneurship school evolved in response to the lack of innovativeness and competitiveness within organisations.

• Intrapreneurs, to the limited extent that they possess discretionary freedom of action, are able to act as entrepreneurs and implement their ideas without themselves becoming owners.

• Alertness to opportunities is one dimension of intrapreneurial activity.

• The intrapreneurial school generally assumes that innovation can be achieved in existing organisations by encouraging people to work as entrepreneurs in semi-autonomous units.


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6. The Management School of Entrepreneurship

• The management school suggests that an entrepreneur is "a person who organises or manages a business undertaking, assuming the risk for the sake of profit" (Webster's 1966).

• John Stuart Mill, in describing the entrepreneur, noted that in addition to risk-taking, the functions of an entrepreneur include supervision, control, and providing direction to a firm.


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OTHER COGNATE FORMS/TYPES OF ENTREPRENEURSHIP

Topic 5

Slide 31

1. Intrapreneurship or Corporate Entrepreneurship

• A process where an individual carries out entrepreneurial activities within an existing organisation. Pinchot (1985)

Eg. In Ghana, Prof. Stephen Addai – of GIMPA

• Pursuit of creative or new solutions to challenges confronting the organisation. This include

• Development or enhancement of old and new products and services

• Markets and administrative techniques and technologies for performing organizational functions.

Slide 32

Intrapreneurship or Corporate Entrepreneurship (cont’d)

• Necessary Organizational atmosphere for Corporate Entrepreneurship

i. Rewards: based on performance and achievements (recognition, appraisal, increasing job responsibilities and removing obstacles)

ii. An organizational flexibility: supportive organizational structure to provide mechanisms by which ideas are evaluated, chosen and implemented.

Slide 33

Intrapreneurship or Corporate Entrepreneurship (cont’d)

iii. Intelligence dissemination: sharing of knowledge with other workers (teams) and interdepartmental collaboration

iv. Management support: willingness of management to promote entrepreneurial behavior (championing of innovative ideas and providing resources)

v. Work discretion: degree of autonomy given to the individual employees for entrepreneurial efforts

vi. Time availability: having workloads that ensure that individuals have the time needed to pursue innovations

Slide 34

2. Extrapreneurship/spin-offs

– A process where an individual, for one reason or the other, leaves his present place of work, to establish/create his own enterprise, very often in the same line of business as his former place of work

– Reasons for leaving (dismissal, laying off, retirement and going on pension)

Slide 35

3. Co-preneurship

• Co-preneurship: Refers to situation where husband and wife are the co-owners of an entrepreneurial venture

– E.g. Domod company, Combert Impressions

Slide 36

Other types

• Social Entrepreneurs

• Serial Entrepreneurs

• Portfolio Entrepreneurs

• Lifestyle Entrepreneurs

Slide 37

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