CHRISTIAN SERVICE UNIVERSITY COLLEGE,

KUMASI

ENTREPRENEURSHIP

COURSE CODE: CSCP 353

Department Of Computer Science and

Information Technology
OBJECTIVE:

 UNDERSTAND ENTREPRENEURSHIP

 UNDERSTAND ENTREPRENEURS

 ENTREPRENEURIAL PERSONALITY

 MYTH ABOUT ENTREPRENEURS

Entrepreneurship : Is the process of converting an idea into a
business either at a profit or to meet the demands of society or
the economy as a whole.

An Entrepreneur is the person who creates a new business in

the face of risk and uncertainty for the purpose of achieving
profit and growth by identifying significant opportunities and
assembling the necessary resources to capitalize on them.
ENTREPRENEURIAL PERSONALITY

1. Desire for responsibility

2. Preference for moderate risk
3. Future orientation
4. Confidence in their ability to succeed
5. Desire for immediate feedback
6. High level of energy
MYTH ABOUT ENTREPRENEURS:

1. Entrepreneurs are born not made

2. Entrepreneurs are motivated primarily by money
3. Entrepreneurs love the spotlight
4. Entrepreneurs must be young and energetic
5. Entrepreneurs are gamblers
 THANK YOU

CHRISTIAN SERVICE UNIVERSITY COLLEGE,

KUMASI
 LECTURE 2.
OBJECTIVES:
 Understand the three models of entrepreneurship
 Understand the primary characteristics of successful
entrepreneurs
 Some types of entrepreneur
 Understand the benefits of entrepreneurship
 Understand the potential drawbacks of entrepreneurship
 Understand the economic impacts of entrepreneurial activity to
the economy of Ghana
THE MODELS OF ENTREPRENEURSHIP:
1. The Psychological Model
2. The Psychodynamic Model
3. The Social Marginality Model
What is a Model: A model is any simplistic representation of a
complex phenomenon, structure or a system.
This means that entrepreneurial behaviour is very complex . We
only try to simplify its understanding.
1. The Psychological Model; It is believed entrepreneurs are born
with certain innate traits. Here the entrepreneur is assumed to be
a particular personality trait. Gartner(1989) posit that once an
entrepreneur, always an entrepreneur, since an entrepreneur is a
personality, a state of being that doesn’t go away.
By implication this means that the environment has nothing to do
with the emergence and development of entrepreneurship
2. The Psychodynamic Model: This model assumes that each
person become entrepreneurs based on childhood experience,
usually focusing on unhappy family background. For example,
psycho-social deprivations such as : no clothe, no food, no parental
care, no societal concern. The unhappy individual become
somewhat deviant personality, they are unable to operate in any
structured social organization or environment, due to low self-
esteem, insecurity, lack of self – confidence.
3. The Social Marginality Model: This model sees entrepreneurial
activities in terms of situations in which certain group of
individuals, are structurally marginalized – socially, religiously,
politically, educationally. For eg. People perceive some societal
institutions and organizations as more important than others.
People are considered marginalized if they do not come from the
highly perceived institutions.
 THE FOUR (4 ) PRIMARY CHARACTERISTICS OF
SUCCESSFUL ENTREPRENEURS
1. Passion for the business
2. Product or customer focus
3. Tenacity despite failure
4. Execution intelligence
 FORMS OF ENTREPRENEURIAL ACTIVITIES
 Intrapreneurship or Corporate entrepreneurship; is the
conceptualization of entrepreneurial activities in an existing
organization. Either private or public.
The intrapreneur or organization champion is seen as not risking his
or her own resources, but those belonging to the company or firm.
The individual does not “own’ the entrepreneurial concept, must
also give credit to others in the organizational hierarchy.
Cont;
 Extrapreneurship; this describes a venturing process where
employees of a company spin- off from their former employing
company or place of work to establish a supplementary business.
The business so established is often in the same line of business,
since the individual has already acquired some experience in this
line of experience from the former work place.
Cont;
 Social entrepreneurship; Is the work of a social entrepreneur.
They recognize a social problem and uses entrepreneurial
principles to organize, create, and manage a venture to make
social change.
 Technopreneurship; is the work of the technopreneur. These are
individuals whose entrepreneurial endeavors focus on a
technology- centered enterprise
 SOME TYPES OF ENTREPRENEURS
 Opportunity entrepreneurs: They are those who start
businesses because they spot opportunity in the marketplace.
 Necessity entrepreneurs: they are those who start businesses
because they cannot find work any other way.
 Serial entrepreneurs: they are those who repeatedly start
businesses and grow them to a sustainable size before striking out
again. These entrepreneurs are leapfroggers.
 THE BENEFITS OF ENTREPRENEURSHIP
1. Opportunity to create your own destiny
2. Creating their own dream job
3. Opportunity to make a difference
4. Opportunity to reach your full potential
5. Opportunity to reap impressive profits
6. Opportunity to contribute to society and be recognized for your
effort
7. Opportunity to do what you enjoy and have fun at it
 THE POTENTIAL BRAWBACK OF ENTREPRENEURSHIP
1. Uncertainty of income
2. Risk of losing your entire investment
3. Long hours and hard work
4. Lower quality of life until the business get established
5. High levels of stress
6. Discouragement
THE ECONOMIC IMPACT OF ENTRENEURIAL ACTIVITY TO
THE ECONOMY OF GHANA.
1. Reduce unemployment through job creation.
2. Generate revenue to government through the payment of taxes
3. Reduction of social vices
4. Develop new markets
5. Discover new sources of materials
6. Mobilize capital resources
7. Introduce new technologies, new industries, new products.
 THANK YOU

CHRISTIAN SERVICE UNIVERSITY COLLEGE,

KUMASI
 LECTURE 3: CREATIVITY AND INNOVATION
OBJECTIVES:
 Explain the difference among Creativity and Innovation
 Explain why creativity and Innovation are such integral part of
entrepreneurship
 Understand barriers to creativity
 Understand how to enhance individual creativity
Cont;
 The Creative Process
 Techniques for improving Creativity.
WHAT IS THE ENTREPRENEURIAL “SECRET’ for creating value in
the marketplace?
In reality, the secret is no secret at all: it is applying creativity and
innovation to solve problems and to exploit opportunities that people
face everyday.

What is Creativity: Is the ability to develop new ideas and to discover

new ways of looking at problems and opportunities.

What is innovation: is the ability to apply creative solutions to those

problems and opportunities to enhance or enrich people’s lives
BASIC DIFFERENCE AMONG CREATIVITY AND INNOVATION.
CREATIVITY
IT IS THE GENERATION OF IDEAS
DOES NOT INVOLVE THE USE OF
RESOURCES
IS ABOUT THINKING NEW THINGS
IS THE PROCESS OF GENERATING A
NOVEL IDEA BUT DOES NOT REQUIRE
IMPLEMENTATION
INNOVATION
IT INVOLVES COMMERCIALIZATION OF
THE IDEAS
INVOLVES THE USE OF RESOURCES SUCH
AS MONEY
IS ABOUT DOING NEW THINGS
REFERS TO SUCCESSFUL INTRODUCTION
OF NEW OUTCOMES BY A FIRM.
WHAT THEN IS SUCCESSFUL ENTREPRENEURSHIP?
1. It is a constant process that relies on creativity, innovation, and
application in the marketplace.
2. Successful entrepreneurs also come up with ideas and then find ways
to make them work to solve a problem or to fill a need.
3. Successful entrepreneurs tap the creative ideas of their employees.
 BARRIERS TO CREATIVITY
SOME MENTAL LOCKS THAT LIMIT INDIVIDUAL CREATIVITY
(Roger von Oech)
 Searching for the one ‘right’ answer: Deeply ingrained in most
educational systems is the assumption that there is only one ‘right’
answer to a problem.
 Focusing on ‘being logical’: In the early imaginative phase of the
creativity process, logical thinking can restrict creativity. Focusing
too much effort on being logical also discourages intuitions.
Cont; BARRIERS TO CREATIVITY
 Blindly following the rules: At early age, we learnt not to ‘colour
outside the lines’. We spend the rest of our lives blindly obeying such
rules.
 Creativity depends on our ability to break the existing rules so that we
can see new ways of doing things.
 Constantly being practical: Suspending practicality for awhile frees
the mind to consider creative solutions that never arise.
 Avoiding ambiguity: Ambiguity can be a powerful creative stimulus;
Cont; BARRIERS TO CREATIVITY
 Fearing looking foolish: creative thinking is no place for conformity.
People tend towards conformity because they don’t want to look
foolish.
 Entrepreneurs are top – notch ‘fools’. They are constantly questioning
and challenging accepted ways of doing things and assumptions that
go with them.
 Fearing mistakes and failure: failure is an important part of the
creative process, it signals entrepreneurs when to change their course
ENHANCING INDIVIDUAL CREATIVITY
Entrepreneurs can enhance their own creativity by using the following
techniques:
 Allow yourself to be creative: the biggest mistake or obstacle to
creativity occurs when a person believes that he or she is not creative.
Refuse to give in to the temptation to ignore ideas simply because you
fear that someone else may consider them stupid. When it comes to
creativity, there is no stupid ideas.
Cont; ENHANCING INDIVIDUAL CREATIVITY
 Give your mind fresh input every day: to be creative, your mind
needs stimulation. Do something different each day. Eg, listen to new
radio station, pick up a magazine you never read etc.
 Keep a journal handy to record your thoughts and ideas: creative
ideas are too valuable to waste so always keep a book nearby to
record them as soon as you get them.
 Listen to other people: no rule of creativity says that an idea has to be
your own. Sometimes the best business ideas come from someone
Cont; ENHANCING INDIVIDUAL CREATIVITY
 Listen to customers: Entrepreneurs who listen to their customers
often receive ideas they may never have come up with on their own.
 Talk to a child: as we grow older, we learn to conform to society’s
expectations about many things including creative solutions to
problems.
 Read books on stimulating creativity or take a class on creativity:
 Creative thinking is a technique that everyone can learn.
Understanding and applying the principles of creativity can improve
Cont; ENHANCING INDIVIDUAL CREATIVITY
 Take some time off: relaxation is vital to the creative process.
Getting away from a problem gives the mind time to reflect on it.
Entrepreneurs are able to generate new ideas during down time, when
they are away from work.
 Be Persistent: one secret to success is persistent and a “don’t quit
attitude.
THE CREATIVITY PROCESS: Seven step:
1. Preparation
2. Investigation
3. Transformation
4. Incubation
5. Illumination
6. Verification
7. implementation
TECHNIQUES FOR IMPROVING CREATIVITY PROCESS:
1. BRAINSTORMING
2. FOCUS GROUP
3. RAPID PROTOTYPING
4. IDEA BANK
NOTE: STUDENTS ARE ENCOURAGED TO READ ON THE
TECHNIQUES AND CONTRIBUTE ON NEXT LECTURE.
 THANK YOU

CHRISTIAN SERVICE UNIVERSITY COLLEGE,

KUMASI
 LECTURE 4: INTELLECTUAL PROPERTY; Protecting Your Ideas
OBJECTIVE;
Understand the following terms,
 PATENT
 TRADEMARKS
 COPYRIGHTS