Entrepreneurship: The concept, application, processes, practice & prospects - Part 1

Brief Background & Discussions on Entrepreneurship:

The Word ENTREPRENEUR is derived from the French word "entreprenerd" meaning to "UNDERTAKE". It is literally translated to mean:

• between-taken

• go-between

• one who takes between.

Richard Cantillon developed one of the early theories of an 'entrepreneur' and viewed the entrepreneur as a 'risk taker', observing that 'merchants, farmers, craftsmen and other sole proprietors' "buy at a certain price and sell at an uncertain price, therefore operated at a 'RISK'.

Jean-Baptiste describes the Entrepreneur as "someone who shifts economic resources out of an area of lower need into an area of higher productivity and greater yield".

Thus, with this brief background on who an Entrepreneur is: anyone who undertakes an economic venture or enterprise at a price with an element of risk with the necessary systems and structures of moving such an economic activity from a place of less want of it to a place of higher want of the economic activity.

Part of ensuring the availability, desire and acquiring of the economic activity by the market (buyer) is the ability of the entrepreneur to activate and sustain the need for such an economic activity for the business going concern of its economic activity.

This can be done by constantly engaging the tools of: value addition, innovation, branding, SWOT analysis, SMART decisions, competitive intelligence landscape analysis on competitors, and general performance analysis.

Definition and Discussions on Entrepreneurship & Entrepreneur:

Albert Shapero (1970:187) insists that, in almost all the definitions there is agreement that (Entrepreneurship means) we are talking about a kind of behaviour (attributes/character), traits associated with the entrepreneur which includes:

1. Initiative Taking

2. The organization and reorganization of social and economic mechanisms to turn resources and situations to practical account.

3. The acceptance of Risk or Failure.

Other Writers includes attributes such as:

a. Independence

b. Reward

c. One who make difference: by translating what is possible into reality.

d. Spotting and exploiting opportunities.

e. Find the resources required to exploit opportunities.

f. Add value

g. Are good net workers (social networking).

h. Have "Know-How" and "Know-Who" and "Know-Where".

i. They create capital.

j. Creativity and Innovation.

Peters & Shephard (2008) defines entrepreneurship as "the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychical, social risks, and receiving the resulting rewards of MONETARY and Personal SATISFACTION and Independence.

We can simplify Entrepreneurship as the venture and steps of undertaking an economic activity or enterprise at a price with an element of risk with the necessary systems and structures of adding value by moving the economic activity from a place of less want to a place of higher want of the economic activity to successfully ensuring the availability, desire and acquiring of the economic activity by the market (buyer) for a financial, monetary and personal benefit.

That is entrepreneurship is a process of engaging in any viable business (and legitimate economic activity) that has a benefit of financial, monetary and personal reward to the entrepreneur. To that extent, entrepreneurship is not an end nor a means on itself, rather a combination of means and ends to achieve set targets. Entrepreneurship is an art and act, implying we can learn it and practice it for the optimal outcome and benefit.

Tasks to be performed by an Entrepreneur:

1. Owning a Business/ Business Owner.

2. Founding New Organization, Founder (Pure Entrepreneurship).

3. Bringing Innovation to Market.

4. Identification of Market Opportunities.

5. Application of Expertise.

6. Provision of Leadership.

7. Entrepreneur as a Manager/ Administrative Entrepreneur.

The above are some listed tasks or work schedules expected to be performed or undertaken by an entrepreneur. You the business owner or manger is expected of you to perform the above tasks par excellence. Do the work schedules to the utmost best and do not leave a stone unturned in performing such tasks. Give your all in doing these tasks and never shudder nor denigrate yourself in performing these tasks.

Practice make us better and perfect. Set the criteria with realistic targets (as tasks to be performed) and review the targets as often as you, and work on the variance (difference). Set marking metrics and score yourself, be as honest as you can. Would prefer you more strict and critical of your scores. This is the ultimate way of ensuring you perform the tasks as competent as you can.

Entrepreneurial Activities in our Local Communities versus Well Packaged (Branded) Entrepreneurial Strides and Successes of Creative Persons:

Local Business Ideas (Start-Ups): Value Addition & Improved Packaged Products/Services Pepper/Ginger/Dawadawa/Ingredients & Spices Sales (tied in plain white rubber) Specialized Well Packaged Spices (E.g.: REMIE spices, Sankofa spices, Onga, etc.).

Herbalist/Healing/Medicine sellers: Herbal Clinic (e.g.: Amin Scientific Herbal clinic, Medi-Moses Prostrate & Herbal Clinic, etc.)

Food Cooking & Selling (vending: Waakye, Dafaduka-Jollof, Tuo-TZ, Rice, Banku, Kenkey, Fufu, Korkontei, etc.): Catering and Bakery services, Eatery, Inns, Restaurants, Quick Foods, etc.

Local Taaliya (Spaghetti): Indomie, Obaapa, Oba, Cindi, etc.

Local Beverages: (Hausa kooko, kuunu, Sobolo, Burkinaa, Lamujee, Asaana, Obilaayo, etc.) Kooko King, Cuisines Pack, etc.

Watchman Security Man/Officer (with qualification & training)

Islamic Scholar/Mallam/Imam Pastor/Evangelist/Preacher:

Lecturer, Advocator, Opinion Leader, Adviser, Strategist, Counsellor, Leader, etc.

Taylor/Seamstress/Adieyee: Fashion Designer, Closet Dresser, Fashionista, etc.

Elders Morale Support, Counselling & Guide: Clinical Psychologist/Counsellors/Life Coaches/Marriage Expects, etc.

Local Rearing of Fowls, Goats, Sheep, Cattle and others (in compound houses): Commercial and Large Scale rearing of Cattles, Sheep, Goats, Poultry Fowls, etc.

We can use the below 'MEASURES’ to transform, re-strategize and revitalize our local entrepreneurial activities:

1. Planning.

2. Structures

3. System

4. Control

5. Decision Making.

This ‘MEASURE’ is a well-researched, understood, applied and put to practice that ensured proper performance of multinational corporations and businesses, and can be applied in our local instances as well. It is my understanding that, the issues in our local communities (societies), in Ghana and elsewhere in general stamps from:

1. Poor and short-sighted Planning: It includes not having: feasibility study, market survey, penetration plan, strategic plan, business plan, evaluation and monitoring plan, others.

2. Weak and inadequate structures: By structure it includes: Money, Man-power, Materials and Machines.

3. Effective and efficient system: The success or otherwise of any establishment is largely traceable to the efficacy of the system in place. Management and administrational approaches or styles comprises the system. Though there are much to it.

4. Inadequate or unparalleled control: I strongly hold the opinion that, if your system is poor and not robust or rigid. It would have a rippling effect on the control function and vice versa. However, that's exactly the role ‘control’ is to play.

5. Decision making: The final part of the complete functioning of any establishment (start-up) or business, is the extent to which its decision making is targeted towards the objective of the establishment in achieving its set goals and visions.

I would rather categorize the decision making role to be: Strategic, Tactical and Operational.

As a business or an entrepreneur do ensure you take note of your MEASURES: planning strategies/policies, operational structures and channels, administrative and managerial systems (practices), the control protocols (systems), and the decision making mechanisms.

Put effort, time and resources in ensuring you have a robust and functioning MEASURES to work towards ensuring achieving the targets and goals of your business.

The measures are relative to an economic activity from other economic activity, hence, it somehow differs from industry to industry. However, the bases (concept) is the same and goal to accomplish is same too.