The University of Ghana Business School (UGBS) on Wednesday, December 3rd, 2014, held a seminar on ‘Entrepreneurial Entropy in the 21st Century’ at its Graduate Campus as part of its monthly Seminar Series programme.
Guest speaker, Prof. John Kalu Osiri, distinguished author and professor of Marketing at the prestigious Carson College of Business-Washington State University, in speaking to the topic, defined the concept of entrepreneurial entropy, why and how it occurs, and how entrepreneurs can keep growing their business and avoid the possibility of their decline in the 21st Century.
According to Prof. Osiri, the 21st Century, despite its benefits of increased economic trade, foreign direct investments, and sophisticated technologies can also facilitate entrepreneurial entropy, defined as the collapse of businesses ideas, through the allure of multiple and deceptively benign distractions.
Focusing on a single project and tuning out all other distractions, he said, is the key to combating entrepreneurial entropy.
He also identified five overlapping steps on successfully launching a venture and advised potential entrepreneurs to first create a customer base, termed as Entrepreneurial Marketing (EM) before raising capital to fund the venture.
Although he pointed out that entropy could occur at any point of the five steps, he iterated the need for entrepreneurs to understand their customer base as key to launching a business since a detachment from customers is one of the reasons why 8 out of 10 businesses fail within the first 18 months of existence.
Delving further into Entrepreneurial Marketing, Prof. Osiri identified and explained idea exploration and examination, and opportunity exploitation and expansion as essentials of EM, before expatiating on the four models of sustaining an organization under corporate entrepreneurship.
Prof. Osiri also dwelt briefly on entrepreneurial and traditional marketing; the latter of which he said was reactive and dealt with existing customers as opposed to the former’s ideal proactive and customer-creating features, and outlined several strategies new entrepreneurs could use to manage their finances.
Dr. Dartey-Baah, Chair of UGBS’s Seminar Series Programme, termed Prof. Osiri’s presentation as brilliant and expressed gratitude to him for facilitating an insightful and interactive session.
Present at the seminar were some members of UGBS’s faculty, students, alumni and media personnel.