Dr. George Acheampong, a Senior Lecturer in the Department of Marketing and Entrepreneurship at the University of Ghana Business School (UGBS), delivered an informative lecture on the theme “Entrepreneurial Resource Mobilisation in Scarcity”.
The online lecture, which was organised by the United States Embassy Public Affairs Section, was held on 26th October, 2021, and was aimed at educating entrepreneurs on how to secure additional financial, human, and material resources to advance their operations.
Dr. George Acheampong, after thanking the Public Affairs Section of the US Embassy, Ghana, briefly introduced the topic with a question on why entrepreneurship is being discussed by many people, but few are making use of the opportunities available.
He introduced entrepreneurial resource mobilisation under scarcity to overcome some of the constraints that people face in attempting to become entrepreneurs.
In his presentation, Dr. Acheampong disclosed that the major constraint of entrepreneurs is not lack of money, but rather lack of resources.
He used two case studies to show how one company succeeded with little money, while another failed even though they invested a huge amount of money.
He further shared four main principles that can be used as a strategy to overcome the constraint of monetary capital when building an enterprise.
These principles, according to the Senior Lecturer, are the bird in hand principle, money matching, lean startup, and bootstrapping.
Dr. Acheampong concluded his lecture with some essential points; entrepreneurs should “never buy what they can rent, never rent what they can barter for, never barter what they can borrow, and never borrow what they can acquire for free.” Subsequently, the lecture was crowned with an interactive question and answer session.