Technopreneurship

Technopreneurship

We are now living in world full of technology and by the time its advancement is continuous. Since there is technology, there is also person who is selling a technology; since it is selling it is also called entrepreneurship. When we bond the technology and the entrepreneurship, that person is called technopreneurs. My blog discussion is all about technopreneurship.Let us first know what is entrepreneur and what is an entrepreneurship is.

According to what our instructor lecture to us, in earlier Viewpoints during 1700-1950’s, the word entrepreneur comes from French word ‘entrepredre’. “Entreprende “- is the individuals who undertake (the risk of new ventures). Entrepreneurs – people who enter into new and pioneering ventures. It is also the whole-brained, meaning he/she uses both the left brain (logical) and right brain (creative). Entrepreneurs invests, transforms and makes (profit or loss), it is according to Richard Cantillon, French economist. Entrepreneurship involves having the guts to do what you believe is right, thinking out of the box and making business out of it.

Now let us know what technopreneurship is. Technopreneurship is high tech ventures in ICT, electronics, internet, ife sciences biotech. Service firms where technology is critical to their mission, such as: e-Bay, FEDEX, SMART money transfer, e-learning. Technology + Entrepreneurship is technoprenuership. Technopreneurship is entrepreneurship in the field of technology. Technopreneurship is being an entrepreneur by: 1.) using existing technologies & suiting it to a new application. 2.) Inventing or developing a new product. Technopreneurship innovations are not confied to tangible products but also include services and processes. According to anonymous, it is “someone who uses technology to do something new or invents new devices & then makes a business from selling these new things”. According to Mankani,D., describing an entrepreneur who uses cutting-edge technology to develop new business models.

The following are the importance of technopreneurship:

1.    Employment creation – entrepreneurs create employment for themselves and other people. They are employers, and hence assists in solving the unemployment problem in the country.

2.    Local resources – when entrepreneurs utilize local resources, the value of these resources increases.

3.    Decentralization and diversification of business – entrepreneurs are able to identify business opportunities and locate business in suitable areas, including rural areas.

4.    Promotion of technology – by being creative, entrepreneurs are able to contribute to the utilization and development of technology.

5.    Capital formation – entrepreneurship increases capital formation and investment.

6.    Promotion of an entrepreneurial culture – by projecting successful images, entrepreneurs become models than can be copied by young people.

How can one be pioneering in the field of technology?

• The mindset of a person should always be looking out for innovation.
• A technopreneur needs to think “out of the box”. The box is the logic of an industry, business or product.
• Logic answers why people are buying that product, why is the entrepreneur using that kind of raw material, etc. Thus, an entrepreneur has to look at the box and find something that is different. He/she doesn’t just copy what is currently available in the industry/business.
•  Logic is the foundation to start thinking out of the box. LOGIC topped with CREATIVITY results to INNOVATION.
•  Logic answers “why?”. Creativity answers “why not?”.

Why become a Technopreneur?

• Thousands of new ventures have been set up every year around the world and venture capitalists have invested billions of dollars into these business.
• The internet is still in its infancy.
•  Many technopreneurs are hoping that their product, service or solution will become the industry standard in their chosen field in the same manner as we have internet explorer for web browsing, Amazon for online book and eBay for internet auction.
• High risk for technopreneur investment but their rewards are great such as founders of Microsoft, Amazon and eBay and their backers.

What does a Technopreneur do?

1. Generate new business idea.
2.  Able to identify the business or consumer need.
3.   Not limited to a certain idea but expand the idea.
4.   Identifying market needs and offering the solution.
5.   He has to ensure the technology to make the idea work exists or can be developed at reasonable cost and within a reasonable time.
6.   He thinks of workable idea, then bounces it to friends or associates. After receiving feedback, and deciding, he starts the business plan. Fnally. He tries to get financing.

COURSE MODEL –SEED

1.    Self – Mastery – self-mastery passions come from knowing yourself. Self-mastery brings passion. When you know yourself, you know what you want and do not want.

Ø  What is self mastered person?

·         Does not need high Intellectual Quotient (IQ) – if it is high, this will be beneficial to him or her.

·         Does not need high Emotional Quotient (EQ) – ability for an entrepreneur/technopreneur to connect to the people and be able to feel others emotional easily.

·         Does need high Adversity Quotient (AQ) – is the ability to rise up after a failure and to go against the norm.

Ø  Is naturally a/an: he can shift to different personality traits according to the need of the moment.

o   Performer- competitive and efficient.

o   Epicure (enthusiast) – sensual and cheery.

o   Boss – takes a change and loves a good fight.

Ø  Is whole-brained (he/she uses both the left brain (logical) and right brain (creative))

Ø  Has a personal vision and knows strengths and weaknesses.

2.    Environment Mastery  - is about generating business ideas and seeking opportunities out from his or her environment trough:

·   Serendipity walks: have you ever taken a walk and stumbled upon something completely unexpected?

·   Crisis: there is opportunity in crisis

·   Trends: opportunities and innovation ideas can be found in current trends and fashion.

·   Others: hobbies/interests, personal skills and experiences.

Ø  What is an environment-mastered person?

·   Understands the industry he/she is in

·   Sees the opportunities, not the problems

·   Is on top of the situation instead of being under the situation

·   Is the organization/industry innovator and strategist

3.    Enterprise Mastery – is how to run a business. This pertains to the knowledge of the different enterprise disciplines such as:

·   Creating the business

·   Marketing Management – when you start a venture, start with marketing. Marketing is creating a promise.

·   Operations Management – operation is keeping the promise and how to make the perception a reality.

·   Financial Management – the best way to protect your invention or technology is to put only a small margin on your product.

·   Risk Management – being a technopreneur involves some risks. Technopreneurs have the ability to take measured or calculated risks.

Ø  What is an enterprise-mastered person?

·   Understands and integrates the functions of management (marketing, human resource, operations, and finance)

·   Understands and integrates the process of management (planning, organizing, directing, and controlling)

·   Leads and inspires rather than manage.

Ø  Development of Business Plan covers:

·   Writing the business plan

·   Presenting and defending the business plan

·   Adding refinements to the presented business plan

FOUR TYPES OF ENTREPRENEURSHIP

1.    Incremental

·         Routine business, modest innovation

Ex. (new coffee shop, new BPO)

2.    Imitative

·         imitation of ventures, same business model and template

Ex. New regional branch, franchised operations\

3.    Rent – Seeking

·         Business that utilizes standards, regulations and laws to share in value of enterprise

Ex. Coca Cola Export

4.    Innovation

·         Business based on innovation

Ex. New memory chip

CHARACTERISTICS OF AN ENTREPRENEUR

1.    Hard Working

2.    Self-confident

3.    Builds for the Future

4.     Profit- Oriented

5.    Goal – Oriented

6.    Persistent

7.    Copes with Failure

8.    Responds to feedback

9.    Demonstrates initiative ­.

10.   Willing to listen

11.  Sets Own Standards

12.  Copes with uncertainty

13.  Committed

14.  Builds on Strength

15.  Reliable and has Integrity

16.  Risk – taker

Ø  What makes an entrepreneur a Technopreneur?

o   A technology idea owner who ventures to make his ides a commercial reality.

o   An entrepreneur, who gets a technology idea, finds an opportunity to make it a commercial reality.

o   Entrepreneur seem to be the starter and managers the followers

o   Managers do not start business, they only manage them.

o   In the world of corporate business, intrapreneurs emerge as that breed who is a cross between managers and entrepreneurs.