REVIEWER TECHNOPRENEURSHIP o To activities (restaurants, etc.
)
o To systematic innovation (the search for
LECTURE 1
and the exploitation of new opportunities
What is an Entrepreneur? for satisfying human wants and needs)
o Shifts economic resources out of an area Entrepreneurship examples…
of lower and into an area of higher
productivity and greater yield. (J.B.Say o McDonald’s
1800) o GE (General Electric) Company
o Innovates innovation creates a resource o Marks and Spencer
o “If you invent a better mousetrap, the world o Procter and Gamble
will beat a path to your door.” (Benjamin
Franklin) Entrepreneurship then…
o Has an impact to economy, creative
destruction (Joseph Schumpeter) Entrepreneurship rests on a theory of
o Create something new, something economy and society. The theory sees change
different; they change or transmute values as normal and indeed as healthy. And it sees
the major task in society—and especially in the
Who is an Entrepreneur? economy— as doing something different
rather than doing better what is already being
o Sees change as the norm and as healthy – done.
the entrepreneur always searches for
change, responds to it, and exploits it as an Entrepreneurs innovate.
opportunity
o By definition: shift resources from areas of Innovation
low productivity and yield to areas of higher o The act that endows resources with a new
productivity and yield. capacity to create wealth
o Creates a resource
What is Entrepreneurship? o Does not have to be technical, does not
have to be a thing altogether
A meta-economic event, something o Changes the economy from supply driven
that profoundly influences and indeed shapes to demand driven
the economy without itself being part of it. The
emergence of the entrepreneurial economy is Successful Entrepreneurs
as much a cultural and psychological as it is
an economic or technological event. Yet o Practice system innovation
whatever the causes, the effects are economic o Do not wait until “the Muse kisses them”
ones. and gives them a “bright idea”; they go to
work. Altogether, they do not look for the
What is Entrepreneurship? “biggie,” the innovation that will
Management applications that made “revolutionize the industry,” create a
entrepreneurial economy emerge: “billion-dollar business,” or “make one rich
overnight.”
o To new enterprises (whether business or o Try to create value and make a contribution
not) o They are not content simply to improve on
o To small enterprises (not for the big boys) what already exists, or to modify it. They try
o To non-businesses (health care, to create new and different values and new
education, etc.) and different satisfactions, to convert a
“material” into a “resource,” or to combine Entrepreneurial Vision
existing resources in a new and more
productive configuration. o Vision statement – The picture you have
o Systematic innovation therefore consists in for what the venture will become in the
the purposeful and organized search for future; what will it grow into.
changes, and in the systematic analysis of o Mission statement – A formal declaration
the opportunities such changes might offer about what the venture will do, what value
for economic or social innovation. it will provide to the customer, and how it
will accomplish this action.
Systematic Innovation (7 sources) o Value proposition – A summary
statement that conveys the benefits your
1. The unexpected product, service, or unique business
2. The incongruity process/model provides to customers.
3. Innovation based on process need o Verification – Test and implement
4. Changes in industry structure or market o Illumination – Identify “aha moment”
structure solutions
5. Demographics o Incubation – Let subconscious work
6. Changes in perception, mood, and meaning through information
7. New knowledge o Preparation – Plan and gather information
ENTREPRENEUR must have… Entrepreneurial Goals
Personal stress management o SPECIFIC – Goals must be precise, rather
Persuasion skills than overly broad
Strategic thinking o MEASURABLE – There needs to be a
Creative problem solving quantifiable method to determine if the goal
Team building skills has been met or not
Communication skills o ACHIEVABLE – Attainable; should not be
Ability to rapport with others equally lofty or easy
Effective conflict resolution o RELEVANT – Should be relevant to the
Negotiation skills outcome needed
o TIMELY – Each goal needs to have a
Types of Entrepreneurs – Approach to venture defined deadline, the time when the goal
must be achieved
o Innovators – Find new approaches,
methods, or products that add value
through solving a problem in a unique LECTURE 2
manner.
What is Technopreneurship?
o Creators – Make something new or see a
problem that other people have not “Technology” and “Entrepreneurship”
noticed. • This is not just the effect of technology
o Market makers –Innovator or reinvent on businesses but
their market from a future perspective by
asking what the market could evolve into. rather the process where progression in
o Expanders and scalers – Seek out the lives of the
opportunities to expand upon previously people happens.
created methods, processes, or products.
• It is the process of using the Technology-Based
developments brought about Entrepreneurship
by specialized knowledge to come up
with innovations in
“Technology is always evolving, and
all the aspects of human life with the aid companies, not just search
of a creative and
companies, can’t be afraid to take
skillful mind. advantage of change.”
• Birth of this field provides every Eric Schimdt
entrepreneur a challenge
of exploring an untraveled path towards
“The first rule of any technology used in
greater success.
a business is that automation applied to
an efficient operation will magnify the
efficiency”
Technopreneurship is...
Bill Gates (1955 - )
• Integration of Technology, Innovation
and Entrepreneurship “The use of technology as an integral
and key element in the transformation of
• Act of turning “something” into a
goods or services.” – Randall Stross
resource of high value by converting
good
ideas into business ventures that relies Concerns on Technology
heavily on the application of human Entrepreneurship
knowledge for practical purposes. (Bailletti, 2012)
• Entrepreneurship in the field of
technology.
1. The operation of enterprises by
• Firms in which technology plays a scientists and engineers
critical role in their operations.
2. Identifying applications or problems
• Process of engineering the future of an with a technology
individual, an organization or a nation.
3. Exploiting opportunities, starting new
• Application of the newest inventions applications or
and advancements in coming out with
setting up new ventures involving
new and innovative products through technical and scientific
the process of dissemination.
knowledge
• Manufacturing of hi-tech products or
4. Collaboration for technical change
making use of hi technology to deliver
product to consumers.
• Exhaustive use of and Exploitation of
technology in making profit.
Starting a Company
• Plant the seed
• Idea, market, product/service,
business
• Prototype and test the market
• TEAM (There’s no I in team)
• Vision Executor, Marketer, Financier
• CEO, CFO, CTO/CIO
• Writing the Business Plan
• Obtain fun, principle and business
development plan
• Business model, market analysis,
highlight the innovation and uniqueness,
realistic projection and accomplishment,
• Risks/contingency plan
• Pitch/Sell Your Product
