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ES19-Introduction To Technopreneurship 101

The document discusses the concept of technopreneurship, emphasizing the integration of technology, innovation, and entrepreneurship as key elements in creating value and wealth. It highlights the importance of engineers in the entrepreneurial landscape, the role of various environmental factors in fostering entrepreneurship, and the essential skills needed for technopreneurs, including self-mastery and enterprise mastery. Additionally, it outlines the significance of innovation, risk-taking, and the development of a business plan in the entrepreneurial process.

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Rheyven Juan
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20 views6 pages

ES19-Introduction To Technopreneurship 101

The document discusses the concept of technopreneurship, emphasizing the integration of technology, innovation, and entrepreneurship as key elements in creating value and wealth. It highlights the importance of engineers in the entrepreneurial landscape, the role of various environmental factors in fostering entrepreneurship, and the essential skills needed for technopreneurs, including self-mastery and enterprise mastery. Additionally, it outlines the significance of innovation, risk-taking, and the development of a business plan in the entrepreneurial process.

Uploaded by

Rheyven Juan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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ES19–Introduction to Technopreneurship 101

“Innovation is the specific instrument of entrepreneurship. The act that endows resources with
a new capacity to create wealth.” – Peter Drucker

Peter Ferdinand Drucker was an Austrian management consultant, educator, and author,
whose writings contributed to the philosophical and practical foundations of modern business
corporations.He was described as the “Founder of Modern Management”

Technology has gone from novelty to necessity;at work, empowering speed and convenience
in the workplace, and reducing the potential for human error.

Engineers will always be needed to spread their expertise across STEM fields. Engineers have
the potential to be seen as far more valuable than their MBA graduate counterparts, respected
for their innovative and creative capabilities

According to an article in Inc. magazine, a study that analyzed the Facebook profiles of CEOs
and founders showed that, “three times as many had advanced degrees in engineering than
had an MBA”

Cybersecurity serves as a prime example of this. In the digital age, the protection of personal
data and the prevention of cyberattacks is a universal business priority. If the recent Cambridge
Analytica scandal failure to safeguard the information of clients and consumers can devastate
corporate profits, with Facebook shares reportedly down 9.5 percent in the fallout of the event.

Entrepreneurship is inherently ingrained within the engineering trade. Many influential


companies have been founded by engineers, including Rolls-Royce, Dyson, Intel, Oracle and
Yahoo!, highlighting the power of the discipline

Technopreneurship can be defined as follows:


●​ Integration of technology, innovation and entrepreneurship.
●​ “Act of turning ‘something’ into a resource of high value by converting good ideas into
business ventures that rely heavily on the application of human knowledge for practical
purposes. “
●​ A process of synthesis in engineering the future of a person, an organization, a nation
and the world

It is recognized as a prolific idea in today's digital era because of four reasons: limitless
opportunities, market expansion, reduced costs, and access to information.

Entrepreneurship is the creation or extraction of value. With this definition, entrepreneurship is


viewed as change, generally entailing risk beyond what is normally encountered in starting a
business, which may include other values than simply economic ones.
Entrepreneurship refers to the process of creating a new enterprise and bearing any of its
risks, with the view of making the profit.
A technopreneur is an entrepreneur who is technology savvy, creative, innovative, dynamic
and dares to be different and takes the unexplored path
ELEMENTS OF ENTREPRENEURSHIP

1. Innovation​ ​ ​ 3. Risk
2. Organization​ ​ ​ 4. Vision

Innovation
Implementation of innovative ideas on the available opportunities and coming out something
new. This new idea may be a product, service, technology, manufacturing technique or
marketing strategy.

Organization
An entrepreneur needs to control the people and process singlehandedly

Risks
Risk taking is exploiting opportunities and gaining competitive edge over others in the same
market. Without risks, business cannot flourish.Excessive indulgence may lead to severe
financial losses.

Vision
Foresight of an entrepreneur determines how the business policies will run..Tasks are identified,
performed, risks are taken and organizational culture is developed.
Set short trem and long term goals for business

Common factors of the Environment affecting Entrepreneurship


1. Venture Capital Availability
Start up companies with a potential to grow need a certain amount of investment. Wealthy
investors like to invest their capital in such businesses with a long-term growth perspective. This
capital is known as venture capital and the investors are called venture capitalists.

2. Presence of experienced entrepreneurs


Naumes (1978) states that “the mere fact that there are other entrepreneurs in the vicinity who
have succeeded at new venture initiation draws entrepreneurs to the area and encourages
potential entrepreneurs already in the area”.

3. Technically skilled labor force


A Stanford Research Institute (SRI) (1962) study of small businesses in the electronics industry
concluded that the “availability of the type of labor required in the industry is one of the most
important considerations in determining the location of electronics companies”.
Since a new firm is viewed as a high-risk place of employment, skilled labor is not willing to
relocate. The new firm must locate where the labor pool already exists.

4.Accessibility of Suppliers
This factor appears to be more significant when the entrepreneurial activity has local rather than
national or international scope, or when customers are geographically concentrated. It should
also depend on the amount and frequency of personal interaction required by customers.

5. Accessibility of customers or new market


Good customer service accessibility means ensuring that customers short of time can still
access a great service experience. ... If they can access your site, customer service needs to be
accessible too. You must meet customers where they are, when they need you, on any device

6. Favorable government policies


Taxation policy affects business costs.
For example, a rise in corporation tax (on business profits) has the same effect as an increase
in costs. Businesses can pass some of this tax on to consumers in higher prices, but it will also
affect the bottom line.

7. Proximity of universities and research institutions


Organizational proximity and technological proximity between firms and their university/research
institute partners play an indirect role in enhancing the innovativeness of firms through
knowledge interactions

8-9.Availability of infrastructural facilities/accessibility of transportation


Road availability is a significant determinant of investment . private businesses and individuals
may produce goods and services more efficiently.

10. Receptive population


Companies use demographics such as age or gender to identify target markets for specific
products or services.

11. Availability of supporting services


Business support services means establishments primarily within buildings, providing other
businesses with services including maintenance, repair and service, testing, rental, etc.; also
includes: blueprinting business; equipment repair services

12 . Attractive living condition


The cultural, climatologically, and recreational amenities are the greatest important factors for
the growth and development of entrepreneurial ventures.

Importance of
Technopreneurship:
BASICS OF TECHNOPRENEURSHIP:
Self-Mastery​ ​ ​ ​ ​ ​ 3. Enterprise Mastery
Environment Mastery​ ​ ​ 4 .Development of business plan

1. Self-mastery passion comes from knowing yourself. It brings passion. When you know
yourself, you know what you want and do not want.
does need high EQ(Emotion quotient) and AQ(Adversity Quotient)
is whole-brained using both the left brain(logical) and right brain(creative)
has a personal vision and knows strengths and weaknesses

2 .Environment Mastery
Environment mastery is about generating business ideas and seeking opportunities out from his
or her environment through
serendipity walks

Crises-There is opportunity in crisis


Trends- Innovative ideas can be found in current fads and fashion
Others-Hobbies/Interests, Personal skills and Experiences
Godofredo a student of Dr. Randy Gamboa
a.Vending machine that serves breakfast and lunch
b.Smart Mirror monitors our health (heart rate, pulse rate, blood pressure and so on

Crises-There is opportunity in crisis


Online grocery delivery locally
Privately labelled home made items
Work from home set-up

Trends- Innovative ideas can be found in current fads and fashion


Voluminous Silhouettes. ...
Platform Shoes. ...
Low-Rise Pants. ...
The Color Purple.

3. Enterprise Mastery
Pertains to the knowledge of the different enterprise disciplines such as:
●​ Creating the Business
●​ Marketing Management
●​ Operations Management
●​ Financial Management
●​ Risk Management

Marketing is creating a promise


Operations 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
Technopreneurs have the ability to take measured or calculated risks. Such risks involve
working out the likely costs and gains, the chance of success and the belief in oneself to make
the risk pay off.

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)

4.Development of business plan


writing the business plan presenting and defending the business plan adding refinements to the
presented business plan

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