TECHNOPRENEURSHIP

Basics of Technopreneurship

Introduction

Entrepreneurship is one of the most dynamic tools for supporting the country's economic
development and achieving sustainable and balanced growth. The country's goal is to encourage
entrepreneurship as a means of increasing jobs, profits, raising living standards, and eradicating
poverty. As a result, each country focuses on promoting entrepreneurship.

Technopreneurship is a form of entrepreneurship that takes place in a technologically

intensive environment. It's a method of combining technological prowess with entrepreneurial
creativity and abilities. Technopreneurs are individuals who disrupt the current economic order
by developing new products and services, forming new organizational structures, and using new
raw materials. In the recent past, more possibilities and prospects have been correlated with
technopreneurship. As a result, the proposed research project offers an opportunity to examine
the issues and challenges that technopreneurs face when starting a company.

What is technopreneurship?

It is a combination of two terms, such as "technology" and "Entrepreneurship," as the name

suggests. Thoroughly, it is a kind of entrepreneurship in the field of technology.  
Technopreneurship is a method that combines technical advances with entrepreneurial skills.
Technology is an essential part of the technopreneur's transformation of products and services.

A technopreneur is an entrepreneur who is technology creative, savvy, innovative, dares,

dynamic to be different and take the unexplored path, and very passionate about their work. They
take challenges and take attempt to lead their life with greater success. They don’t fear to fail.
They take failure as a learning experience, a stimulator to look things distinctively and stride for
the next challenge. Technopreneurs continuously go through an organic process of continual
improvement and always try to redefine the dynamic digital economy.

In the world of entrepreneurship, this is a new breed. These forms of entrepreneurship are
ideally suited for someone who is intelligent, creative, tech-savvy, has a good appetite for risk,
and is passionate about risk management. Teamwork brings technopreneurship to the next stage
of growth.
Importance of Technopreneurship
Needless to say, technopreneurship has played an influential role in the use of technology
for fulfilling various purposes. First off, it makes easy for people to stay in touch with each other
and comes up with some unpredictable products as well as solutions that are beneficial for the
nation.
Apart from this, it has also provided some other benefits to society and the nation that
contributes to economic and human development. Here, we are going to discuss the significance
of Technopreneurship for a nation and the world too.

Creating Employment Opportunities

 When startup businesses, then there is an increase in the pool of job opportunities as they
need manpower to run all business operations. In the same way, technopreneurship creates
jobs and helps the nation to combat the problem of unemployment. It increases the
employment rate of an economy.

Local Resources
 Various natural and productive resources are available that every entrepreneur can utilize
for business success. The usage of local resources increases its value and reduces the rate of
resource wastage.

Business diversification and decentralization

 An Entrepreneur can find out the business opportunities and locate them in areas that are
suitable including remote areas.

Technological advancement
 By being a creative and innovative technopreneur, they play an important role in the field
of utilization as well as the development of technology.

Capital formation
 Investment is an integral part of a business and an Entrepreneur requires funds to start up
and take their business to the new heights. They take financial assistance from the investors
and financiers and utilize the public savings that lead to economic development.

Promotion of entrepreneurial activities

 The young generation gets a chance to work with such technopreneurship firms and learn
nuts and bolts how to get success. It also inspires these teammates and employees to grow
and start up their business firms too.

Types of Entrepreneurship
It is classified into the following types:
 Small Business Entrepreneurship- These businesses are a hairdresser, grocery store,
travel agent, consultant, carpenter, plumber, electrician, etc. These people run or own
their own business and hire family members or local employee. For them, the profit
would be able to feed their family and not making 100 million business or taking over an
industry. They fund their business by taking small business loans or loans from friends
and family.
 Scalable Startup Entrepreneurship-This start-up entrepreneur starts a business
knowing that their vision can change the world. They attract investors who think and
encourage people who think out of the box. The research focuses on a scalable business
and experimental models, so, they hire the best and the brightest employees. They
require more venture capital to fuel and back their project or business.
 Large Company Entrepreneurship-These huge companies have defined life-cycle.
Most of these companies grow and sustain by offering new and innovative products that
revolve around their main products. The change in technology, customer preferences,
new competition, etc., build pressure for large companies to create an innovative product
and sell it to the new set of customers in the new market. To cope with the rapid
technological changes, the existing organisations either buy innovation enterprises or
attempt to construct the product internally.
 Social Entrepreneurship-This type of entrepreneurship focuses on producing product
and services that resolve social needs and problems. Their only motto and goal is to
work for society and not make any profits.

Characteristics of Entrepreneurship and Technopreneurship

Not all entrepreneurs are successful; there are definite characteristics that make
entrepreneurship successful. A few of them are mentioned below:

 Ability to take a risk- Starting any new venture involves a considerable amount of

failure risk. Therefore, an entrepreneur needs to be courageous and able to evaluate and
take risks, which is an essential part of being an entrepreneur.
 Innovation- It should be highly innovative to generate new ideas, start a company and
earn profits out of it. Change can be the launching of a new product that is new to the
market or a process that does the same thing but in a more efficient and economical way.
 Visionary and Leadership quality- To be successful, the entrepreneur should have a
clear vision of his new venture. However, to turn the idea into reality, a lot of resources
and employees are required. Here, leadership quality is paramount because leaders impart
and guide their employees towards the right path of success.
 Open-Minded- In a business, every circumstance can be an opportunity and used for the
benefit of a company. For example, Paytm recognised the gravity of demonetization and
acknowledged the need for online transactions would be more, so it utilised the situation
and expanded massively during this time.
  Flexible- An entrepreneur should be flexible and open to change according to the
situation. To be on the top, a businessperson should be equipped to embrace change in a
product and service, as and when needed.
 Know your Product-A company owner should know the product offerings and also be
aware of the latest trend in the market. It is essential to know if the available product or
service meets the demands of the current market, or whether it is time to tweak it a little.
Being able to be accountable and then alter as needed is a vital part of entrepreneurship.

TECHNOPRENEURSHIP

Small Medium Enterprises

Small and Medium Enterprises (SMEs) play a major role in most economies, particularly in developing
countries. SMEs account for the majority of businesses worldwide and are important contributors to job
creation and global economic development. They represent about 90% of businesses and more than
50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in
emerging economies. These numbers are significantly higher when informal SMEs are included.
According to our estimates, 600 million jobs will be needed by 2030 to absorb the growing global
workforce, which makes SME development a high priority for many governments around the world. In
emerging markets, most formal jobs are generated by SMEs, which create 7 out of 10 jobs. However,
access to finance is a key constraint to SME growth, it is the second most cited obstacle facing SMEs to
grow their businesses in emerging markets and developing countries.

What is a Small  Medium Enterprise (SME)? 

Small and mid-size enterprises (SMEs) are businesses that maintain revenues, assets or a number of
employees below a certain threshold. Each country has its own definition of what constitutes a small
and medium-sized enterprise (SME). Certain size criteria must be met and occasionally the industry in
which the company operates in is taken into account as well. Though small in size, small and mid-size
enterprises (SMEs) play an important role in the economy. They outnumber large firms considerably,
employ vast numbers of people and are generally entrepreneurial in nature, helping to shape
innovation.

Characteristics of A Small Business

Ownership 

- Privately owned by individual or partners, typically registered as sole proprietorship, 

partnership and private limited (Sdn. Bhd.) company. 

Management 

- the business is managed and operated by the owner 

Resources 

- often has limited resources 

Organizational Structure 

– flat and informal 

Flexibility of Change 

- more flexibility to adapt to changes, vulnerable to develop in the business environment 

Management Function 

Planning. In the planning stage, managers establish organizational goals and create a course of action to
achieve them. During the planning phase, management makes strategic decisions to set a direction for
the organization. Managers can brainstorm different alternatives to achieve the objective before
choosing the best course of action.

Organizing.The purpose of organizing is to distribute the resources and delegate tasks to personnel to
achieve the goals established in the planning stage. Managers may need to work with other
departments of the organization, such as finance and human resources, to organize the budget and
staffing. During the organizing stage, managers strive to create a work environment conducive to
productivity. Managers typically take employees’ motivation and aptitude into account to match
employees with roles and tasks that best fit their abilities.

Leading. Consists of motivating employees and influencing their behavior to achieve organizational
objectives. Leading focuses on managing people, such as individual employees, teams and groups rather
than tasks. Though managers may direct team members by giving orders and directing to their team,
managers who are successful leaders usually connect with their employees by using interpersonal skills
to encourage, inspire and motivate team members to perform to the best of their abilities.

Controlling is the process of evaluating the execution of the plan and making adjustments to ensure that
the organizational goal is achieved. During the controlling stage, managers perform tasks such as
training employees as necessary and managing deadlines. Managers monitor employees and evaluate
the quality of their work. They can conduct performance appraisals and give employees feedback,
providing positive remarks on what they are doing well and suggestions for improvement. They may also
offer pay raise incentives to high-performing employees.

Form of Business Entities

There are several types of business entities, each designed for different situations. The type of entity
chosen has a significant impact on the taxes paid and the amount of investors’ personal assets placed at
risk.

Sole Propietorship. A sole proprietorship is a business that is directly owned by a single individual. It is
not incorporated, so that the sole owner is entitled to the entire net worth of the business, and is
personally liable for its debts. The individual and the business are considered to be the same entity for
tax purposes.

Partnership. A partnership is a form of business organization in which owners have unlimited personal
liability for the actions of the business, though this problem can be mitigated through the use of a
limited liability partnership. The owners of a partnership have invested their own funds and time in the
organization, and share proportionally in any profits earned by it. There may also be limited partners in
the business, who contribute funds but do not take part in day-to-day operations. A limited partner is
only liable for the amount of funds he or she invested in the entity; once those funds are paid out, the
limited partner has no additional liability in relation to the activities of the partnership. If there are
limited partners, there must also be a designated general partner that is an active manager of the
business; this individual has essentially the same liabilities as a sole proprietor.

Corporation. A corporation is a legal entity  whose investors purchase shares of stock as evidence of
their ownership in it. A corporation acts as a legal shield for its owners, so that they are generally not
liable for the corporation's actions. A corporation pays all types of taxes, including income taxes, payroll
taxes, sales and use taxes, and property taxes.

TECHNOPRENEURSHIP

Technopreneurship Ecosystem

Technopreneurship Ecosystem Structure

Is equal to HELF

H-uman Resource

E-nvironment

L-aws and Policies

F-inacial Resources

Human Resources Components

Researcher- who is the thinker, idea generator and innovator

Developer- who is the implementor and technical people.

Marketing- advertising and selling.

Financer- Someone who provides money for a particular undertaking.

Environment Components

Science Parts, Incubation Center

A business or startup incubator is a program managed by corporations, educational institutions or

government agencies that provide an environment for startups to develop by providing services such as
management training and office space.

Academic Institutions, R&D Center

The process by which a company works to obtain new knowledge that it might use to create new
technology products, services or system that is will either use or sell.

Internet Access, Communication and Other Support Services

Is the ability of the individuals and organizations to connect to the Internet using computer terminals,
computers and other devices; and to access services such as email’ and the Worldwide Web.

Geographic Accessibility

The ability to reach a place with respect to another place.

Law and Policy

Intellectual Property Rights

The rights are given to a persons over the creations of their minds.They usually give the creator an
exclusive right over the use of his/her creation for a certain period of time.

Technology Licensing Office

Agreement whereby an owner of a technological intellectual property (the licensor) allows another
party (licensee) to use, modify, and/ or resell that property in exchange for a compensation 
Legal Services

Protecting the owner’s personal assets from lawsuits against the business, ensuring protection for the
business against lawsuits charging discrimination, wrongful termination, and sexual harassment, and
handling employee contracts, copyright claims, and incorporation are just a few legal issues that
commonly face small business owners.

Financial Resources

Investor

An investor is anyperson or other entity (such as a firm ormutual fund) who commits capital with the
expectation of receiving financial returns.

Business Sector

A business sector meaning pertains to thedistinctions made between businesses. Thesedistinctions are
made according to industry orsector. There are multiple ways to classify businesses by sector. Some
economists like todivide businesses according to corporate,nonprofit, and government organizations.

Funding Agency

individual ororganization that provides the mechanism in which financial assets areaccumulated for the
purpose of paying accrued pension benefits.

Financial Services
Financial Services is also the term used to describe organizations that deal with the management of
money.

Three Vital Component for Business

EXCELLENT MARKET OPPURTUNITY 

Means you should know who are your customer and the right timing and correct planning in opening a
business. 

SUPERB ENTREPRENEUR 

With the right opportunity, the business will be successful if led by aperson with strong entrepreneurial
and management skills. 

Resources 

Means that the entrepreneur should be frugal it means that low overhead, high productivity and
minimal ownership of capital assets.

The 9 F’ s of Business
Founders – Every start-up business must have an excellent, determined and knowledgeable
entrepreneur. A business will never be built without you!

Focused – Businesses must have a focused market need, a specialized one. Perhaps, niche market would
be a better for start-ups. Successful business lies upon focused market needs.

Fast – The rate of change in business is rapid. Product life cycles are getting shorter. Technological
innovation progresses at a relentless pace. Government rules and regulations keep changing.
Communications and travel around the globe keep getting easier and cheaper. And consumers are
better informed about their choices. To survive, let alone succeed, you must be quick and nimble.

Flexible – You must be ready for rapid changes – personnel factors, environmental factors and social
factors. Alternative plans and strategy is a good preparation for such. Be flexible and stay successful.

Forever innovating – Small businesses are great innovators. Whether you hope to build a big company
or a small one, the message is the same: Strive tirelessly to keep productivity high.

Flat – You must have a few layers of management as possible. Start your way in and learn things slowly.

Frugal – Maintain your overheads low, productivity high and ownership of capital assets to a minimum –
only spend with useful and utilize them well.

Friendly – But, whatever you do, you probably won’t be able to attain much success unless you have
happy customers, happy employees and happy suppliers. The secret is you have a friendly business. This
means, that everyone in your company must be friendly, especially those that deal with your customers
and your suppliers as well must be happy to serve you.

Fun – Stress always comes in. Having fun is one of the keys to keep your business stride high. You would
not have put in 12-hour days and even sometimes overnights to catch up with the relentless pace of
entrepreneurial changes without your own dreams and passion.

TECHNOPRENEURSHIP
SEED Model

SEED Model

is used to prepare oneself on how to handle, manage and assess ourselves to be a good entrepreneurs /
technopreneurs. 

SEED stands for: 

•S –elf Mastery 

•E –nvironment Mastery 

•E –nterprise Mastery 

•D –evelopment of Business Plan 

Self- Mastery

Self-mastery passion comes from knowing yourself.

Self-mastery brings passion. When you know yourself, you know what you want and do not want.

What is Self-Mastered Person?

A self-mastered individual is portrayed as someone who has a clear goal and purpose in life, who is
whole-brained, competitive and loves challenges, who can be a leader, efficient, cheerful and always
positive in life no matter what happens.
Environment Mastery

Environment mastery is about generating business ideas and seeking opportunities out from his or her
environment through serendipity walks, crises, trends, etc.

Serendipity walks is a process where a person will just walk and look around his/her surroundings and
try to think of several things that will lead to a common problem and an idea to solve that common
problem in the environment, so it is like finding providence and serendipity by walking around
somewhere. Ideas can be made as well in times of crisis. From the heavy traffic in the streets up to the
global spread of contagious diseases, these can cause some serious crisis to us if there is no solution to
ease these problems, so technological ideas are being generated to solve these problems. The trends of
the masses can be a factor in generating ideas as well.

What is an environment-mastered person?

an environment-mastered person understands the industry he or she is in, who sees the opportunities
and not the problems, who is on top of the situation instead of being under the situation, and is an
effective innovator and strategist.

Enterprise Mastery

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
Operations Management

Financial Management

Risk Management

What is an enterprise-mastered person?

An enterprise-mastered individual understands and integrates the functions of management, marketing,

human resource, operations and finance in his or her own business. Like what is mentioned in the Self-
Mastery part, a person must master his or her own self first before anything else so that the person
should know what he or she is dealing. The same goes with the Enterprise Mastery, where the person
must have the gist of the business that he or she is venturing. An enterprise-mastered individual also
understands and integrates the process of management which comprises of planning, organizing,
directing and controlling. And lastly, the person must also lead by example and inspires his or her
employees and colleagues rather than to manage them only.

Development of Business Plan

Development of a business plan covers:

writing the business plan

presenting and defending the business plan

adding refinements to the presented business plan

A business plan follows guidelines on how to make one of it and there are three primary parts of a
business plan. The first one is the Business Concept wherein the business structure, the products and
services offered and the planning part will be tackled. Next is the Marketplace Section wherein the
target market of the business and the marketing strategies of the business on how to attract consumers
and be on top of the competition will be discussed. The last part is the Financial Section which contains
the income, financial statements and analysis of the business finance