MODULE 1

FREE ELEC 4 - TECHNOPRENEURSHIP

2nd Semester, SY 2020-2021
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Chapter 1: Basic of Technopreneurship

 What is Technopreneurship?

As it is implied by the term, it is a combination of

two words such as “technology” and
Technopreneurship
“Entrepreneurship”. Systematically, it is a kind of
entrepreneurship in the field of technology. The
process of technopreneurship is a combination
of technological advancements and
entrepreneurial skills. In the products and
services transformation, an integral part of
technopreneur is technology.
This is not just the effect of technology on
businesses but rather the process where
progression in the lives of the people happens. It
is the process of using the developments
brought about by specialized knowledge to come
up with innovations in all the aspects of human life with the aid of a creative and skillful
mind. Birth of this field provides every entrepreneur a challenge of exploring an
untraveled path towards greater success.
This is a new breed in the field of entrepreneurship. These types of
entrepreneurship are suitable for a person who is intelligent, innovative, tech-savvy,
appetite, and passionate in the calculation of risk. Technopreneurship gets to the next
level of success through teamwork.

Technician

Manager Enteprenuer

Examples of Technopreneurs
As defined by the Collins Dictionary, “technopreneurs are entrepreneurs who start and
manage their own technology business.”
The name originated from the year 1990s and a blend of “techno” and “entrepreneur”
who takes the calculated risks in the techy world.

Do you know who the techpreneur is? Here are examples of some
technopreneurship that sets an example
.

Elon Musk - The billion Elon Musk has been regarded as a

Tech Geeks, who is CEO of SpaceX, PayPal, and Tesla.
Further, Elon Musk is known as a disrupture and he has
discarded the misconception that the only best way to cut the
business cost is outsourcing. Elon Musk is always rushing the
group of technopreneurs who love to take risks.

Bill Gates and Steve Jobs - Other well-known technopreneurs cover Bill Gates who
is the founder and owner of the award-winning firm of all time, Microsoft. But we
never forget the late Steve Jobs.

Of course, the film that has been made about Steve Jobs named “Pirates of Silicon
Valley” that give him a title of technopreneur. That biographical film about that man
showcases the real picture of the tech world that we have today. It involves all the
creative actions involved in the building up of the global corporate empire, Steve Jobs
Apple Computer Corporation.

It is interesting to get such great

technopreneurs at the same time. Both of
these companies competed with each
other in the past times on various events.
The battle of these computer and
software technology is appealing to
watch.

 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.

 Entepreneurship vs. Technopreneurship (Differences)

 Entrepreneur
•Likes to compete
•Is a self-starter
•Is able to do many things at once
•Is creative, and has dreams and goals
•Likes to work for him or herself and be in control
•Is motivated by a strong desire to achieve and attain financial success
•Focuses his/her attention on the chances of success rather than the possibility of
failure

Technopreneur
•Likes to innovate
•Is part of a team
•Is able to do many things at once, but chooses to delegate
•Is innovative and has a greater vision
•Likes to be the one to control innovation and be part of an evolution
•Is motivated by a strong vision and his passion to innovate
•Takes failure in stride and knows it will lead to success if correction can be made

 Types of entepreneurship

 Small business entrepreneurship

 Large company entrepreneurship
 Scalable startup entrepreneurship
 Social entrepreneurship
 Innovative entrepreneurship
 Hustler entrepreneurship
 Imitator entrepreneurship
 Researcher entrepreneurship
 Buyer entrepreneurship

Small business entrepreneurship

A majority of businesses are small businesses. People interested in small

business entrepreneurship are most likely to make a profit that supports their family and
a modest lifestyle. They aren't seeking large-scale profits or venture capital funding.
Small business entrepreneurship is often when a person owns and runs their own
business. They typically hire local employees and family members. Local grocery
stores, hairdressers, small boutiques, consultants and plumbers are a part of this
category of entrepreneurship.

Large company entrepreneurship

 Large company entrepreneurship is when a company has a finite amount of life
cycles. This type of entrepreneurship is for an advanced professional who knows how to
sustain innovation. They are often a part of a large team of C-level executives. Large
companies often create new services and products based on consumer preferences to
meet market demand. Small business entrepreneurship can turn into large company
entrepreneurship when the company rapidly grows. This can also happen when a large
company acquires them. Companies such as Microsoft, Google and Disney are
examples of this kind of entrepreneurship.

Scalable startup entrepreneurship

This kind of entrepreneurship is when entrepreneurs believe that their company

can change the world. They often receive funding from venture capitalists and hire
specialized employees. Scalable startups look for things that are missing in the market
and create solutions for them. Many of these types of businesses start in Silicon Valley
and are technology-focused. They seek rapid expansion and big profit returns.
Examples of scalable startups are Facebook, Instagram and Uber.

Social entrepreneurship

An entrepreneur who wants to solve social problems with their products and
services is in this category of entrepreneurship. Their main goal is to make the world a
better place. They don't work to make big profits or wealth. Instead, these kinds of
entrepreneurs tend to start nonprofits or companies that dedicate themselves to working
toward social good.

Innovative entrepreneurship

Innovative entrepreneurs are people who are constantly coming up with new
ideas and inventions. They take these ideas and turn them into business ventures. They
often aim to change the way people live for the better. Innovators tend to be very
motivated and passionate people. They look for ways to make their products and
services stand out from other things on the market. People like Steve Jobs and Bill
Gates are examples of innovative entrepreneurs.

Hustler entrepreneurship
 People who are willing to work hard and put in constant effort are considered
hustler entrepreneurs. They often start small and work toward growing a bigger
business with hard work rather than capital. Their aspirations are what motivates them,
and they are willing to do what it takes to achieve their goals. They do not give up easily
and are willing to experience challenges to get what they want. For example, someone
who is a hustler is willing to cold call many people in order to make one sale.

Imitator entrepreneurship

Imitators are entrepreneurs who use others' business ideas as inspiration but
work to improve them. They look to make certain products and services better and more
profitable. An imitator is a combination between an innovator and a hustler. They are
willing to think of new ideas and work hard, yet they start by copying others. People who
are imitators have a lot of self-confidence and determination. They can learn from
others' mistakes when making their own business.

Researcher entrepreneurship
Researchers take their time when starting their own business. They want to do
as much research as possible before offering a product or service. They believe that
with the right preparation and information, they have a higher chance of being
successful. A researcher makes sure they understand every aspect of their business
and have an in-depth understanding of what they are doing. They tend to rely on facts,
data and logic rather than their intuition. Detailed business plans are important to them
and minimize their chances of failure.

Buyer entrepreneurship

A buyer is a type of entrepreneur who uses their wealth to fuel their business
ventures. Their specialty is to use their fortunes to buy businesses that they think will be
successful. They identify promising businesses and look to acquire them. Then, they
make any management or structural changes they feel are necessary. Their goal is to
grow the businesses they acquire and expand their profits. This kind of
entrepreneurship is less risky because they are purchasing already well-established
companies.

 Characteristic of entrepreneurship

Entrepreneurs: born or made?

 Whether you’re a C-suite pro at a large company with hundreds of workers
or you’re the founder of a startup that has only a few employees, you can benefit
from thinking like an entrepreneur.

While some believe that entrepreneurs are born rather than made, anyone
can at least learn some of the characteristics that make entrepreneurs what they
are. There is no single definition of what an entrepreneur actually is, but the term
usually refers to someone who, among other things, spearheads a venture,
makes decisions on how to proceed, secures the capital needed to make the
venture a reality, and shoulders most or all of the associated risk.

In order to think like an entrepreneur, you need to have or develop the

characteristics of an entrepreneur. Read on to find out about entrepreneurial
skills that will help you in the workplace.

Entrepreneurs are by nature motivated.

After all, they put in long hours to get their
ventures off of the ground and invest large
sums — sometimes everything they have
— to pursue their dreams.

They do all of this knowing that it could

take months or even years for them to
possibly reap the fruit of their labor. And
despite their hard work, they know that
there is a chance that their efforts won’t be
rewarded with material success. Yet they
refuse to give in to a fear of failure. So
strong motivation, not to mention a steely
focus, is needed to stick with ventures
over the long haul.

Passion is another characteristic of

entrepreneurs. While a good payday at the
end of the tunnel is good for motivation,
entrepreneurs tend to be more driven by a passion for their offering as well as by
a desire to make a difference.

This passion or drive also helps to sustain entrepreneurs during periods where
discouragement might otherwise manifest itself.

The best entrepreneurs have a vision as

to what they want to achieve, how they can
accomplish their objectives, and whom
they need on their side to reach their
goals. Their vision acts like a compass that
points them in the direction of opportunities
that perhaps no one else has found. They
also have the ability to translate their vision
in a way that staff and investors can
understand. Through networking
opportunities, entrepreneurs can find
people they want to align with.

Without confidence or self-belief,

entrepreneurs cannot possibly succeed.
They have to be confident both in
themselves and in the products or services
they sell. If they believe in themselves, they
will have the ability to stay the course
regardless difficulties or discouragement.
get.

They also have the stomach to take risks

— after all, they believe that they will
succeed.
 Being able to make decisions quickly is
an important characteristic for
entrepreneurs because it can be the
difference between success and failure.
Entrepreneurs not only need to have good
decision-making skills, but also must have
the capacity to make those decisions
quickly in order to avoid missing
opportunities. This necessitates quickly
considering the facts and then deciding.

As a leader
at your
company,
you can use these traits to more capably and
confidently perform your duties.

Whether entrepreneurs are born or made is, as it turns out, not the key
consideration. What really matters are that leaders acquire or develop the winning
characteristics of an entrepreneur.

 What makes an entrepreneur technopreneur?

Recap on the basic of technopreneurship

TECHNOPRENEURSHIP is the use of technology as an integral and key

element in the modification of goods and services. It is a process of combining
technology prowess and entrepreneurial talent and skills.

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.
Importance of knowing about Technopreneurship:

Every business Start-up aims specifically at profit and growth. Venturing into
entrepreneurship is often accompanied by various forms of risk such that it involves
confidence and enterprise for interested businessmen to come on board. In this era of
technology, we need to have more knowledge about technopreneurship. Predominantly,
there are two kinds of IT-related businesses, namely products and services.

Product: Hardware, Software

Services: Application, E-commerce

Worldwide technopreneurs are pushing the frontiers of innovation. What we will see as
the tremendous things include game-changing technologies like:

Artificial Intelligence, Machine Learning and Expert System (AIML) – Artificial

intelligence, Machine Learning and Expert System (AIML) make it possible for machines
to learn from experience, adjust to new inputs and perform human-like tasks.
Blockchain beyond Bitcoins, Distributed Ledger and Decentralized Data Base (BC) – At
a high level, a blockchain is a disseminated and public digital ledger of transactions that
is updated across a peer-to-peer network, and that uses cryptography to record and
update the chain of blocks that make up the ledger. A distributed ledger is a database
which shared and synchronized across network spread across multiple sites,
geographies or institutions. A decentralized database doesn’t have a single location,
and instead, pieces of data are stored in different locations which are all connected to
each other. Processing of the information in this type of database is distributed between
different nodes.

Augmented Reality expanding Virtual reality extending the physical world – Virtual
reality (VR) is an artificial computer-generated simulation or recreation of a real-life
environment or situation. Augmented Reality (AR) is a technology that layers computer-
generated enhancements atop an existing reality in order to make it more meaningful
through the ability to interact with it.
3D Printing, Additive Manufacturing and Embedded Manufacturing (AM-3D) – 3D
printing or additive manufacturing is a process of making three dimensional solid objects
from a digital file. The creation of a 3D printed object is achieved using additive
processes. Embedded Systems are everywhere. In our daily lives, from the moment we
wake up, our alarm clock contains an embedded/complex system. These complex
systems are included also in a microwave, washing machines, cars and most
appliances used by a normal citizen.
The Internet of Things (IoT) – The internet of things, or IoT, is a system of interrelated
computing devices, mechanical and digital machines, objects, animals or people that
are provided with unique identifiers (UUIDs) and the ability to transfer data over a
network without requiring human-to-human or human-to-computer interaction. The IoT
has just started, there could be a ton of IoT-Technopreneurship that can be made.
Technopreneurship will last at least 4/5 years minimum and can be lasted for 100 years
or more. But it’s hard to maintain and technopreneurs have to create their products with
more care, love, and hobby. It is necessary to develop technopreneurship-based on
disciplines. New technology-based businesses and above all those businesses that
develop around a new technological podium which will create an impact by globalizing
with respect by innovating and reduce the stress of competition in the market.
Businesses should develop a model by which they can operate requirements also to put
up the multi-dimensions showed by globalization and to the emergence in a global
technology market.