TECHNOLOGY- is the application of scientific
knowledge to the practical aims of human life or to the
change and manipulation of the human environment.
ENTREPRENEURSHIP- is the process by which
individuals or a group of individuals (entrepreneurs)
exploit a commercial opportunity, either by bringing a
new product or process to the market, or by
substantially improving an existing good, service, or
method of production.
TECHNOPRENEURSHIP- is an integration of two
concepts or processes, namely, technology and
entrepreneurship.
- is a philosophy, a way of building a career or
perspective in life. It is a kind of entrepreneurship in
the field of technology. It is a combination of
technological advancements and entrepreneurial
skills.
-is a process of using the developments brought about
by specialized knowledge to come up with innovations
in all aspects of human life with the aid of a creative
and skillful mind.
ENTREPRENEUR- is a person who always finds out
opportunities and converts them into reality in the
form of products and services to maximize profit and
develop their business.
TECHNOPRENEUR- is a person who is engaged in
technopreneurship to create a product or solution
that uses technological solutions to change the way of
doing something in orthodox or conventional ways.
ENTREPRENEURIAL MINDSET- is a specific set of
beliefs, knowledge, and thought processes that drives
entrepreneurial behavior. It is way of thinking that
enables you to overcome challenges, be decisive and
accept responsibility for your outcomes. It is a
constant need to improve your skills, learn from your
mistakes, and take continuous action on your ideas.
ENTREPRENEURIAL TEAM FORMATION— the process
through which founders establish a team to start a
new venture—has important implications for team
performance and entrepreneurial success.
CUSTOMER- is any person or organization who might
have interest in buying, or has bought, products or
services from a company. Each time you pay a bill or
buy something from a store you are acting as their
customer.
CONSUMER NEEDS (FUNCTIONAL)- This is where
human psychology and behavior come into play,
which focuses on the premise that every human has a
need. Needs are what motivate the behavior of people
to make a decision to find a solution, which in many
cases is “consumption behavior”.
CONSUMER WANTS (EMOTIONAL)- consumer’s
wants usually reflect the desired preferences for
specific ways of satisfying a need.
CONSUMER MARKET RESEARCH- while end-
consumers may not always be able to accurately
describe what they want, usually is not the same for
business-to-business customers. In contrast, gaining
an understanding of consumer markets should be
approached from R&D perspective. This can be
achieved by a conversation (conducted via focus
groups, surveys, etc.) about technical concepts that
can be turned into salable products or services
TARGET AUDIENCE PERSONA- outlines a typical
member of a target audience. They are fictional
representations rooted in behavioral data and
knowledge that you’ve gained from getting to know
your supporters on a personal level. Target audience
persona is a profile of someone who represents a key
member of one of your target audience groups.
VALUE - Is the worth, importance, or usefulness to the
customer.
-In business terms, is the worth in monetary terms of
the social and economic benefits a customer receives
from paying for a product or service.
-VALUE = BENEFIT/COST – it is not simply a question
of the financial costs and financial benefits. It includes
perceptions of benefits that are different for every
person. The marketer has to understand what is of
greatest value to the target customer, and then use
that information to develop a total offering that
creates value.
VALUE PROPOSITION - states who the customer is and
describes the values offered to this customer.
- defines the company to the customer
- business or marketing statement that summarizes
why a consumer should buy a product or use of
service. The statement should convince a potential
consumer that on particular product or service will
add more value or better solve a problem than other
similar offerings.
BENEFITS - The outcomes or results that users will
(hopefully) experience by using your product or
service and the very reason why a prospective
customer becomes an actual customer.
FEATURES - Something that your product has or is
often directly address common problems experienced
by users in a company’s target market. Product
features have to be planned, built, and executed.
IMPORTANCE OF TECHNOPRENEURSHIP
1. Limitless Opportunities
2. Market Expansion
3. Reduced Costs
4. Access to Information
CHARACTERISTICS OF ENTREPRENEURS
1. Decisiveness
2. Confidence
3. Accountability
4. Resilience
5. Humility
SEED
SELF-MASTERY – passion comes from knowing
yourself. Self-mastery brings passion. When you know
yourself, you know what you want and do not want.
SELF-MASTERED PERSON:
- does not need high IQ, does need high EQ and AQ
- is naturally a performer – competitive and efficient –
sensual and cheery boss – takes charge
- loves a good fight, is whole-brained has a personal
vision, and knows strengths and weaknesses
ENVIRONMENT MASTERY – Environment mastery is
about generating business ideas and seeking
opportunities out from his or her environment
through serendipity walks, crises, trends, etc.
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
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.
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
DEVELOPMENT OF BUSINESS PLAN
Plan covers:
- writing the business plan
- presenting and defending the business plan
- adding refinements to the presented business plan
INNOVATION
❖ Is the specific tool of entrepreneurs, the means by
which they exploit change as an opportunity for a
different business or a different service. It is capable
of being presented as a discipline, capable of being
learned, capable of being practiced.
❖ The key point about innovation is that it is a
response to both changes within markets and changes
from outside markets.
❖ According to OSLO Manual, innovation is a new or
improved product or process (for combination
thereof) that differs significantly from the unit’s
previous products or processes and that has been
made available to potential users (product) or brought
into use by the unit (process)
DIFFERENT TYPES OF INNOVATION
❖ ORGANIZATIONAL INNOVATION
Refers to the development of a new organizational
strategy that will somehow change a company’s
business practices, as well as the way its workplace is
organized and its relationship with external
stakeholders.
❖ PROCESS INNOVATION
Is about implementing a new or improved production
or delivery approach, including changes in operational
methods, the techniques used, and the equipment or
software.
❖ PRODUCT INNOVATION
Is the introduction of a new or improved good or
service. These inventions or changes may have to do
with improving technical specifications, the materials
or the software used or even advancing on user
experience.
❖ MARKETING INNOVATION
Developing a new marketing strategy that produces
changes in, for instance, the way a product is designed
or packed, or even other decisions regarding price or
promotion.
INNOVATION COMPRISES 5 THEMES:
❖ MAKING NEW THINGS - a survey of current thinking
about innovation and entrepreneurship
❖ THE CUSTOMERS POINT OF VIEW - looking at
techniques for understanding customers and
consumer-led innovation
❖ EVERYTHING IS NEGOTIABLE - including work done
at the Harvard negotiation project on win/win
negotiation and emotional negotiation
❖ EVERYONE NEEDS HELP - exploring the ways
entrepreneurs create support networks to help them
be successful in innovation and mentoring
❖ INSPIRE PEOPLE - an examination of the
importance of vision and commitment in innovation
and Entrepreneurship
EIGHT (8) SKILLS OF ENTREPRENEURSHIP
1. Initiate and operate a purposeful enterprise
2. Operate within the context and industrial
environment at the time of initiation
3. Identify and screen timely opportunities
4. Accumulate and manage knowledge and
technology
5. Mobilize resources - financial, physical, and human
6. Assess and mitigate uncertainty and risk associated
with the initiation of the enterprise
7. Provide an innovative contribution or at least a
contribution that encompasses novelty or
originality
8. Enable and encourage a collaborative team of
people who have the capabilities and knowledge
necessary for success
HOW TO BE A SUCCESSFUL TECHNOPRENEUR?
❖ Build a Team - Technopreneurship is the
combination of one’s technical expertise with
entrepreneurial talent. However, the base remains
the same. When you have a brilliant idea, then it is the
best time to find out the support and if you do not
have the technological know-how, then hire a tech-
savvy.
❖ Boosts Problem-Solving Skills - Being a
Technopreneur, you ought to expect troubles at every
turn. Especially, in the beginning, you may tackle
operational changes, funding, and also, regulatory
obstacles. So, it is necessary to have problem-solving
skills.
❖ The Decision on the Final Strategy - Decision-
making is a significant skill that every technopreneur
must have. After getting an estimate of for and against
all options, you have to pick up the best strategy that
is cost-effective as well as commercially viable
REQUIRED CAPABILITIES OF THE ENTREPRENEURIAL
TEAM
❖ Has talent, knowledge and experience within the
industry where the opportunity occurs.
❖ Seeks important opportunities with sizable
challenges and valuable potential returns.
❖ Able to select an opportunity in a short period:
Timely
❖ Creatively explores a process that results in the
concept of a valuable solution for the problem or need
❖ Able to convert an opportunity onto a workable and
marketable enterprise
❖ Wants to succeed: achievement-oriented
❖ Able to accommodate uncertainty and ambiguity
❖ Flexibly adapts to changing circumstances and
competitors
❖ Seeks to evaluate and mitigate the risks of the
venture
❖ Create a vision of the venture to communicate the
opportunity of staff and allies
❖ Attracts, trains, and retains talented, educated
people capable of multidisciplinary insights
❖ Skilled at selling ideas and have a wide network of
potential partners.
Elements of the Ability to Overcome a Challenge
❖ Able to deal with a series of tough issues
❖ Able to create solution and work to perfect them
❖ Able to handle many tasks simultaneously
❖ Resilient in the face of setbacks
❖ Willing to work hard and not expect easy solutions
❖ Well-developed problem-solving skills
❖ Able to learn and acquire the skills needed for the
tasks at hand
THREE BASIC TYPES OF CUSTOMERS.
1. Current customers
2. Past customers
3. Potential customers
MARKET RESEARCH AND VALIDATION
❖ Market Research
• Is the collection and analysis of data related to a
business’s target market
• Can entail everything from information on
competitors’ products to the interpretation of
demographic data related to potential customers.
• The main purpose is to gain an understanding of
customer needs and wants in an effort to reveal
potential business opportunities.
• Helps you understand who your competitors are and
how they serve the target market you want to engage.
❖ Validation
• Is the act of verifying that a specific product is
needed in a target market.
• Market validation is more of an active participation
with your minimum viable product or specific
interface where you can get real feedback from
people who are experiencing what you’re doing and
how you’re trying to do it.
• This can be done by conducting formal or informal
interviews or surveys with potential customers’
feedback.
CONSUMER DECISION-MAKING PROCESS
The consumer decision-making process consists of five
steps, which are:
1. Need Recognition – consumer develops a need or a
want that they want to be satisfied
2. Information Search - research for products or
services that can satisfy our needs or wants
3. Evaluations of Alternatives – selecting the best deal
(based on quality, price, etc.)
4. Purchase - after tallying up all the criteria for the
decision the customers now decide on what they will
purchase and where
5. Post-Purchase Behavior - the goal for every
marketer is not for a one-time customer but a
repeating lifetime customer.
HOW TO STRUCTURE PERSONAS:
• WHO – job title and decision-making capabilities
• WHERE – industry and geographical location
• WHAT – drivers, motivators and goals
• WHY – problems and pain points
• HOW – preferred media and solutions you can
provide
• WHEN – best time or days to reach this persona.
VALUE PROPOSITION STATEMENT INCLUDES NEEDS,
APPROACH, BENEFITS PER COST, AND COMPETITION
Needs: Who needs my product? Do they know their
own needs? How do they describe their needs? How
do I understand their needs? How big are their needs?
Approach: What is my solution based on? What is
specific about my solution? In what way does it meet
the users’ needs? Why are you the right one to
provide the solution?
Benefits: What concrete advantages does your
solution provide? In answering this, the students need
to be as concrete and quantitative as possible. Does
the solution enable the user to save time or money?
Competition: Who are your competitors? Do the users
know your competitions? What are the alternatives to
your solution (what the user normally does)? Why is
your solution better than the alternatives?
MOST COMMON VALUE PROPOSITION MISTAKES
❖ NOT Having Proof - Of course you love your
product, of course you think what you’ve got is the
best ever, but should you say that? No. If your value
proposition declares that you have “the most easy-to-
use marketing automation platform” on the market,
you’ve got to back that up.
❖ NOT Being Clear - We’ve all been there. Having
visited a site or read about a product and being left
with the question: “But why should I care?” It’s easy
to see why people should buy your product or services
when they’re your product or services, but for
everyone else, you need to clearly communicate
exactly what sets you apart.
❖ NOT Testing - A good value proposition can be the
difference between your next customer or another
bounce statistic. Creating a compelling value
proposition doesn’t have to be overwhelming. Clearly
communicating what makes you unique (without
being too clever) with a proof and testing can help you
stand apart from your competition.