Entrepreneurship and Technopreneurship

Entrepreneurship Overview

• Entrepreneurship is a discipline that can be learned, not an innate talent.
• It involves embarking on a new business or reviving an existing one by pooling resources to exploit new opportunities.
• An entrepreneur is an innovator who recognizes and seizes opportunities, converting them into marketable ideas, adding value, assuming risks, and realizing rewards.

Technopreneurship Explained

• A technopreneur uses cutting-edge technology to develop new businesses.
• They are involved in technological changes to produce goods and services.
• Technology is a driven factor in transforming resources into goods and services, fostering industrial growth.
• Technopreneurship is entrepreneurship in a technology-intensive context.
• It merges technology prowess with entrepreneurial talent and skills.
• A technology-based enterprise gains a competitive advantage through the direct or indirect use of technology.

Types of Technology Entrepreneurs

• Technology developers develop unique technology, driving new businesses and inventions.
• Technology users understand new technology developments and apply them to meet market needs.

Examples of Technopreneurship

• Apple's iPod has innovations, the most significant of which is a 160Gb 1.8 inch hard disk drive.
• UPS offers one-day delivery worldwide and can process up to 1,000,000,000 parcels a year.
• Technopreneurship is not limited to high-tech businesses; it can extend to businesses like internet cafes if their computer network is configured differently.

Intrapreneurship Defined

• Intrapreneurs are individuals within organizations with high entrepreneurial characteristics.
• They are entrepreneurs within large organizations who believe in their talent and desire to create with their own initiative and creativity. Intrapreneurs are a cross between managers and entrepreneurs in the corporate world.
• Intrapreneurs work for corporations but are tasked with starting new ventures.

Intrapreneurship in Practice

• Ken Kutaragi of Sony Computer Entertainment Inc. launched PlayStation in 1994.
• Kutaragi, working in Sony's sound labs, and while dismayed by the primitive sound effects of the Nintendo game console was playing with his daughter, realized a digital chip dedicated to sound would improve the quality.
• Kutaragi developed the SPC7000 for Nintendo machines.
• The CEO of Sony, Norio Ohga, realized the value of Kutaragi's innovation and encouraged him.
• Kutaragi worked with Nintendo to develop a CD-ROM-based Nintendo.
• The first PlayStation made Sony a major player in the games market.

Entrepreneurial vs. Technopreneurial Processes

• The Entrepreneurial process moves from Opportunity Analysis, Business Planning, Gathering Resources, Implementation, and Scaling and Harvesting.
• The Technopreneurial process moves from Idea generation, Idea Screening, Concepting Testing, Business Analysis, Prototyping, Test Marketing/Commercialization, and Monitoring & Evaluation.

Similarities of Entrepreneurship and Technopreneurship

• Both can determine risk and have the courage to take risks
• They are independent, self-confident, and know where to get help
• Both like a challenge
• They are hardworking and willing to stick with a project.
• Both are robust, energetic, and handle stress
• Individuals have a strong sense of self-worth.

Differences of Entrepreneurship and Technopreneurship

• An Entrepreneur likes to compete, is a self-starter/pioneer, can do many things at once, is creative with dreams and goals, works for themselves, motivated by achievement, and focuses on success chances.
• A technopreneur likes to innovate, is part of a team, can do many things at once but delegates, is innovative with a greater vision, controls innovation, and is passionate to innovate.
• Technopreneurs take failure in stride, understanding failure can lead to success with correction.