Tech Firms: Success Factors

• Team members perform better in technological firms when trust is present. Frequent task and relationship conflicts decrease effectiveness.

Organizational Level Factors

• Resources: Starting technology-based firms requires significant capital investment. Access to formal financial entities is crucial.
• R&D Investment: Through R&D, firms can forecast trends, create products/markets, and strategically maneuver.

National Level Factors

• Policy and Government Support: Many countries offer support schemes for technology-based firms. Nigeria's Ministry of Communication and Digital Economy has a technology entrepreneurship support scheme.
• ICT Access and Infrastructure: Availability of good telecommunications, affordable data costs, high-speed broadband, and reliable electricity are essential.

Interface of Tech Development and Entrepreneurship

• Entrepreneurs operate in a rapidly changing, complex, uncertain, and turbulent environment. Adaptation is essential for survival.
• Tech advancements present both opportunities and threats, making products obsolete and creating new possibilities.
• Tech advancement has changed business competition and redefined customer purchasing habits.
• Integrating tech into operations improves competitive advantage and performance
• The decline of black and white TVs led to colored and LED TVs
• Tech advances help mechanics/carpenters to order parts and read online manuals

Manufacturing Technology

• Transforms raw materials into finished goods.
• Firms use tech to mechanize and control production
• Can range from advanced manufacturing technology (AMT) to simple tools.
• AMT examples: computer-aided design, robotics, automated material handling, barcoding.
• Moderate technology includes equipment like RFID systems, tracking devices, generators, and block making machines.
• Simple tools are bolts, spanners, and screwdrivers. Benefits of Manufacturing Technology in Entrepreneurship include
• Process and product innovation is facilitated
• Product design, quality, and differentiation are improved
• Influences the flow of goods/services across the firms’ supply chain
• Enhances cost reduction and efficiency gains through system automation
• Leads to economies of scale

Information Technology

• IT is any hardware computing system and software for creating, storing, transforming, and sending information.
• IT tools include computers and mobile phones. Benefits of IT include
• Firms can conduct online research and development
• Online surveys can collect feedback from distant customers to improve products
• Web-based advertising can target larger audiences
• Quick, accurate data flow are enabled in real time for decision-making
• Online presence is created
• Startups and offline businesses can succeed by gaining online customers
• Facilitates e-payment
• Reduces risks of handling cash and traveling expenses

Tech Development and Entrepreneurship Opportunities

• Opportunities exist across all sectors like agriculture, food, chemicals, textiles, electronics, metals, etc.
• Sectors and technologies improve sectoral performance

Automation in SMEs

• Healthcare Services use dental chair systems, automated medication delivery, medical information systems, and diagnosis expert systems
• Restaurants and Hotel Services use vending machines, online check-in, electronic reservation systems, electronic key and lock systems, and electronic energy systems
• Financial Services use automated teller machines, stock trading, Master card, and electronic fund transfer systems
• Education Services use e-learning, audiovisual machines, electronic calculators, language translation computers, and library cataloging systems
• Leisure & Event Management uses climate-controlled spaces, movie projectors, VIP halls, and computer games
• Crop Agriculture uses tractors, tillers, harvesters, weeding machines, delivery vans, modern storage, and post-harvest processing

New Tech and Entrepreneurship

• Six technologies drive entrepreneurship and new industries:
• Internet of Things (IoT)
• Wearable Devices
• Artificial Intelligence (AI)
• Drones
• Big Data
• Virtual Offices

IoT (Internet of Things)

• Makes businesses smarter and improves customer relations
• Improves efficiency in manufacturing, energy, agriculture, and inventory
• Surveillance, monitoring, disaster warning, law enforcement, environmental quality, elderly care, smart farming, and smart homes are improved
• Store operations like increased purchases, reducing theft, enabling inventory management, and enhancing shopping are improved

Wearable Devices

• Monitor and track daily activities for managing digital life and health
• Market is shifting from smartphones to wearables
• Used by technicians, troubleshooters, and healthcare professionals to improve their services
• Used to help track fitness
• Wearables can help workers share experiences
• Headsets and wearables help business travelers access info
• Consumers can be tracked for location and buying habits
• Healthcare applications include disease prevention, weight control, patient management, stress reduction, memory improvement, sleep improvement, cognitive abilities, physical object control, and cost reduction

AI (Artificial Intelligence)

• Transforms personal and professional lives
• Develops computer systems to perform tasks requiring human intelligence
• Optimizes processes and increases productivity, revenues, and profits
• Expected to be a $60 billion market by 2025
• Enables businesses to work smarter and faster
• Used in banking and finance to detect fraudulent activity
• Used in healthcare to detect diseases, check patient response, and save costs
• Used in marketing to analyze customer responses and market prediction
• Used in retail to communicate with support or sales representatives
• Used in cybersecurity to protect data and ensure threat detection
• Can be applied in e-commerce, logistics, and supply chain

Drones

• UAVs can be human operated or autonomous without human control or line of sight.
• Retailers scan items in warehouses
• Logistics companies deliver goods
• Used to expand internet access
• Used in agriculture, asset protection, wildlife monitoring, firefighting, surveying, construction, mining, entertainment, etc.
• Faster, cheaper, and safer than people or helicopters
• Reduce cost, wastage, and pilfering
• Oil companies use them to inspect pipelines
• Crop growth measurement and detection of crop-wrecking bugs in farms
• Security agencies use to track criminals
• Used by media for video and photography

Big Data

• Data that can't be stored in a single unit
• In structured, unstructured, and streaming forms
• Major sources include website clickstreams, social media postings, traffic, sensors, and weather data.
• Search engines index billions of pages for results
• Analyzed with big data analytic techniques in real time
• Worthless if it doesn't provide business value
• Enables electronic platforms for financial trading
• Analyzes customer sentiments

Rise in Virtual Offices

• Enabled by technology for SMEs
• Self-employed workers can maintain appearance through cloud computing and web-based tools like VoIP
• Physical offices closed during COVID-19 pandemic, but businesses continue online

Technological Environment

• Provides both opportunities and threats, directly and indirectly
• Contraceptive pill led to smaller families

Changes in IT

• Affects work and the manager's job
• Sales people can work from home and communicate electronically
• Technological change impacts on corporate, industry and national levels as econ growth is influenced by it

Ministry of Science and Technology Functions (Nigeria)

• Formulating national policy on science and technology
• Promotion and administration of technology transfer programs
• Promoting science and technology oriented research
• Linking with universities/polytechnics for new tech and innovation

Technology Paradox

• Advanced tech solutions are applied in business, but wider industrial usage is required
• IT paradox that investment in information technology alone does not guarantee better performance. Success depends on how focal firms use/integrate technology

Challenges of Tech Entrepreneurship Adoption

• Technological uncertainty
• High capital requirement
• Higher capabilities needed
• Technological backwardness
• Technological phobia
• Underutilization of technology
• Unreliable telecommunications and infrastructure
• Lack of internet security

Definitions of Innovation

• Innovation is making something new that leads to change

Schumpeter's Five Types of Innovation:

• New good creation
• New method of production
• New market opening
• New source of supply capture
• A new industry or organization creation

Areas of Innovation

• Food manufacturing: Minimizing production costs and ensuring food and nutritional safety
• Paper and pulp: Improved energy efficiency, reduced water consumption, enhanced durability
• Banking Industry: Risk reduction, service quality, improved security, and improved banking technology

Innovation Definitions

• Innovation is an idea, practice or object that is perceived as new
• Innovation is the adoption of a new product, service, process technology, structure or admin system within the organization

The term "Innovation" means

• An invention or something entirely new
• An improvement
• The diffusion or adoption of an innovation developed elsewhere

Innovation goals/objectives

• Source of competitive advantage
• Determinant of economic growth
• Important for success
• Helps firms to create new markets and achieve superior value
• Promotes differentiation
• Enhances the creation of economic and social values
• Reduces effort for work/production

Innovation Idea Sources

• Critical Thinking
• Entrepreneurship Incubators Centers (EICs)
• Entrepreneurship Development Centers (EDCs)
• Sources within the enterprise
• Competitors
• Clients or customers
• Consultancy companies
• Universities and Polytechnics
• Conferences/Journals
• Fairs and Exhibitions

Innovation Types

• Tech Innovation use a new tool, technique, device, or system
• Admin Innovation change organization/admin
• Product Innovation new goods/services introduced to meet market/user
• Process Innovation change product way created/delivered
• Incremental Innovation minor improvement
• Radical Innovation represent Dev of New products
• Closed Innovation: Developed internally.
• Open Innovation: Purposive inflow and outflow.
• Market Innovation focuses marketing mix

Innovation Theories

• Theory of Reasoned action: The immediate determinant of intentional behavior.
• Technology acceptance Model: The user's positive perception with the system
• Theory of Planned Behavior: Theory actions are to act a way because based on assumption is intentionally
• Innovation Diffusion Theory: A special type of communication and innovation theory
• Technology-Organization-Environment framework adoption level influenced by Elements between tech environment and organization

Tech (contextual)

• Describes any Tech that is either used by the organization Organizations (Context) according to Tornatzuky firms size the quality of human resource to support staff relationships and networking Environment (Context) is all the factors outside the organization includes Tech training to be a factor

Innovated Tech Drivers

• Individual Factor individuals are open to innovate
• Organization Charcteristic
• Networking can enable organizations and people to share Innovation
• Knowledge Spiller
• Corporate Support
• Participartory Lead is an factor managers invest time to personel

Innovative Barrier Factors

• Small firm financial limitations
• Skill barriers
• Co ordination Barriers
• Risk of Faliure
• Time Consumption
• Management skills to be great at managing
• Government limitations
• Intenet Security

Family Business

• A form of business in the world

Concepts of Family Business Terms

• The Incumbent who holds the Business is who found it
• The potentital Succesor is found by mangamentor

Family features

• Passion is a good quality
• Knowlegde
• Human Relation should be good
• Leadeship
• Respect that is earnd Education is well sound academia

Family Business

• is built by 2 main Groups

Familyowned Family

• Is managed by group not owned

Managed Family

• Puerly ownded by group

New Fmaily

• prior planning
• Location is important
• Getting the money
• The business needs the first

Innovation

• a lot of challenegs
• Clarity
• Committer to inegrity to sucessor Amiable relationship

Prevetenting of Sucessorss Business

• Age issues Feaer by retirement
• Low ability of potiental successor
• Preamture Loss

Potiental Successor

• Discrimination that prevent Success

Women Entpernusuership

• is when the women start to organize to start a company in the procutution

Factors Of Women Entrepuenusership

• Where Woman is a entreprenure There jobs
• Gendre can help start the her own vonture
• Finacial Insecuriti
• They start a small business

Factors

• Pull atteractivmess
• the is to achieven with the right desire to achieve
• self Esteem
• Self Nationlism

Opptunity of Authony

• Need for achievemt
• Need for Affilation _ create a postive work flow

Main Factior the Women support

• Family and freinds

Baarriers to the women to start buinesss

• lack of opportunity recognition

Self skills to take over to be successful

• interreated of them self

Gennder role streotypes in entrepusnershhip

• following the triat approcheach to general role orientaiton
• are too dominate socially dsireabe atteutes
• thought to be dfferentiat men to women massculinity