Technopreneurship 101 PDF

skills in business and in trems of I TECHNOPRENEURSHIP entrepreneurial thinking (Prodan, 2007). It is defined as leadership style of business including identifying...

skills in business and in trems of I TECHNOPRENEURSHIP entrepreneurial thinking (Prodan, 2007). It is defined as leadership style of business including identifying extremely technological economic opportunities History: with high capacity for growth, collection of resources like expert Wainer and Roberts (1966) were the first manpower and capital, rapid growth authors to study entrepreneurship and and remarkable risk management by technical entrepreneurs. means of decision making skills (Dorf & In their study they spoke about Byers, 2005). technical, not technological It is defined as the process by which entrepreneurship, as we call this type of entrepreneurs assemble organizational entrepreneurship nowadays. resources and technical systems and Wainer and Roberts have defined the strategies used by entrepreneurial technical entrepreneurs as individuals firms to pursue opportunities (Shand & who have the typical features of the Venkaraman, 2003). entrepreneur but also have special features which allow them to establish technical enterprises. The Nature of Technopreneurship: Over the years many scholars have defined it in various but similar ways. Technology is simply defined as Technopreneurship is also known as applications of knowledge to human technological entrepreneurship. Hence, work. The Merriam-Webster dictionary when we talk about technological defines the term technology as the entrepreneurship we are referring to practical application of knowledge technopreneurship and vice versa especially in a particular area and the capability given the practical application of knowledge. It is the result Definitions: of man’s learned and acquired knowledge or his/her technical skills It is the creation of a new technological regarding how to do things well (Khalil, enterprise (Jones Evans, 1995). 2000). It is organization, management, and risk bearing of a technology-based business (Nicholas and Armstrong, 2003). Entrepreneurship It is an investment in a project that assembles and deploys specialized Technopreneurship individuals and heterogeneous assets that are intricately related to advances Technology in scientific and technological knowledge for the purpose of creating and capturing value for a firm (Bailetti, 2012). It is innovative application of technical Entrepreneurship is a process of science and knowledge individually or designing, launching and running a by a group of persons, who create and new business, which is often initially a manage a business and take its small business, or as the “capacity and financial risks in order to achieve their willingness to develop, organize and goals and perspective. Technically, manage a business venture along with engineers are well-qualified in many any of its risk to make a profit.” respects for this activity but often lack Technopreneurship (Technological the necessary business skills and entrepreneurship) is a combination entrepreneurial mentality. Engineers between two individual concepts possess high technical skills for namely technology and technopreneurship but have very few entrepreneurship. It is basically Technopreneurship 101 Page 1  entrepreneurship which involves Entrepreneurship vs. Technopreneurship: technology. Similarities: (a) Able to determine risk and has the courage to take risks; (b) Independent and self-confident, yet Importance of Technopreneurship: knows where to get help; (c) Likes a challenge; (d) Hardworking and willing to Needless to say, technopreneruship has stick with a project; (e) Not easily played an influential role in the use of discouraged; (f) Robust, very energetic technology for fulfilling various purposes. and can handle stress; (g) Has a strong First off, it makes easy for people to stay in sense of self-worth; (h) A positive thinker touch with each other and comes up with who does dwell on setbacks; (i) Often has some unpredictable products as well as a close friend or relative who owns a solutions that are beneficial for the nation. business. Apart from this, it has also provided some Differences: other benefits to society and the nation that contributes to economic and human An Entrepreneur: development. Here, we are going to Likes to compete discuss the significance of Is a self-starter/pioneer technopreneurship for a nation and the Is able to do many things at once world too. Is creative, and has dreams and goals Likes to work for him or herself and be Creating employment opportunities. in control When startup businesses, then there is Is motivated by a strong desire to an increase in the pool of job achieve and attain financial success opportunities as they need manpower Focuses his/her attention on the to run all business operations. In the chances of success rather than the same way, technopreneurship creates possibility of failure. jobs and helps the nation to combat the problem of unemployment. It A Technopreneur: increases the employment rate of an Likes to innovate economy. Is part of a team Local resources. various natural and Is able to do many things at once but productive resources are available that chooses to delegate every entrepreneur can utilize for Is innovate and has a greater vision business success. The usage of local Likes to be the one to control resources increase its value and innovation and be part of an reduces the rate of resources wastage. evolution Business diversification and Is motivated by a strong vision and the decentralization. An entrepreneur can passion to innovate find out the business opportunities and Takes failure in stride and know it will locate them in areas that are suitable lead to success if correction can be including remote areas. made Technological advancement. By being a creative and innovative technopreneur, they play an important role in the field of utilization as well as Technopreneurial Mindset (EM) the development of technology. Capital formation. Investment is in It is a way of thinking that enables you to integral part of a business and an overcome challenges, be decisive, and entrepreneur requires funds to start up accept responsibility for your outcomes. It and take their business to the new is a constant need to improve your skills, heights. They take financial assistance learn from your mistakes, and take from the investors and financiers and continuous action on your ideas. Anyone utilize the public savings that lead to willing to do the work can develop an economic development. entrepreneurial mindset. Technopreneurship 101 Page 2 Successful new product spring from the off against the wind, not with it (Henry convergence of: (1) the creative mind; (2) Ford). the technical mind; and (3) the business Creative mindset. Creativity is just mind. connecting things. When you ask creative people how they did The creative mind conceptualizes and something, they feel a little guilty designs a product that costumers find because they didn’t really do it, they some use for. It likewise produces a just saw something. It seemed obvious product that is pleasing to see, touch, to them after a while. That’s because smell, hear and taste. they were able to connect experience The technical mind is the technology they’ve had and synthesize new things originator. The entrepreneur may not (Steve Jobs). necessarily posses the technical mind Persuasive communication ability. If but this is what drives him or her to you would persuade, you must appeal convert new knowledge into something to interest rather than intellect highly functional and operational. (Benjamin Franklin). The business mind harnesses the Intrinsic motivation and drive. The potentials of new product by creating secret of change is to focus all your the market space for them. It also energy not on fighting the old but on organizes sufficient forces and building the new (Socrates). resources to develop, launch, and Tenacity and ability to learn from commercialize the new product in failure. Every failure is a step to success order to maximize its market value. (Malcom Forbes). In a gist, most successful and effective technopreneurs: Twenty (20) EM Traits: Are not born, but made. Independent. This is one of the most Is most often not a one man team. He important aspects of the works with a team. entrepreneurial mindset. Entrepreneurs Is trained by a mentor. do not follow the crowd or look to Is a calculated risk taker. others to be given instructions. Instead, Shares the burden of responsibility to they listen to their gut and carve their other team members. own path. Understand the needs of the customers. Responsible. The independent mindset Has a business model in mind. of successful entrepreneurs stems from Understand the value of resources and taking full responsibility. Entrepreneurs where to find them. do not blame others for their situation; Does not aim to stand out but to they empower themselves by taking address a solution for a common good. responsibility for improving it. Love what they do. Abundant. Successful entrepreneurs know they can improve a situation, make more money, and create new Six (6) Characteristics of the EM: opportunities. The sky is always the limit. As a result, entrepreneurs do not hoard Seeing and creating opportunities money or knowledge. They are open, Turning ideas into action generous, and understand that “you Leading the way get what you give.” Using resources smartly Goal-oriented. In other words, Managing risks successful entrepreneurs do not have Collaborating to create shared value wishes and dreams; they have goals and plans. Five (5) Characteristics to Cultivate: Not afraid of failure. When learning how to think like an entrepreneur, you need Positive mental attitude. When to look at failure differently than most everything seems to be going against people. Entrepreneurs do not fear you, remember that the airplane takes failure; they appreciate it. Technopreneurship 101 Page 3  Growth-oriented. Entrepreneurs believe problems. If you think about it, this is the they can grow as people, learn new essence of every business. For instance, things, and develop new skills. They plumbers fix broken pipes. believe that; with some consistent Driven and tenacious. Drive is an effort; they can shape themselves into essential part of the entrepreneurial whomever they want to be. mind. Entrepreneurs are self-motivated Feedback-seeking. The most successful and driven to achieve their goals. They entrepreneurs are not worried about work hard and enjoy the ride, knowing looking cool; they just want to succeed, that they will reap rewards down the and they know that learning from line. feedback will help speed up the Focused. Successful entrepreneurs are process. In short, do not look for focused on achieving their goals, never validation; seek feedback. procrastinate, and always prioritize the Learning-oriented. Entrepreneurial most important tasks. thinking is more concerned with their Action-oriented. “Wantrepreneurs” like learning and development. to read books, watch videos, and Forward-thinking. If you want to learn make plans, but they never actually get how to think like an entrepreneur, you down to business and work. Aspiring need to think long term. They keep entrepreneurs have a bias for action. working and are patient when it comes They know that knowledge without to rewards; they know that the tortoise action is meaningless. always beats the hare. Decisive. Entrepreneurs must confront Self-accepting. Successful problems and make many decisions entrepreneurs accept themselves as every day; often with inadequate they are, warts and all. They know who information to help. Successful they are is transient, and they are entrepreneurs decide and then get working on becoming the person they back to work. They know that “you can want to be. always edit a bad page. You cannot Self-aware. Entrepreneurs know that the edit a blank page.” only thing holding us back is ourselves because they take full responsibility. Having an entrepreneurial mindset will They pay close attention to their allow you to think, act and perceive the strengths and weaknesses, which allows world differently from the average worker, them to improve faster and play to their setting the foundation for success (Thomas strengths. Law, 2022). Collaborative. Successful entrepreneurs think collaboratively and practice their Samples of Technology/ Engineering leadership skills. Based Companies Founded by Living Courageous. This does not mean Pinoy Engineers: entrepreneurs do not have self-doubt but they learn that courage was not DMCI Group of Companies by Engineer the absence of fear, but the triumph David M. Consunji over it. Enertech Systems Industries Inc (boiler Comfortable with discomfort. Growth manufacturing) by Engineer Guillermo and expansion require you to move Simeon beyond your comfort zone. So, when Danitech Power Systems, Inc by developing an entrepreneurial mindset, Engineer Wilson Ulnagan practice learning into uncomfortable PEMCOR Group of Companies by situations, such as rejection. Engineer Bernard H. Morillo Adaptable. Entrepreneurs have big RPV Electro Tech, Phils. Corp. by goals, and they know it is impossible to Engineer Roland P. Vasquez see the entire staircase before OrangeApps by Sir Gian Javelona climbing. But they climb anyway, safe Delta-Star Manufacturing Corp. by in the knowledge that they can always Engineer Reynaldo Daquigan adapt to new developments. SPI/Semicon by Engineer David W. Lim. Problem-solver. Entrepreneurs develop Mostron, Chips & Technologies, and S3 critical thinking and try to solve Graphics by Sir Diosdado P. Banatao. Technopreneurship 101 Page 4