Bioentrepreneurship Unit 1, Lesson 3 & 4 PDF

ENTRP 20 | BIOENTREPRENEURSHIP Unit 1, Lesson 4 Unit 1, Lesson 3 Role of Entrepreneurship in Economic Development & Emerging Ethics and Social Responsibilities of Entrepreneurs Tre...

ENTRP 20 | BIOENTREPRENEURSHIP Unit 1, Lesson 4 Unit 1, Lesson 3 Role of Entrepreneurship in Economic Development & Emerging Ethics and Social Responsibilities of Entrepreneurs Trends and Issues in the Entrepreneurship Ethical issues for entrepreneurs Roles of entrepreneurship in economic development Wealth creation and sharing. When 1. Intellectual property is artistic and industrial entrepreneurs start their business, they invest and creations of the mind. mobilize resources. 2. A conflict of interest exists when personal Creation of jobs. Entrepreneurs are job creators. considerations and professional obligations Balanced regional development. Entrepreneurs interfere with each other. locate their business in both urban and rural 3. Confidentiality involves respecting the privacy of areas, in cities or even in small communities. others. Growth in GDP and Per Capita Income. The use of the various resources like land, labor and capital add up to the national income, national product and per capita income of the country. Increase in the standard of living. Responsibility to individuals Entrepreneurs improve the standard of living not Employees. Treating employees fairly by only by providing employment but also by providing a safe working environment, fai salaries, introducing innovations that make the quality of life better. wages and other compensation and benefits. Foreign market expansion through exports. A Customers. Entrepreneurs need to treat growth enterprise definitely would want to expand customers fairly and ensure that the amount they sales in a saturated market by considering pay is commensurate with the goods they receive. operating in foreign markets through exporting. Suppliers. Entrepreneurs are responsible for Community development. An enterprise dealing with their suppliers fairly by paying them established in a community aids in its on time or adhering what was agreed upon. development. Investors/creditors. They help the entrepreneur start the business by providing additional capitalization. Trends in entrepreneurship Everyone is doing it. It seems like everyone calls Responsibility to the environment themselves an entrepreneur. Sustainable design. The entrepreneur must offer Intrapreneurs. These are employees of a products which will not harm the environment company that are allowed to work like entrepreneurs. which may result in resource depletion. Solopreneurs are individuals who run their Alternative energy. The entrepreneur may business alone. support the use of fossil-fuel alternative such as Marketers are becoming Entrepreneurs. More solar, wind and hydrogen power whichever is and more people with marketing ability are taking applicable, up entrepreneurship. Organics. The growing number of people Hiring contract workers is the thing to do. Since it is getting more expensive to hire and consuming organic produce is a good start for retain experienced staff, a common solution is to entrepreneurs. find term contractors. Fair trade. This is a way of doing business based Entrepreneurs are laser-focused on revenue. on principles of social and environmental More entrepreneurs are seeing the need to focus responsibility and promoting sustainable growth. on revenue, first and foremost. Few entrepreneurs are starting big companies. Responsibility to the community Technology is becoming more and more disruptive. Cause-related marketing is a partnership Working from home. Almost every startup is between a business and a nonprofit group for the leveraging the power of remote work. benefit of both. It increases sales for the business Marketing is getting more interactive. and raises money and awareness for the nonprofit Consumers are in control. You can;t manipulate group. or trick people into buying your product. Sponsorship is a business that sponsors a The internet of Things is here. Internet of community event or service in exchange for Things (or IoT) connects devices to the Internet to open up new possibilities for using those devices. advertising. (contribute to a cause) Automation is rising. Chatbots and digital Philanthropy occurs when business leaders assistants are increasing. They are also getting donate money and other resources for socially intelligent. Some even answer like a human would beneficial causes. do. An in-kind donation is the gift of a good or service Issues and challenges in entrepreneurship Technopreneurs 1. Cash flow management. Cash flow is essential - Technology savvy, creative, innovative and in every entrepreneurial activity. dynamic, dares to be different and takes the 2. Hiring employees. The hiring process is a unexplored path, and very passionate about his rigorous and tedious activity that takes much of work. the entrepreneur’s time. - Takes challenges and strives to lead his life 3. Time management. The entrepreneurs may have successfully. conflicting roles and so it may be hard to manage - Has no fear of failure as a learning experience, a their time. stimulator to see things differently. 4. Delegating tasks. The entrepreneur sometimes is hesitant to delegate tasks because of possible delays in output. 5. Choosing what to sell. Entrepreneurs may be Significance of Technopreneurship faced with keep competition and therefore need to In a dynamically changing global situation, find their own niche. This becomes a challenge technopreneurship plays an important role due to the when the entrepreneur is hard up in doing such. following features: 6. Marketing strategy. To effectively compete, the entrepreneur needs to adopt effective marketing 1. It generates employment strategies. 2. It makes the best use of local resources 7. Capital. When the entrepreneur wants to grow or 3. It decentralizes and diversifies business expand the business but lacks capital to do it. 4. It promotes technology 8. Strapped budget. Although the business has 5. It forms capital good cash flow management, lack of budget in 6. It promotes an entrepreneurial culture. marketing the business could pose a challenge to the entrepreneur. 9. Business growth. The entrepreneur might think the business is not growing because of the thought of lack of focus to a specific area of the business. The entrepreneur who used to “wear all the hats” is the one who experienced this situation. 10. Self-doubt. Self-doubt happens when business operations do not jibe with what is expected. WHen something goes wrong in the business, self-doubt creeps in. 11. Difficulty keeping up with innovations or being the visionary. 12. Harder navigating regulation and compliance. More and more regulations and bureaucratic red tapes have emerged. 13. Exploding data. With 90% of the world’s data created in the past two years and managing, keeping safe and extracting insights from the ever-increasing amounts of data your company produces is becoming difficult. 14. Maintaining a reputation is getting tougher. Technopreneurship as in Emerging Field in Entrepreneurship “Technopreneurship” is a combination of two words “technology” and “entrepreneurship” A process of emerging technological and entrepreneurial talents and skills. A new breed of entrepreneurship A product but a process of synthesis in engineering the future of a person, an organization, a nation and the world. Famous examples of technopreneurs