Business Ventures in Multimedia Lecture Notes PDF

Business Ventures in Multimedia Lecture 2 Ria Andrea N. Fernandez Saint Louis University Learning Objectives: At the end of the lesson, the students are expected to: Explain the definition of Technology and Entrepreneurship Distinguish the Difference between Entr...

Business Ventures in Multimedia Lecture 2 Ria Andrea N. Fernandez Saint Louis University Learning Objectives: At the end of the lesson, the students are expected to: Explain the definition of Technology and Entrepreneurship Distinguish the Difference between Entrepreneur and Technopreneur;  Introduction In the world of globalization, technology has created a huge impact and influence in the society where people have become dependent. It is certainty that through technology people are interested in developing simple products for innovation. There are several innovations and inventions that made the world of technology and entrepreneurship more exciting and interesting because of its collaborative outcome to establish a competitive advantage in the business industry to become economically stable within a local and global perspective. What is Technology?  Technology and Entrepreneurship Definition of Technology Technology, it is a body of knowledge devoted to creating tools, processing actions and the extracting of materials. It is an application of science used to solve problems. People utilize technology at work, for communication, transportation, learning, manufacturing and businesses. What about Entrepreneurship?  What about Entrepreneurship? Entrepreneurship is the practice of embarking on a new business venture or existing businesses by combining different resources in order to develop new opportunities. Global businesses have been using technology to improve their products, to innovate products and to develop new products that will be introduced and recognized in the business world. Technology and Entrepreneurship plays a vital role in making the business gain competitive advantage, improve the economic growth of the country and accelerate innovation.  Definition of Technopreneurship An Entrepreneur is simply the merging of Technology and Entrepreneur skills. Technopreneurship is a new breed of entrepreneurship that involves the collaboration of people who are intelligent, determined, creative, technology savvy and passionate in dealing with risk and functions as a team. TECHNOLOGY ENTREPRENEURSHIP TECHNOPRENEURSHIP Entrepreneur and Technopreneur An Entrepreneur is a person that possesses various skills in terms of marketing, communication and strategically has the potential demand for the goods and services whether as a sole proprietor, with partners and within a corporation.  Entrepreneur and Technopreneur There are different types of entrepreneurs such as innovative, imitating, Fabian and drone Imitating Types of Innovating Entrepreneurship Fabian Drone Figure 1. Types of Entrepreneurship Types of Entrepreneur Innovative Entrepreneur An innovative entrepreneur is a person that has such a great passion in discovering and developing new products, new ideas and new processes. They are the one who are willing to take risks in every new innovation because they enjoy challenges. Types of Entrepreneur Imitating Entrepreneur Imitating entrepreneur is a person who immediately copy the existing products made by the innovative entrepreneur because there is no such new inventions or new innovations. As for an instance, the continuous development of mobile phones because of the massive demands in the market. Imitating entrepreneurs can come up with the same features and specifications where they just imitate the technology, process and methods pioneered by the others. Types of Entrepreneur Fabian Entrepreneur A Fabian entrepreneur is a type of person that is skeptical about the changes that will be made in the organization. They are not decided to develop new innovations unless they are satisfied with the result or the outcome of the released products in the market. They are not risk-takers as they wanted to anticipate success in the market first before indulging into the next project as they are not willing to have financial loss due to its failure. Types of Entrepreneur Drone Entrepreneur Drone entrepreneur are reluctant to change as they are happy with the result of their business even if they have financial losses. They are not eager to make any changes in their organization. On the other hand… Technopreneur is a person who perceives an opportunity by introducing new products and services, creating new forms of organization and by utilizing new raw materials. Technopreneur undertakes risks that has the possibility of earning a profit. A technopreneur starts out with nothing but an ‘idea’ defying existing products, practices and systems in which he can think of a new solution through the use of technology and innovate it eventually. Five traits of a Technopreneur 1. Strong Communication Skills that Close Deals Technopreneur should possess strong communication skills that close deals as they will diverse people to their business ideas and products. Communication plays an important role in determining success by convincing sponsors, different organizations and prospective clients to help a technopreneur to pursue his idea and product. Five traits of a Technopreneur 2. Product Management Knowledge It is significant that a technopreneur has a deep understanding of his idea or product in order to present it to the target customers in a detailed and precise manner. It is a big deal that he knows the overall product so that it will be easier to explain and encourage the clients or sponsors. Five traits of a Technopreneur 3. Deep Technical Understanding As a technopreneur, it is important to be tech-oriented as you will deal with the technical aspects of your idea or product. A technopreneur should know how to be technology savvy to be able to compete with others, be competitive and understand the dynamics of your market. Five traits of a Technopreneur 4. Take Big Risks Dealing with competition will basically improve the way technopreneurs think outside of their box. They have to take risks as not all ideas or products are meant to be successful in the business world. Even famous technopreneurs have to deal with risks for their product or services to be recognized locally and globally. They need to know how to gamble in the competitive environment to gain branding. Five traits of a Technopreneur 5. Persistence Not all entrepreneurs can be a technopreneur but all technopreneurs are entrepreneurs that is why they have to acquire persistent to achieve their goals. Staying positive in all aspects of life is possible if there will be challenges and odds along the way, hard road is next to success.  Differences between Entrepreneur and Technopreneur Let us take a look at the differences between an entrepreneur and a technopreneur. ENTREPRENEUR TECHNOPRENEUR Likes to compete Likes to compete Self-starter/pioneer Likes to innovate Able to do many things at once Part of a team Creative/ has goals and dreams Able to do many thing at once but chooses to Likes to work for himself delegate Motivated to achieve and attain financial success Innovative/Greater Vision Focuses on the chances of success rather than the Likes to be one to control innovation possibility of failure Motivated by a strong vision and the passion to innovate Take failure in stride and know that if corrected it will lead to success. Entrepreneurial Process vs. Technopreneurial Process an entrepreneur has to follow several steps to be successful in his business plan and ensure that these phases will be applied according to its process. Opportunity Analysis Business Planning Gathering Requirements Implementation Scaling and Harvesting Figure 2. Entrepreneurial Process The Entrepreneurial Process Opportunity Analysis This phase refers to establishing demand and competitive analysis of the market. An entrepreneur should have a clear vision by making a thorough study of the market potentials to create strategies and desirable objectives for the growth of an organization Business Planning The entrepreneur should have a written business plan composed of the organization’s future goals, how to achieve those goals and the timeframe within which these goals are to be achieved. Business planning usually includes marketing strategy, financial and operational viewpoint.  The Entrepreneurial Process Gathering Resources Entrepreneurial resources include sources of financing such like lines of credit and investment capital, technology, networks of contacts and publicity. A business ought to have four types of resources that include physical resources, intellectual, human and financial resources. Implementation Implementation is a process of execution about what has been planned and utilizing the numerous resources for the success of the business, The Entrepreneurial Process Scaling and Harvesting Scaling is a process where the organization will encounter challenges. The organization will experience painful points for rapid growth for stability and continuity of the business operations. On the other hand, Harvesting is a process where the organization will reap what they sow in dealing with the challenges they had encountered throughout the process of the business. The Technopreneurial Process Business Idea Generation Idea Screening Concept Testing Analysis Monitoring & Commercial- Test Marketing Prototyping Evaluation ization Figure 3. The Technopreneurial Process The Technopreneurial Process Idea Generation This is the process of creating and developing and communicating abstract, concrete or visual ideas. It includes goals, strategies, concepts, designs, style, plans and actions to come up with possible solutions for actual problems and opportunities. Idea Screening Idea screening is a process that evaluates and contrasts new prospective ideas for your business. It is where assessment will be instigated to make sure that your ideas are related to the business. The idea screening criteria are used to determine compatibility and whether the idea will earn profit or could return on investment. The Technopreneurial Process Concept Testing Concept testing is the process of testing new or hypothetical products or services before they are launched [Management Study Guide]. It is probably the possibility of generating the best product. Business Analysis Business Analysis is a process of identifying what the business needs and determining solutions to business problems that will improve the process, management and the financial status quo to deliver value to the stakeholders. The Technopreneurial Process Monitoring and Evaluation Every business should be monitored and evaluated according to the performance in the market. Monitoring and Evaluation is important for the business to diagnose problems and improve what is needed to stay in the competition. Through evaluation the organization will identify the performance rating of the business. Commercialization Commercialization is the process of introducing new products and services to the market. With commercialization, an organization entails production, distribution, marketing, sales, customer support to achieve the commercial success of the new product or service. The use of advertisement, social media campaigns, video production is part of commercialization so that the vision and value of the product or services will be reached out to the society. The Technopreneurial Process Test Marketing Test marketing is a process of experimenting and assessing your product to check its viability to customers, compromising actual stores and real- life buying solutions. It is to test the consumer reaction towards the new product or services in the market. Prototyping Prototyping is the overall design of the product where it shows its functionalities, specifications and interface that is based on the business analysis. References Introduction to Technopreneurship Jennifer Padilla-Juaneza, MIT Jake Rodriguez Pomperada MAED-IT