Session Topic 1: Introduction to Technopreneurship (LPU, 2022-2023) PDF

Module 1: Session Topic 1: Introduction to Technopreneurship PRE-MID – Special Semester - A.Y. 2022 – 2023 Prepared By: Dr. John Paolo P. Severino Industrial Engineer - CoECSA  Learning Objectives ‒Describe the Technopreneurship and Entrepreneurship. ‒Determine the importance of Technopreneursh...

Module 1: Session Topic 1: Introduction to Technopreneurship PRE-MID – Special Semester - A.Y. 2022 – 2023 Prepared By: Dr. John Paolo P. Severino Industrial Engineer - CoECSA  Learning Objectives ‒Describe the Technopreneurship and Entrepreneurship. ‒Determine the importance of Technopreneurship and Entrepreneurship. ‒Describe the characteristic of Technopreneurship and Entrepreneurship. ‒Describe the Technopreneur and Entrepreneur. ‒Illustrate the types of Entrepreneurship. Introduction to Technopreneurship  Introduction to Technopreneurship A. What is Entrepreneurship? ‒Starting up a new business. ‒Entrepreneurship as the process of designing, launching and running a new business, which is often initially a small business, or as the "capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit.  Introduction to Technopreneurship Entrepreneurs are people who enter into new and pioneering ventures. An entrepreneur is whole-brained, meaning he/she uses both the left brain (logical) and right brain (creative). ‒ They do not copy another’s idea. He or she may find an existing idea to be good but he/she brings improvements on it before introducing it to the market. ‒ Most entrepreneurs start at being self- employed but eventually hire other people to help them in the business. Example of Benchmarking  Introduction to Technopreneurship B. What is Technopreneurship? ‒ Integration of technology, innovation and entrepreneurship. ‒ Act of turning “something” into a resource of high value by converting good ideas into business ventures that relies heavily on the application of human knowledge for practical purposes. ‒ Technopreneurship is entrepreneurship in the field of technology. ‒ Process of engineering the future of an individual, an organization or a nation.  Introduction to Technopreneurship B. What is Technopreneurship? ‒ It is also known as cyberpreneurship or netpreneurship or technology entrepreneurship. ‒ Application of the newest inventions and advancements in coming out with new and innovative products through the process of dissemination. ‒ Manufacturing of high technology to deliver product to consumer. ‒ Exhaustive use of technology in making profit. ‒ Technopreneurship is now the trend; businesses that adjust are businesses that survive.  Introduction to Technopreneurship Technopreneur can be defined as “an entrepreneur with the skills and mindsets to deal with a knowledge economy.” ‒ A technopreneur needs to think “out of the box”. The box is the logic of an industry, business or product. ‒ Logic answers why people are buying that product, why is the technopreneur using that kind of raw material, etc. Thus, a technopreneur has to look at the box and find something that is different. He or she doesn’t just copy what is currently available in the industry/business. ‒ Some people might just describe the word by simply stating names of famous people like Steve Jobs of Apple Inc., Sergey Brin and Larry Page of Google, Bill Gates of Microsoft, Mark Zuckerberg of Facebook and other well- known technopreneurs out there  Introduction to Technopreneurship What makes an Entrepreneur a Technopreneur? 1. A technology idea owner who ventures to make his idea a commercial reality 2. An entrepreneur who gets a technology idea, finds an opportunity to make it a commercial reality. E.g. robotics, automation, product innovation, high technology product and services  Introduction to Technopreneurship C. Importance of Technopreneurship a. Employment creation – Entrepreneurs create employment for themselves and other people. They are employers, and hence assist in solving the unemployment problem in the country. b. Local resources – When entrepreneurs utilize local resources, the value of these resources increases. c. Decentralization and diversification of business – Entrepreneurs are able to identify business opportunities and locate these businesses in suitable areas, including rural areas.  Introduction to Technopreneurship D. Four types of Entrepreneurship 1. Incremental ‒Routine business, modest novelty (new coffee shop, new BPO) 2. Imitative ‒Imitation of venture, same business model and template (new regional branch, franchised operations)  Introduction to Technopreneurship D. Four types of Entrepreneurship 3. Rent-seeking ‒ Business that utilizes standards, regulations and laws to share in value of enterprise (licensing of patented ideas, products or trade secrets - Coca Cola Export) 4. Innovative ‒ Business based on innovation (new cure for infectious diseases, new production method to bring down drug cost, new DVD format, new memory chip, ICT-enhanced home appliance).  Introduction to Technopreneurship II. Characteristics of an Entrepreneur 1. Hard Working: running a business requires a lot of energy and drive. This involves the ability to work for long hours when necessary, to work intensely in spurts and to cope with less than a normal amount of sleep. 2. Self-Confident: to succeed, entrepreneurs have to believe in themselves and in their ability to achieve the goals they have set for themselves. This is often shown by a belief that “if you want something badly enough and are prepared to work at it, you’ll usually get it”.  Introduction to Technopreneurship 3. Builds for the Future: the goal for most successful business people is to build a secure job and income for themselves which is based on their own abilities. This means entrepreneurs understand that it may take several years to build up business income to a reasonable standard. 4. Profit-Oriented: interest in generating money is a clear indicator of an entrepreneur’s suitability for being a business owner. This means recognizing that the business comes first. Once profits are generated, the entrepreneur can make decisions about how the profits can be used – to expand the enterprise or for personal use.  Introduction to Technopreneurship 5. Goal-Oriented: success in business depends upon being able to set realistic goals or targets and to work with determination to achieve them. This ability to set goals (for things the person thinks are worthwhile) and to work to achieve them is fundamental to being an entrepreneur. 6. Persistent (continuing firmly): all businesses have their problems and disappointments. Being persistent in solving a problem is one of the keys to being a successful entrepreneur.  Introduction to Technopreneurship 7. Copes with Failure: all business ventures inevitably contain disappointments and failures as well as successes. Coping with failures involves recognizing these failures, learning from them and seeking new opportunities. Without this characteristic, early failures may end a person’s attempt at self-employment. 8. Responds to Feedback: entrepreneurs are concerned to know how well they are doing and to keep track of their performance. Obtaining useful feedback and advice from others is another important characteristic of entrepreneurs. (Ex. product variants and features)  Introduction to Technopreneurship 11. Sets Own Standards: setting standards of performance and then working to achieve them is another indicator of a successful entrepreneur. These standards can be income, quality, sales or product turnover. Most entrepreneurs want to do better each year, to set and achieve higher standards from year to year. 12. Copes with Uncertainty (doubt): being an entrepreneur is much more uncertain than employment. This uncertainty is about sales and turnover, but it often also exists in other areas such as material delivery and prices, and bank support. An ability to cope with this uncertainty without becoming too stressed is a necessary trait of being an entrepreneur.  Introduction to Technopreneurship 13. Committed: starting and running an enterprise demands total commitment by the entrepreneur in terms of time, money and lifestyle. It has to be a major priority in the entrepreneur’s life. 14. Builds on Strengths: successful business people base their work upon the strength(s) they have, such as manual skills, interpersonal skills, selling skills, organizational skills, writing skills, knowledge of a particular product or service, knowledge of people in a trade and ability to make and use a network of contacts.  Introduction to Technopreneurship 15. Reliable and Has Integrity: the qualities of honesty, fair dealing and reliability in terms of doing what one has promised to do are essential traits of an entrepreneur. 16. Risk-Taker: being an entrepreneur involves some risks. Entrepreneurs have the ability to take measured or calculated risks. Such risks involve working out the likely costs and gains, the chance of success and the belief in oneself to make the risk pay off. Entrepreneurs may be considered risk avoiders when they reduce their risks by having others assume part of the risk. Those who assume the entrepreneur’s risk may be bankers, suppliers and customers.  - End - Thank You