Techno Entrepreneurship Reviewer PPT PDF

Introduction to TECHNOPRENEURSHIP TECN01C / 1st Sem – AY 2023-2024 Genson P. Mendoza, MIT LESSON OBJECTIVES Define Entrepreneurship. Identify the different types of entrepreneurship. What are the qualities of an entrepreneur. Distinguish Technopreneurship from Entrepreneurship List...

Introduction to TECHNOPRENEURSHIP TECN01C / 1st Sem – AY 2023-2024 Genson P. Mendoza, MIT LESSON OBJECTIVES Define Entrepreneurship. Identify the different types of entrepreneurship. What are the qualities of an entrepreneur. Distinguish Technopreneurship from Entrepreneurship List the characteristics of successful Technopreneurs Technopreneurial Mindset and Skillset What is Entrepreneurship? It is 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. Entrepreneurship is the act of creating a business or businesses while building and scaling it to generate a profit. The more modern entrepreneurship definition is also about transforming the world by solving big problems. Like bringing about social change or creating an innovative product that challenges the status quo of how we live our lives on a daily basis. What is Entrepreneurship? What the entrepreneurship definition doesn’t tell you is that entrepreneurship is what people do to take their career and dreams into their hands and lead it in the direction they want. It’s about building a life on your own terms. No bosses. No restricting schedules. And no one holding you back. Entrepreneurs are able to take the first step into making the world a better place – for everyone in it, including themselves. What is an Entrepreneur? 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. Benchmarking Types of Entrepreneurship Incremental - Routine business, modest novelty (new coffee shop, new BPO) Imitative - Imitation of venture, same business model and template (new regional branch, franchised operations) Types of Entrepreneurship 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) 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).  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 What is human knowledge for practical purposes. Technopreneurship? Technopreneurship is entrepreneurship in the field of technology. Process of engineering the future of an individual, an organization or a nation 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. Sample Application of Technopreneurship: https://www.youtube.com/watch?v=s9rF5XYKJ14 Technopreneur 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 Importance of Technopreneurship Employment creation – Entrepreneurs create employment for themselves and other people. They are employers, and hence assist in solving the unemployment problem in the country. Local resources – When entrepreneurs utilize local resources, the value of these resources increases. Decentralization and diversification of business – Entrepreneurs are able to identify business opportunities and locate these businesses in suitable areas, including rural areas. Importance of Technopreneurship Promotion of technology – By being creative, entrepreneurs are able to contribute to the utilization and development of technology. Capital formation – Entrepreneurship increases capital formation and investment. Promotion of an entrepreneurial culture – By projecting successful images, entrepreneurs become models than can be copied by young people Characteristics of a Technopreneur 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. 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”. Characteristics of a Technopreneur 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. 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. Characteristics of a Technopreneur 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. 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. Characteristics of a Technopreneur 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. 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) Characteristics of a Technopreneur Demonstrates Initiative (opportunity to act): research shows that successful entrepreneurs take the initiative and put themselves in positions where they are personally responsible for success or failure. Willing to listen: the successful entrepreneur is not an inward looking person that never uses outside resources. Self-reliance does not exclude the ability to ask for help when needed from such people as bank officials, accountants and business advisers. Being able to listen to the advice of others is a key characteristic of an entrepreneur. Characteristics of a Technopreneur 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. 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. Characteristics of a Technopreneur 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. Builds on Strengths: successful businesspeople 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 Characteristics of a Technopreneur 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. 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 What makes an Entrepreneur a Technopreneur? A technology idea owner who ventures to make his idea a commercial reality. 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  Technopreneurs constantly seek new Technopreneurial and creative ways to solve problems using technology. They embrace Mindset - Innovation change and are driven by a desire to create novel solutions.  A technopreneurial mindset involves a willingness to take calculated risks. Technopreneurial Technopreneurs understand that Mindset - Risk-taking innovation often comes uncertainty and are prepared to with navigate challenges and failures.  The tech landscape evolves rapidly. Technopreneurial Successful technopreneurs are adaptable and can adjust their strategies to Mindset - Adaptability changing market conditions, emerging technologies, and customer preferences. Technopreneurial Mindset - Vision Technopreneurs have a clear vision of the impact they want their technology to have. They are driven by a sense of purpose to create meaningful change in their industry or society. Technopreneurial Mindset - Persistence Overcoming technical and business challenges requires perseverance. Technopreneurs don't give up easily and are determined to see their ideas through to fruition. Technopreneurial Mindset – Customer-Centric Approach Understanding customer needs and pain points is crucial. Technopreneurs focus on creating solutions that provide real value to their target audience. Technopreneurial Given the rapidly evolving nature of technology, technopreneurs are Mindset - Lifelong committed to continuous learning. They stay up-to-date with the latest trends and Learning developments in their field.  Building a strong network in the Technopreneurial tech and entrepreneurial communities can provide valuable Mindset - Networking insights, partnerships, and opportunities for growth.  Technical Proficiency: Technopreneurs need a deep understanding of the technologies underpinning their ventures. This could involve programming, data analysis, AI, hardware design, or any relevant technical domain. Business Acumen: An understanding of business fundamentals is crucial for building a sustainable venture. Skills in areas like business strategy, financial management, marketing, and operations are essential. Technopreneurial Problem-Solving: Technopreneurs excel at identifying complex problems and devising innovative solutions using technology. Skillset They can break down challenges into manageable components. Product Development: From ideation to prototyping and iteration, technopreneurs must be skilled in the product development lifecycle, ensuring their technology aligns with market needs. Market Research: Technopreneurs conduct thorough research to identify market gaps, understand customer preferences, and position their product effectively. Technopreneurial Skillset Sales and Networking: Effective communication and networking skills are crucial for attracting investors, partners, and customers. Technopreneurs should be able to pitch their ideas convincingly. Leadership: As their ventures grow, technopreneurs may need to lead teams. Leadership skills help in inspiring and guiding team members toward a common goal. Resource Management: Managing finances, time, and resources efficiently is key for a sustainable business. Technopreneurs need to balance investment with returns. Intellectual Property: Protecting intellectual property through patents, copyrights, and trademarks is important to secure the uniqueness of technological innovations. Ethics and Social Responsibility: Technopreneurs should consider the ethical implications of their technology and its potential impacts on society. References What Is Entrepreneurship? Entrepreneur Definition And Meaning, https://www.oberlo.com.ph/blog/what-is- entrepreneurship / September 2, 2020 Session Topic 1: Introduction to Technopreneurship, CPE 501 - TLP01E, Severino, John Paolo / PRELIM - 1st Semester - A.Y. 2020 - 2021 End of Lesson 1 Lesson 2 : The Customer TECN01C / 1st Sem – AY 2023- 2024 LESSON OBJECTIVES Identify what is a Customer? List the different features of services. Determine the characteristics of a Customer. Define Customer Attrition. Identify Customer Contact Personnel.  A customer is an individual or business that purchases another company's goods or services. Customers are important because they drive revenues; without them, businesses cannot continue to exist. What is a Customer? All businesses compete with other companies to attract customers, either by aggressively advertising their products, by lowering prices to expand their customer bases or developing unique products and experiences that customers love, for example, Apple, Tesla, Google or TikTok. Straight to the Point: What is the Voice of the Customer? https://www.youtube.com/watch?v=Ivrgwl2POpU How to run Voice of the Customer? https://www.youtube.com/watch?v=XN5y78PqDcI Service Service Quality generally refers to a customer's comparison of service expectations as it relates to a company's performance. A business with a high level of service quality is likely capable of meeting customer needs while also remaining economically competitive in their respective industry. Service. The result generated, by activities at the interface between the organization and the customer and by the organization’s internal activities, to meet customer needs. Features of Services Speed. The requirements are always made to known to the service providers only at the last moment. Hence, it becomes imperative for the service providers to offer the service as fast possible without compromising on quality. Delivery Schedule. The service is directly delivered to the customer. Every delivery is associated with a delivery schedule. Features of Services Care in Handling. The deliverables have to be handled carefully. The mishandling of customers will also cause hardship in the form of the loss of goodwill and repetition of orders. Each Service Offering is Different. In manufacturing, production of producers as per a specification is taken up in bulk quantities. Therefore, each service offering is designed to fulfil the individual needs of customers. Features of Services Difficulty in Estimating Cost. Service charges essentially comprise of the cost of materials, the man-hours, machine hours that will be utilized and the cost of overhead. Hence, before finalizing the service offering, the detailed cost estimation has to be carried out every time. Difficulty in Measuring Customer Satisfaction. The product has to be designed with quality, reliability and with good aesthetics and the manufacturer should have a good after sales service to attract the customer. Features of Services Psychology of Customer. Some customer will be nice, willing to listen and cooperate, others may be unreasonable. Therefore, the organization cannot say no to such customer. Some customer may cause irritation to the customer contact employees. Customer Delight. Any organization should identify the customer first and orient their business towards satisfying the customer. Customer orientation means running a business with the sole motive or serving more and more customers satisfying them. Characteristic of the Customer Tough or Aggressive Customer Egoistic Impatient Harsh Characteristic of the Customer Uncertain Customer Non demanding Indecisive and Unsure Evasive (tending to avoid commitment) Seek assurance Characteristic of the Customer Angry or Irate Customer Argues Impatient Does not listen Characteristic of the Customer Business Like Customer Crisp and to the point Appreciation Avoid waste of time & delays Customer Attrition Customer Attrition. Some organization may be able to attract new customers, but existing customer may leave. “If product is good then customer will come back (again); If not, the product will come back (returned)”. Contractual requirements. These are documents in the form of “Requirement Statement’ jointly agreed to and signed between the customer and the organization. Customer Attrition The document customer requirements are basically the contractual requirements. The contractual requirement could include the following: Quality: service / product characteristics Time schedule for delivery Price Service such as responsibility for installation, service during warranty and post warranty Documentation support Training support Customer Contact Personnel There should always be a separate set of people to talk to an accept orders from the customers. According to D.H. Stamatis COMFORT stands for the following customer service attributes: C for Caring. The customer service employees should not be ignorant but perceived to be very interested in finding out the real needs of the customers and help them to buy what they really intend to buy, product or service. Customer Contact Personnel O for Observant. The customer contact person should pay attention to the body language of the customer and should also be able to read their requirements. M for Mindful. The customer contact employees have to remember that the organization in dependent on its customer. The organization has to strive to meet the customer needs. Customer Contact Personnel F for Friendly The customer service employee have to be friendly with the customer. At time, if the customer or their representatives are very not friendly, then such situation have to be tactfully handled by the customer service employees. O for Obliging The organization should feel obliged that the customer has visited them with an enquiry. The customer contact employees should answer the customer queries even in such cases, as it may add to the marketing efforts of the organization. Customer Contact Personnel R for Responsible While the proposal are being submitted, the organization should feel responsible for successfully accomplishing the proposal if accepted by the customer. It is better for “contract review” before sending. T for Tactful The customer is supreme. But this does not mean that they cannot wrong. The organization should tactfully handle such situation. If a change in requirements is not going to cost any thing to the organization, such changes could be accepted as a goodwill measure. End of Lesson 2  Investopedia - Customer https://www.investopedia.com/terms/c/cust omer.asp Session Topic 2: Customer, CPE 501 - TLP01E, References Severino, John Paolo / PRELIM - 1st Semester - A.Y. 2020 - 2021 Lesson 3 : Identifying Business Opportunities TECN01C / 1st Sem – AY 2023-2024  LESSON OBJECTIVES Understand the importance of market research in identifying business opportunities. Define the concept of target markets and segments. Conduct effective market research using various methods such as surveys, interviews, and data analysis. Recognize the significance of trend analysis in staying competitive and innovative. Identify and analyze emerging trends in various industries. Evaluate the potential impact of technology innovations on business practices and consumer behavior. LESSON OBJECTIVES Propose innovative strategies to adapt to changing trends and leverage technological advancements. Understand the concept of problem- solution fit in the context of entrepreneurship and innovation. Identify and define market problems and challenges that require innovative solutions. Generate creative ideas through structured ideation techniques. Evaluate and prioritize potential solutions based on feasibility and impact.  Market Research and Opportunity Identification Market research and opportunity identification are crucial processes for businesses and entrepreneurs to understand their target market, assess demand, and uncover potential areas for growth. These processes help in making informed decisions and developing effective strategies. Guide to Market Research and Identifying Opportunities 1. Define Your Goals and Objectives: Clearly outline what you aim to achieve through your research and opportunity identification efforts. Are you looking to launch a new product, enter a new market, or improve an existing offering? 2. Understand Your Target Audience: Define your ideal customer persona(s). Understand their demographics, preferences, pain points, and behavior. Guide to Market Research and Identifying Opportunities 3. Competitive Analysis: Identify your competitors and analyze their products, pricing, market share, strengths, and weaknesses. 4. Market Size and Growth Potential: Determine the overall market size and its growth trends. Look for market forecasts and industry reports to gather insights. Guide to Market Research and Identifying Opportunities 5. Customer Needs and Pain Points Conduct surveys, interviews, or focus groups to gather direct feedback from potential customers. Understand their needs and pain points. 6. Market Trends and Industry Analysis Stay updated on industry trends, technological advancements, and regulatory changes that may impact your market. Guide to Market Research and Identifying Opportunities 7. SWOT Analysis Evaluate your own strengths, weaknesses, opportunities, and threats. This can help you understand where you stand in the market. 8. Market Segmentation Divide your target market into segments based on factors like demographics, geography, behavior, or psychographics. This helps in tailoring your marketing strategies. Guide to Market Research and Identifying Opportunities 9. Market Entry Strategy Determine the best approach for entering the market, whether it's through partnerships, acquisitions, or organic growth. 10. Opportunity Identification Identify gaps or unmet needs in the market that your product or service can address. Look for emerging trends or underserved customer segments. Guide to Market Research and Identifying Opportunities 11. Value Proposition Develop a compelling value proposition that clearly communicates the unique benefits your product or service offers to customers. 12. Feasibility Assessment Evaluate the feasibility of pursuing identified opportunities, considering factors like resources, budget, and timeline. Guide to Market Research and Identifying Opportunities 13. Risk Analysis Assess potential risks associated with each opportunity and develop risk mitigation strategies. 14. Testing and Validation Before a full-scale launch, consider conducting pilot tests or launching a minimum viable product (MVP) to validate your assumptions and gather real-world feedback. Guide to Market Research and Identifying Opportunities 15. Market Entry Plan Create a detailed plan outlining how you will enter the market, including marketing strategies, distribution channels, and sales tactics. 16. Execution and Monitoring Implement your plan and continuously monitor key performance indicators (KPIs) to track progress and make adjustments as needed. Guide to Market Research and Identifying Opportunities 17. Feedback and Adaptation Stay open to feedback from customers, employees, and stakeholders. Be ready to adapt your strategies and products based on changing market dynamics. 18. Long-Term Strategy Plan for the long term by considering how your business can evolve and adapt to changing market conditions. Trend Analysis and Technology Innovation Trend analysis and technology innovation are two closely related concepts that play a significant role in the business world and various industries. Trend Analysis Trend analysis involves the examination of historical data to identify patterns, shifts, or tendencies over time. This analysis can be applied to various fields, including business, economics, fashion, and technology. In the context of business and technology, trend analysis is particularly important for staying competitive and making informed decisions.  Key Aspects of Trend Analysis Data Collection: Gathering relevant data from various sources is the first step. This data may include market statistics, customer behavior, industry reports, and historical records. Data Analysis: Analyzing the collected data using statistical and analytical tools helps identify trends. This can involve techniques such as regression analysis, time-series analysis, and data visualization.  Key Aspects of Trend Analysis Pattern Recognition: Patterns and trends are identified within the data, which can range from consumer preferences and market fluctuations to emerging technologies and competitive shifts. Forecasting: Once trends are identified, businesses can use this information to make predictions and plan for the future. For example, forecasting demand for a product or service can help with production and marketing strategies. Adaptation: Businesses can adapt their strategies, products, or services based on the identified trends to stay relevant and competitive in the market. Technology Innovation Technology innovation refers to the development and application of new or improved technologies to create value, solve problems, or meet evolving needs. It is a driving force behind economic growth and competitiveness. Key Aspects of Technology Innovation Research and Development (R&D): Organizations invest in R&D to explore new technologies and concepts. This can involve in-house research, partnerships with universities, or collaborations with other companies. Creativity and Problem Solving: Innovation often starts with identifying a problem or opportunity and then creatively finding solutions. This can lead to the invention of new products, processes, or services. Key Aspects of Technology Innovation Market Research: Understanding customer needs and market trends is crucial for directing innovation efforts effectively. Innovations that address market demand are more likely to succeed. Iterative Development: Innovation is rarely a one-time event. It often involves a process of continuous improvement and refinement. Feedback and adaptation are essential components of innovation. Risk and Investment: Innovation can be risky, as not all new ideas succeed. Organizations must be willing to invest resources in innovation and accept the possibility of failure. The Interplay Between Trend Analysis and Technology Innovation Informed Innovation: Trend analysis provides valuable insights into market dynamics and emerging technologies. Businesses can use these insights to guide their innovation efforts and align them with current and future trends. Identifying Gaps: Analyzing trends can help organizations identify gaps or unmet needs in the market, which can serve as opportunities for innovation. The Interplay Between Trend Analysis and Technology Innovation Competitive Advantage: Staying ahead of or in step with industry trends through innovation can give businesses a competitive advantage. Companies that fail to innovate risk falling behind. Validation: Innovation efforts can validate or challenge trends. Successful innovations often become trends themselves, while unsuccessful ones may highlight the limitations of certain trends. Problem-Solution Fit and Ideation Problem-Solution Fit and Ideation are crucial concepts in the process of developing a successful product or business. They are essential steps that help ensure your product or service addresses a real need and has a market demand. Problem Solution Fit Problem-Solution Fit is the initial stage in the product development process where you seek to validate whether your proposed solution effectively solves a specific problem or pain point for a target audience. Key Steps and Considerations 1. Identify the Problem: Start by identifying a clear and pressing problem or need that your target audience faces. This problem should be well- defined and significant enough to warrant a solution. 2. User Research: Conduct extensive research to understand your target audience's pain points, behaviors, and preferences. Gather data through surveys, interviews, and observation to validate the existence and severity of the problem. 3. Create a Hypothesis: Formulate a hypothesis about how your solution could address the identified problem. This is essentially your initial concept or idea. Key Steps and Considerations 4. Build a Minimum Viable Product (MVP): Develop a basic version of your solution, known as an MVP. This should be a minimal version of your product or service that allows you to test your hypothesis. 5. Test and Validate: Launch your MVP to a small group of early adopters or beta testers. Gather feedback and data to assess whether your solution effectively addresses the problem and whether users find value in it. 6. Iterate: Based on the feedback and data, refine your solution as necessary. Iterate on your MVP until you achieve a strong Problem-Solution Fit. Ideation Ideation is the process of generating creative ideas for potential solutions, products, or services. It's a crucial step in innovation and entrepreneurship.  Key Considerations Diverse Perspectives: Encourage input from a diverse group of individuals. Different backgrounds, experiences, and viewpoints can lead to more innovative ideas. Brainstorming Sessions: Organize brainstorming sessions where participants can freely share ideas without judgment. This can spark creativity and generate a wide range of concepts. Problem-Centric Approach: Ensure that your ideation process is problem-centric. Start by defining the problem or need, and then brainstorm solutions that address it.  Key Considerations Prototyping and Visualization: Use visual aids, sketches, or prototypes to help participants visualize and refine their ideas. This can make concepts more tangible and actionable. Idea Selection: After generating a list of ideas, evaluate and prioritize them based on criteria such as feasibility, market demand, and alignment with your goals. Iterate and Combine: It's often helpful to iterate on and combine different ideas to create innovative and unique solutions. Feedback and Validation: Seek feedback from potential users or customers on your ideas to gauge their interest and gather insights for improvement. Problem-Solution Fit and Ideation Both Problem-Solution Fit and Ideation are iterative processes. You may need to revisit and refine your problem-solution fit as you gather more data and insights from users, and you can continue ideating to innovate and improve your product or service over time. Together, these processes contribute to the development of successful and valuable offerings in the market. End of Lesson 3