Technopreneurship Notes.pdf

CHAPTER 1: INTRODUCTION TO TECHNOPRENEURSHIP ENTREPRENEUR ARE MADE AND NOT BORN “The entrepreneurial mystique? It’s not magic, it’s not mysterious and it has nothing to do with the genes. It is a discipline. And like any discipline, it can be learned.” - Peter Dru...

CHAPTER 1: INTRODUCTION TO TECHNOPRENEURSHIP ENTREPRENEUR ARE MADE AND NOT BORN “The entrepreneurial mystique? It’s not magic, it’s not mysterious and it has nothing to do with the genes. It is a discipline. And like any discipline, it can be learned.” - Peter Drucker ENTREPRENEUR Entrepreneur - an innovator or developer who recognizes and seizes opportunities; converts these opportunities into workable/marketable ideas; adds value through time, effort, money or skills; assumes the risks of the competitive marketplace to implement these ideas; realizes the rewards from these efforts. (Kuratko & Hodgetts,2007) Entrepreneurship - the practice of embarking on a new business or reviving an existing business by pooling together a bunch of resources in order to exploit new found opportunities TECHNOPRENEUR - an entrepreneur who uses cutting-edge technology to develop new business. (Daniel Mankani, 2003) - an entrepreneur who involves himself in technological changes in producing goods and services for his organization. (Sarimah Hanim & Abd. Rashid,2008) - entrepreneurs who used “technology” as their driven factor in transforming resources into goods and services, creating an environment conducive to industrial growth TYPES OF TECHNOLOGY ENTREPRENEURSHIP 2 Types of Technology Entrepreneurship 1. Technology developers - those who develop a unique technology capable of driving a new business (inventors) 2. Technology users - those who see a new technology development and understand how it can be applied to meet a market need (innovators) LIST OF TECHNOPRENEURS Microsoft - Bill Gates Amazon - Jeff Bezos Facebook and Meta Platforms - Mark Zuckerberg Apple and NeXT - Steve Jobs Dell Technologies - Michael Dell Google - Sergey Brin and Larry Page Ford Motor Company - Henry Ford Alibaba Group - Jack Ma Technological Entrepreneurship - simply entrepreneurship in a technology - intensive context - process of merging technology prowess and entrepreneurial talent and skills Technology - human innovation in action + Entrepreneurship - practice of consistently converting good ideas into profitable commercial ventures. Technopreneurship - use of technology as an integral and key element in the transformation of goods and services. - managing technology in order to achieve superior value for the customer. - either involved in delivering an innovative hi-tech product (e.g. Microsoft) or makes use of hi-tech in an innovative way to deliver its product to the consumer (e.g. eBay), or BOTH. Examples of Technopreneurship A technology-based enterprise is one that derives a competitive advantage from direct or indirect use of technology. Example 1: Apple iPod - it has a number of innovations - the most significant of which is 160Gb 1.8 inch hard disk drive ( smaller than average harddisk 3.5 inch a 40Gb capacity ) - Many people, even techies was fascinated by this and wonder how Apple able to do that Example 2: UPS (United Parcel Services) - able to offer one day delivery anywhere in the world - They have their sorting and delivery facility that could process up to 1,000,000,000 parcels a year It doesn’t limit technopreneurship to really high-tech stuff or to business we normally relate to as ‘technology-based’. For example, an internet café is not considered a technology-based enterprise even if it uses computers in its business operation.  ○ However, it could be considered a technology-based enterprise if the computers and or the computer network is configured much differently than ordinary internet café businesses INTRAPRENEUR - individuals in organizations with high entrepreneurial characteristics. (Pinchot 1985) - an entrepreneur within a large organization with high entrepreneurial characteristics who strongly believes in his talent and ability and has a strong desire to create something using his own initiative and creativity. (Sarimah Hanim & Abd. Rashid,2008) - In the world corporate business, intrapreneurs emerge as that breed who is a cross between managers and entrepreneurs - they work for the corporation but are given the task of starting new ventures Sony PlayStation Intrapreneur: Ken Kutaragi Company: Sony Computer Entertainment Inc. Year Launched: 1994 - Ken Kutaragi was working in Sony’s sound labs when he bought his daughter a Nintendo game console - Watching her play, he was dismayed by the system’s primitive sound effects. - He realized that a digital chip dedicated solely to sound would improve the quality of the games-and the product itself. - Keeping his job at Sony, Kutaragi developed the SPC7000 for the next generation of Nintendo machines. - Sony execs nearly fired him after discovering his sideline project, but then-CEO Norio Ohga realized the value of his innovation and encouraged Kutaragi’s efforts - With Sony’s blessing, Kutaragi worked with Nintendo to develop a CD-ROM-based Nintendo - Kutaragi helped Sony develop its own gaming system, which became the PlayStation. - The first PlayStation made Sony a major player in the games market, but the PlayStation 2 did even better, becoming the best-selling game console of all time. Entrepreneurial Process Technopreneurial Process Opportunity Analysis → Business Planning → Idea generation → Idea Screening → Gathering Resources → Implementation → Concept Testing → Business Analysis → Scaling and Harvesting Prototyping → Test Marketing Commercialization → Monitoring & Evaluation Similarities Able to determine risk and has the courage to take risks Independent and self-confident, yet knows where to get help Likes a challenge  Hardworking and willing to stick with a project Not easily discouraged Robust, very energetic and can handle stress Has a strong sense of self-worth A positive thinker who does dwell on setbacks Often has a close friend or relative who owns a business Differences Entrepreneur Technopreneur Likes to compete Likes to innovate a self-starter/pioneer part of a team able to do many things at once able to do many things at once, but creative, and has dreams and goals chooses to delegate Likes to work for him or herself and be innovative and has a greater vision in control Likes to be the one to control motivated by a strong desire to innovation and be part of an evolution achieve and attain financial success motivated by a strong vision and the Focuses his/her attention on the passion to innovate chances of success rather than the Takes failure in stride and knows it will possibility of failure lead to success if correction can be made ENTREPRENEURIAL MINDSET 5 Characteristics of an Entrepreneur 1. Decisiveness – ability to make decisions quickly and effectively To succeed as an entrepreneur, you must gain the ability to look at a problem or situation, digest all available data (at that point in time), and make a confident decision to move forward. Your ability as a decision maker will make or break your future successes. In fact, at the opposite end, indecision is one of the greatest causes of business failure. When you can’t decide what to do, you delay taking action. In other words, you do NOTHING 2. Confidence – self-assurance arising from one’s appreciation of one’s own abilities or qualities Looking confident, practiced, and skilled is what we ADMIRE in others. But looking confident and being confident are two different things. Seriously. Acting confident while getting on stage to give a speech to a packed room, even when your hands are violently shaking, is essential to learn the art of public speaking.  Pretending you are good at something will enable you to do it confidently enough times until you become good at it. The more you do this, the better you will become. 3. Accountability – willingness to accept responsibility The entrepreneurial mindset comes from taking responsibility for your actions and outcomes. You need to internalize and accept that: ○ Everything that happens at work – YOU are responsible for. ○ Everything that happens to your business – YOU are responsible for. ○ Whether you succeed or fail, it is YOUR responsibility. From this moment forward, you must accept responsibility for everything in your life and hold yourself accountable to it. 4. Resilience – capacity to recover quickly from difficulties As an entrepreneur, you will need to learn to deal with making mistakes and failing. They are inevitable and a part of your growth. Success rarely happens in a straight line. Taking wrong turns and making mistakes is something that happens to everyone. Resilience enables you to think, act, and move iteratively — making small, incremental corrections along the way. 5. Humility – freedom from pride or arrogance It ties all of the characteristics of entrepreneurship. ○ From decisiveness to confidence, humility will keep you focused and centered. ○ From accountability to resilience, you will continue to move forward through failure, mistakes, and upsets. Along with humility comes coachability — the ability to be coached. If you want to accomplish big things in life, you need to be willing to learn from others and nourish a growth. Thinking like an entrepreneur means seeking out mentors and coaches who have been where you are trying to go — and having the humility to accept their guidance. TEAM FORMATION - A team is a group of individuals working together to achieve their goal. Tuckman’s Stages of Team Formation Forming - short-lived phase; the Teamgets acquainted, learn roles and responsibilities. Storming - challenging period; as the Team gets disagreements, power struggles and conflict emerge. Norming - the Team discovers the light at the end of the tunnel, establishing guidelines and understanding processes. Performing - the Team gets it; collaborating, anticipating, adjusting. Work is efficient , and Team is motivated. 1. Forming a. Stage where a group of people comes together to accomplish a shared purpose. b. The leader plays a dominant role at this stage because team members' roles and responsibilities aren’t yet clear. c. This stage can last for some time, as people start to work together, and as they make an effort to get to know their new colleagues. 2. Storming a. Disagreement are constant at this stage of development since team members are still getting to know each other. b. The leader’s role is to help the team get to know each other whether to offer team building activities or simply a listening ear. 3. Norming a. This is when people start to resolve their differences, appreciate colleagues' strengths, and respect the authority of the leader. b. The team has consciously or unconsciously formed working relationships that are enabling progress on the team’s objectives. c. The leader shall ask for periodic updates from the team and regularly check the team’s progress 4. Performing a. Relationships, team processes, and the team’s effectiveness in working on its objectives are syncing to bring about a successfully functioning team. b. This is the stage at which the real work of the team is progressing. c. The leader shall help solve problems and provide input as needed.