Technopreneurship
Before
I elaborate about Technopreneurship, I will discuss first what Entrepreneurship
is.
According
to our instructor, Entrepreneurship involves
having the guts to do what you believe is right, thinking out of the box and
making business out of it. In my opinion,
people who will enter in the world of business will have to consider market
needs in a certain environment and being effective is to think a unique
strategy and product not the common business strategies and product in a
certain area, these people are called Entreprenuers
. According to French economist, Richard Cantillon, they
invests, transforms and makes (profit or loss). They are also whole-brained,
meaning he/she uses both the left brain (logical) and right brain (creative).
It came from the French word, ‘entreprendre’ which
means individuals who undertake (the risk of new ventures).
Moving further
when talking about Technopreneurship, for some people, it is not a product but a process of
synthesis in engineering the future of a person, an organization, a nation and
the world but according to our lessons, Technopreneurship
is entrepreneurship in the field of technology. This means that the people that
are in technopreneurship use existing technologies or invent and develop a
new product. Examples of these are High tech ventures in ICT, electronics, internet,
life sciences and biotech. This are innovations that are not confined to tangible
products but also include services and processes like that of banks, airlines,
shipping lines, telecommunications, hospitals, agencies and other
establishments.
Talking about the definitions about Technopreneurs, “describing
an entrepreneur who uses cutting- edge technology to develop new business
models (Mankani, D.)”. In my own interpretation, this means
that, having ideal ways
of using technology in making business models more effective.
Technopreneurship
has great importance. In our class discussion, our instructor tackled that
these are Employment Creation, Local
Resources, Decentralization and diversification of business, Promotion of
technology, Capital formation, Promotion of an entrepreneurial culture.
When
we talk about Employment Creation, Entrepreneurs create employment
for themselves and other people. They are employers, and hence assist in
solving the unemployment problem in the country. For me, when someone starts a
new venture, there are opportunities that are opened not just for the
entrepreneur but also to other people who looks for a job.
Another importance
of Technopreneurship is Local
Resources which when used by entrepreneurs causes increase in value of
this resources. I see an example of these local resources, just like that of
raw materials or ingredients in a certain product.
Another is Decentralization
and diversification of business is defined in its importance as Entrepreneurs
are able to identify business opportunities and locate these businesses in
suitable areas, including rural areas. Thus, in my own opinion, if
entrepreneurs or technopreneurs will locate a certain business with a right
product in a suitable area, then, the business can really help in meeting the
needs of the residents there.
Then, about Promotion
of technology, in
my own point of view, when one entrepreneur or technopreneur is being creative
then using of technology is being utilized and because of the growing needs of
the business, technology needs to be developed leading to new inventions and
innovations.
Going further, talking about Capital formation, its importance is
Entrepreneurship increases capital formation and investment. Thus, for me, when one increases
income and can gain for a new investment, then, the business will grow and grow
and will benefit the owner and its workers in a business.
And the last
importance that was being discussed to us is Promotion of an entrepreneurial
culture, in my own understanding it is making young people motivated by
showing other successful entrepreneur or technopreneur its achievements.
According from our class discussion, it is by projecting
successful images.
It is best if
one can be a pioneer in the field of technology, but how? In our class
discussion, it must be that the mindset of a person should always be looking
out for innovation. For me, this is true because if one thinks for innovation,
then he or she can plan a unique business that is new in an area and can be
useful. It is said also that a technopreneur needs to think “out of the box”.
The box is the logic of an industry, business or product. The explanation about
this is that, Logic answers why people are buying that product, why is the
entrepreneur using that kind of raw material, etc. Thus, an entrepreneur 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.
There
are many significant reasons why one must become a technopreneur, and some of
the examples during our discussion are: (1) Thousands of new ventures have been set up every year around the world
and venture capitalists have invested billions of dollars into these business;
(2) The internet is still in its infancy;
(3) Many technopreneurs are hoping that
their product, service or solution will become the industry standard in their chosen
field in the same manner as we have Internet Explorer for web browsing, Amazon
for online book and eBay for Internet auctions; (4) High risk for technopreneur investment but their rewards are great such
as founders of Microsoft, Amazon and eBay and their backers. For me, this
is so true because everyone can be a technopreneur, it is only in the start of
the business venture where you may experience risks but if one is persistent
and will keep on trying, then they would enjoy the benefits of their hardships.
In our class,
it was also discussed by our instructor that a technopreneur usually generate new business ideas, one is able
to identify the business or consumer need, one is not limited to a certain
idea but expand the idea, he or she identify
market needs and offering the solution, he or she ensure the technology to make the idea work exists or can be developed
at a reasonable cost and within a reasonable time, he or she thinks of workable idea, then bounces it to
friends or associates. After receiving feedback, and deciding, he or she starts
the business plan. Finally, he or she tries to get financing.
Under our lesson about technopreneurship is about the SEED Model. The
SEED stands for Self-Mastery, Environment
Mastery, Enterprise Mastery, and Development
of Business Plan. Self-mastery
is a passion that
comes from knowing yourself meaning you
know what you want and do not want. It was also taught to us that a self-mastered person does not need high Intelligent Quotient (IQ) but if it is
high, this will be beneficial to him or her, does need high Emotional Quotient (EQ) which means that
it is ability for an entrepreneur/technopreneur to connect to other people and
be able to feel others’ emotions easily, does need high Adversity Quotient (AQ) which is the is the ability to rise up
after a failure and to go against the norm. Moving further, talking about Environment Mastery, it is about generating business
ideas and seeking opportunities out from his or her environment through serendipity walks, crisis, trends and others. Examples of environment-mastered person is someone
who understands the industry he/she is in, sees the opportunities, not the
problems, is on top of the situation instead of being under the situation, is
the organization/industry innovator and strategist. Another is about Enterprise Mastery which is about how to run a business. This also pertains to the knowledge of the different enterprise
disciplines such as: Creating the
Business, Marketing Management (creating a promise), Operations Management (keeping the promise and how to make the
perception a reality), Financial
Management (putting only a small margin on your product), and Risk Management (ability to take measured or calculated risks). Examples of enterprise-mastered person is someone who understands and
integrates the functions of management (marketing, human resource, operations,
and finance), understands and integrates the process of management (planning,
organizing, directing, and controlling), and leads and inspires rather than
manage.
In our class, we also tackled about Development of Business Plan and this covers writing the
business plan, presenting and defending the business plan, adding refinements
to the presented business plan. We also tackled the four types of entrepreneurship and these are incremental (Routine
business, modest innovation, i.e. new coffee shop, new BPO), imitative (Imitation
of venture, same business model and template, i.e. new regional branch,
franchised operations), rent-seeking (Business that utilizes standards,
regulations and laws to share in value of enterprise, i.e. Coca Cola Export),
and innovative (Business based on innovation, i.e. new memory chip).
We also learned about the Characteristics
of a technopreneur and these are: hard working, self-confident, builds
for the future, profit-oriented, goal-oriented, persistent, copes with failure,
responds to feedback, demonstrates initiative, willing to listen, sets own
standards, copes with uncertainty, committed, builds on strengths, reliable and
has integrity, and risk-taker.
The bottom line is a Technopreneur are technology idea owner who
ventures to make his idea a commercial reality and it is also an entrepreneur
who gets a technology idea, finds an opportunity to make it a commercial
reality.