A Framework for Successful Technopreneurial

Endeavor
Starting any business venture requires a great deal of sacrifice. Entrepreneurs often
search for the best advices when it comes to managing a business. Out of the many
business models, entrepreneurs often keep in touch with those that are commonly
implemented. Sometimes, they spend a lot of money to purchase books and even
attend business seminars just to find the model that suits their businesses. Even if they
find the right model, it takes only few, unprecedented situations that make them change
their minds and look for another model, and this process goes on and on until they
finally settle for what they think the best business model is. In the framework provided
below, the four, namely Idea, Innovation, Strategy and Manpower are needed for a
successful business venture. In each of the four components, the occurrence of risk and
competition is inevitable but focusing on the main goal of the business as illustrated by
putting the icon of the business at the center of the framework will somehow keep things
on track.

Idea. Every business starts with an idea. But then, successful businesses start with
unique ideas. Whether a business is offering products or services, it is more likely that it
will be more successful than the other and existing businesses if the idea is considered
to be one of a kind in the market. Innovation. Along the process of managing a business
venture are concepts which are radically being discovered. These concepts are new to
the business and entrepreneurs take time to study and fully implement them. These
innovations oftentimes are the reasons why businesses continue to evolve for the
better.
Manpower. People is what makes up an organization or business. How well a business
grows depend on how well the people involved perform. Management is a crucial
process of a business’ growth and development. Having skilled people with the right
attitude will surely add harmony to the business operations.
Strategy. Business strategy is defined as the plan of action designed to attain a
common goal. Successful organizations look forward to its long-term plans and visions.
Oftentimes, what makes a business stand out from other businesses is the uniqueness
of its strategy that is being implemented within its operations.
Risks and Competitions. One of the indications of a successful business is the
existence of risks and competitions. Usually, in successful businesses, business owners
recognize the presence of both foreseen and unexpected problems. These problems
are considered as opportunities for them to improve their operations. Most of the
successful business ventures consider competitions (e.g. business rivals) as drive in
order for them to step their game up and look for ways on how to not let these
competitions take the lead.