Who is Entrepreneur?

 An entrepreneur is someone who identifies opportunities, turns them into viable ideas,
adds value through various means, takes on the risks of the market, and ultimately reaps
the rewards of their efforts.
What is Entrepreneur?

 Entrepreneurship involves starting a new business or revitalizing an existing one by

gathering resources to take advantage of new opportunities.
2 types of technology entrepreneurship

 Technology Developers – those who develop a unique technology capable of driving a

new business (inventors)
 Technology users - These are individuals who recognize new technological
developments and comprehend how to use them to fulfill market demands; they are
innovators. (Innovators)
Technology Developers vs Technology Users
 Role
 Skillsets
 Perspective
 Involvement
 Expertise
Technopreneurs
1. Steve Wozniak (Apple)
2. Sheryl Sandberg (Facebook)
3. Sundar Pichai (Google)
4. Richard Branson (Virgin Group)
5. Marillyn Hewson (Lockheed Martin)
Technological Entrepreneurship
Entrepreneurship in a technology-intensive context involves combining technological expertise
with entrepreneurial talent and skills to create and develop innovative business ventures.
Examples of Technopreneurships
1. Apple iPod
2. United Parcel Services

TECHNOPRENEURSHIP
  Technopreneurship isn't limited to high-tech ventures. An internet café may be
considered technology-based if its computer setup or network configuration differs
significantly from typical internet cafés.

Who is Intrapreneur?
 In the corporate world, intrapreneurs are a hybrid of managers and entrepreneurs. They
work within a corporation but are entrusted with the responsibility of initiating new
ventures.
Entrepreneurial process vs. Technopreneurial process

Entrepreneurial Analysis
- Opportunity Analysis
- Business Planning
- Gathering Resources
- Implementation
- Scaling and Harvesting
Technopreneurial process
- Idea generation
- Idea screening
- Concept testing
- Business Analysis
- Prototyping
- Test Marketing Commercialization
- Monitoring & Evaluation
Entrepreneurial process vs. Technopreneurial process
Differences…

An Entrepreneur. A Technopreneur.

This individual enjoys competition, is This person enjoys innovating,

a self-starter and pioneer, adept at
multitasking, creative with
aspirations and goals, prefers
working independently and being in
control, is driven by a strong desire
for financial success, and focuses on
the potential for success rather than
the prospect of failure.
collaborates within a team,
delegates task, has a broad vision,
leads innovation, is motivated by a
strong vision and passion for
innovation, and handles failure with
resilience.
ENTREPRENEURSHIP AND INNOVATION
CONCEPT:
 Innovation is the key tool for entrepreneurs to capitalize on change and create new
business opportunities. Entrepreneurs must actively seek out sources of innovation and
understand the principles of successful innovation. A business opportunity is the chance
to do something better, and innovation is the means of achieving this. In economics,
innovation involves creating new combinations of raw materials, labor, and capital and
presenting them to the market. This broader concept of innovation goes beyond just
inventing new products; it also involves bringing them to market successfully.
NEW PRODUCTS
 Innovation often takes the form of creating new products, which can either leverage
existing technology or stem from entirely new advancements. These products may
introduce entirely new ways of doing things or simply offer variations on existing themes.
For instance, David Packard established Hewlett Packard based on advanced scientific
developments. Additionally, products serve emotional needs and branding plays a
crucial role in this, as seen in Richard Branson's use of the Virgin brand across various
product areas to create a unique identity and association with consumers.
NEW SERVICES
 Services, like physical products, can be avenues for new ideas and innovation. For
instance, Frederick Smith created the successful business Federal Express by
revolutionizing parcel delivery. Effective branding can also support services, and it's
beneficial to view all offerings as having both product and service aspects. This
perspective allows for innovation by adding customer service components to physical
products and by developing new service concepts through advancements in product
technology.
NEW PRODUCTION TECHNIQUES
 Innovation in product manufacturing can involve developing existing technology or
adopting new technological approaches. A new production technique can be successful
if it offers end-users new benefits, such as obtaining the product at a lower cost,
receiving a higher or more consistent quality product, or being provided with better
service in the product supply. Additionally, new production philosophies like just-in-time
supply (JIT) and total quality management (TQM) are becoming platforms for profitable
innovation, indicating that production is not solely about technology.
NEW MEANS OF INFORMING THE CUSTOMER ABOUT THE PRODUCT
 For a product or service to be used, people need to be aware of it. Demand only arises
when offerings are effectively promoted. Promotion involves a message and a means of
 delivery, both of which offer opportunities for creativity. However, communicating with
customers can be costly, and entrepreneurs, particularly in early-stage ventures, often
lack resources for high-profile advertising and public relations campaigns. Therefore,
they are encouraged to develop new, cost-effective means of promoting their products.

SOURCES OF INNOVATION FOR OPPORTUNITIES

 In his book "Innovation and Entrepreneurship," Peter Drucker suggested that individuals
interested in starting entrepreneurial ventures should monitor seven sources of
innovation opportunity.
The first four exist within the industry itself,
and the last three in the social environment.
1. The Unexpected - Understanding the reasons behind unexpected success or failure can
inspire innovation. For instance, IBM's unexpected success selling accounting machines
to libraries led to new business applications. Similarly, unexpected product failures can
also drive companies to develop new ideas that resonate with the market.
2. Incongruity - When there's a gap between what is happening and what is expected,
there's room for innovation. For example, in industries with growth but declining margins,
there's potential for innovation. Likewise, when companies aim to reduce costs but fail,
innovators can explore alternative options for achieving cost reduction.
3. Innovation Based on Process Need - Inefficient or flawed widely used processes
present opportunities for innovation. By thinking creatively, innovators can develop new
ideas to address these deficiencies, as seen in Pilkington's development of float glass
manufacturing, which led to the creation of glass with a smooth finish.
4. Changes in Industry or Market Structure - New, fast-growing market segments create
opportunities for innovation as innovators can address the needs of these segments. For
example, the success of small floppy disk drive manufacturers was driven by the
emergence of new customer segments seeking smaller and lighter disk drives. Drucker
emphasizes that new opportunities often challenge the traditional approaches and
organization of an industry.
5. Demographics - Demographic changes lead to new wants and lifestyles, creating
demand for new products and services. For instance, the aging population in Japan and
Europe has increased the demand for healthcare solutions like generic drugs. These
changes offer predictable and rewarding innovation opportunities.
6. Changes in Perception, Mood, and Meaning - Changing people's common perception
can create new needs. For example, capitalizing on people's concern for health and
fitness has led to a booming industry for exercise and jogging equipment.
7. New Knowledge - New knowledge can drive innovative products and services, but
Drucker notes that science-based innovation, while glamorous, is the least reliable and
predictable source of successful innovations. This is due to the gap between the
emergence of new knowledge and its conversion into usable technology.
According to Peter Drucker, there are changes in perception, mood, and meaning that
can impact innovation and entrepreneurship.
1. Changes in perception - Changes in society's assumptions, attitudes, and beliefs can create
opportunities for innovative solutions, such as the emergence of eco-friendly products and
services driven by shifts in perception around sustainability and environmental consciousness.
2. Changes in mood - Changes in mood, whether at an individual or societal level, can impact
consumer preferences and behaviors, presenting entrepreneurs with opportunities to address
new needs and desires. For example, during economic downturns, there may be a shift in
consumer mood towards value-oriented products and services.
3. Changes in meaning - Changes in the interpretation and significance of concepts or
phenomena can create opportunities for innovation. For instance, the evolving meaning of
"convenience" due to technological advancements has led to innovations like on-demand
services and mobile apps, catering to people's desire for instant gratification.
Factors affecting a new venture’s success
 Industry structure
 Business strategy
 Entrepreneurial characteristics
- Successful entrepreneurs are better
- Successful entrepreneurs have a sense of urgency
- Succesful entrepreneurs have a detailed Knowledge
- Succesful entrepreneurs seek outside help to supplement their skills, knowledge and
abilities

THE INNOVATION PROCESS

 Innovation is the process of translating an idea into an application, involving persistence
in working out the details of product design, marketing, obtaining finances, and
manufacturing operations. This process includes obtaining materials, technical
manufacturing capabilities, staffing operations, and establishing an organization if the
plan involves creating a product.
Invention versus Innovation: