TECHNOPRENEURSHIP

WHAT IS ENTREPRENEURSHIP?
Entrepreneurship is 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

WHO IS AN 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; and realizes the rewards from these efforts. (Kuratko & Hodgetts,2007)

TECHNOLOGY
The word technology comes from two Greek words, transliterated techne and logos. Techne means art, skill,
craft, or the way, manner, or means by which a thing is gained. Logos means word, the utterance by which inward
thought is expressed, a saying, or an expression.

Technology is a body of knowledge devoted to creating tools, processing actions and the extracting of
material. It is an application of science used to solve problems.

WHAT IS TECHNOPRENEURSHIP?
Technopreneurship is the process in which a business-minded person relies on technology to start, develop,
and make a business venture profitable. The process starts by identifying a business opportunity and then coming
up with a product or service that exploits that opportunity to maximize profit.

WHO IS A TECHNOPRENEUR?
Technopreneurs are entrepreneurs who are into the intimate business of technology-based industries. They
make use of technology to come up with innovative products through commercialization. Aspiring technopreneurs
must be adequately equipped with both technical and business skills.

FAMOUS TECHNOPRENEURS

Mark Zuckerberg businesses under his belt such as Paypal, SpaceX,

From writing software codes in school to co-
founding the mammoth social media platform –
Facebook, now called Meta
Elon Musk
Elon Musk is a true technology entrepreneur
and a genius visionary. He has a range of tech
Tesla, Nerualink, The Boring Company and Open AI
Bill Gates
Computer programmer and tech entrepreneur
who co founded Microsoft Corporation, the world’s
largest personal computer software company.
Microsoft,

EXAMPLES

ENTREPRENEURIAL MINDSET
 An entrepreneurial mindset is a set of skills that enable people to identify and make the most of
opportunities, overcome and learn from setbacks, and succeed in a variety of settings.

5 TRAITS OF AN ENTREPRENEUR
1. Strong communication skills
An entrepreneur should possess strong communication skills that close deals as they will diverse people to
their business ideas and products.
2. Product and management knowledge
An entrepreneur have a deep understanding of his idea or product in order to present it to the target
customers in a detailed and precise manner.
3. Deep technical understanding
It is important to be tech-oriented as you will deal with the technical aspects of your idea or product
4. Take big risks
Dealing with competition will improve the way entrepreneur think outside their box. They must take risk as
not all idea or product are meant to be successful in the business world.
5. Persistent
Entrepreneurs acquire persistence to achieve their goals. Staying positive in all aspects of life is possible
even if there will be challenges and odds along the way, hard road is next to success

INNOVATION AND IDEAS

INNOVATION
Innovation is defined as the process of bringing about new ideas, methods, products, services, or solutions
that have a significant positive impact and value. It involves transforming creative concepts into tangible outcomes
that improve efficiency, and effectiveness, or address unmet needs.

FORMS OF INNOVATION
• New Products/Services: Launching something
new or significantly improved.
• Technology Use: Applying new tech to improve
products or services.
• Business Models/Marketing: Developing new
ways of operating or reaching customers.
• Efficiency/Productivity: Making processes faster,
cheaper, or better.
• Product Innovation: New or improved goods or
services.
• Process Innovation: More efficient or effective
production and delivery methods.
• Business Model Innovation: Changes in how
businesses operate or make money.
• Marketing Innovation: New ways to promote
products or services.
• Organizational Innovation: Changes in business
structure or culture to encourage innovation.
• Social and Sustainable Innovation: Solutions
addressing social problems or environmental
sustainability.
• Open Innovation: Collaborating with external
partners to develop new solutions.

EXAMPLES OF INNOVATION
• Self-driving cars • 3D printing
• Artificial intelligence

IDEA
 An idea refers to a concept or a thought that has the potential to solve a problem or meet a need. Ideas can
be simple or complex, and they can come from various sources such as personal experiences, market trends, or
customer feedback. An idea is the starting point of the entrepreneurial journey, but it’s not enough to guarantee
success on its own.

WAYS TO PRESENT AN IDEA

• Storytelling Presentation • Question Presentation

• Musical Presentation • Demonstrative Presentation
• Video Presentation • Humorous Presentation
• Photo-Only Presentation • Animated Presentation
• Immersive Presentation • Props Presentation
IDEA SELECTION PROCESS

Step 1 – Rough Selection

ABS analysis can be used:
A idea – those that are absolutely necessary for further processing
B idea – are those where you disagree about good or bad and are uncertain
C idea – that have no value and are to be rejected.

Step 2 – Fine Selection

The sifted ideas are further selected. The method of “dot gluing” has proven its worth.
If there are less than ten ideas, the “rating” method can also be used. Each participant gives each idea between 0
and 5 points. The points are also added up and you get a ranking and a priority.

Step 3 – Detailed Analysis

In the detailed analysis, ideas are qualitatively analyzed and evaluated on the basis of criteria. For product ideas,
for example are
Customer benefit
Differentiation potential and competitive factor
Technical and economic feasibility

PRODUCTS AND SERVICES

WHAT IS A PRODUCT?
A product typically refers to a tangible item that a business sells to its customers. It's usually a physical item,
which allows customers to interact with it using their five senses.

Examples of products that a business may sell:

• Clothes • Toys and games
• Foodstuffs • Electronic devices
• Home appliances

WHAT IS A SERVICE?
 A service typically refers to an intangible item that a business provides to a customer for a fee. A customer
who pays usually enjoys the benefits of the service the business provides.

Examples of services that a business may offer:

• Car repairs
• Nail and beauty treatments
• Medical consultations and treatments
• Financial advice
• Education and enrichment programmes
CHARACTERISTICS OF PRODUCTS AND SERVICES
• TANGIBILITY • AVAILABILITY
Tangibility is a key distinction between Unless a product has patent protection, it's
products, usually tangible, and services, likely that many versions of it exist.
typically intangible.
• PERISHABILITY • OWNERSHIP
Perishability refers to things that can spoil or An individual can usually own a product but
cease to be useful after a certain time. not a service.

WHAT IS A TEAM?
A group of people with complementary skills that work in a shared form, understand their goals are engaged in
meeting them, and feel collectively responsible.

WHY IS IT IMPORTANT TO WORK WITH A TEAM?

• To enrich your end product.
• Share the workload and learn from one another.
• There are more strengths and positive attributes of a team than an individual alone.
• “No person is an island”

TEAM FORMATION
Discovering the right set of experts for a task with varying skills requires assembling a group of experts from the social netwo
accomplish a given task.

TEAM DEVELOPMENT STAGES

• Forming • Norming
The team are getting to know each The start of resolving any
other. They lack clarity on what differences. The team shares and
needs to be done. appreciates the strengths and
• Storming attributes of each team member.
This stage begins the process of • Performing
organizing tasks and processes. Goals may achieved, the project
Problem-solving mentality evolves may then come to an end and then the
from a “testing and proving” team moves on to “adjourning” or
thinking. “mourning”.

SOME TIPS FOR EFFECTIVE TEAM FORMATION

BE ORGANIZED
 Being organized can lead to better minded is more likely to listen and
communication, more efficient processes, understand other people's points of view
and a sense of calm and control over your and perspectives.
work. REVIEW AND REFLECT
COMMUNICATE The process of reviewing and analyzing your
It allows everyone on the team to be team building experiences, identifying what
educated on any topic that may affect their worked well and what didn't, and applying
work. It also develops trust and builds the insights and feedback to your future
camaraderie among the team members. actions.
STAY OPEN-MINDED
this trait is incredibly important as it can
lead to increased innovation, collaboration,
and teamwork. An individual who is open-
REFERENCES:
● Wooll, M. (2022). Entrepreneurial mindset: what is it & how to think like an entrepreneur. Retrieved
from https://www.betterup.com/blog/entrepreneurship-mindset
● The Entrepreneurial Mindset. Retrieved from https://nfte.com/entrepreneurial-
mindset/?fbclid=IwAR3wzaelwGR_7fMaInIqyp9ddtcGDf8IbH--bR9_2TpLbFDfUxf_GoCeQFM
● CFI Team. Products and Services. Retrieved from
https://corporatefinanceinstitute.com/resources/management/products-and-
services/?fbclid=IwAR2-oo7ARYfIAbfrr3-1tSOzyT5rSAtP3iRt0-Gv81AvsBh7XmZJuv_AAB8
● Indeed (2023). Product vs. Service: Differences and Characteristics. Retrieved from
https://sg.indeed.com/career-advice/career-development/product-vs-service?fbclid=IwAR0-
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● Gibson, K. (2022). 9 Examples of Innovative Products. Retrieved from
https://online.hbs.edu/blog/post/innovative-product-
examples?fbclid=IwAR3_BFd4j36uzOd74Rs0pJ4fjdNZccRjRTGbx1jJGIVzADnE20i_97yH0Kc
● Amolong, G. (2022). Team Formation. Retrieved from
https://www.studocu.com/ph/document/president-ramon-magsaysay-state-
university/entrepreneurial-management/team-formation-
takenote/40340052?fbclid=IwAR2Nd5CkG0ZMemR3jrTlxt9oK3SK0Ro_RYg9YweXlNlzXQFceEVxo
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● Hamnus (2023). Innovation | Technopreneurship Lesson 1. Retrieved from
https://hamnus.com/2023/02/20/innovation-technopreneurship-lesson-
1/?fbclid=IwAR1VEYdij_ar5ig1z6Ask2vtllipnFnG0cq_Humr2wrqQYZ7dA2c8hbh7y4