technoprenuership

Technology

Technology

The application of scientific knowledge for practical purposes, especially in industry, aimed at solving problems affecting individuals or society.

Entrepreneurship

The act of creating and scaling a business for profit, with a transformative power that targets social change.

Technopreneurship

The use of cutting-edge technology to develop new business models, a synthesis of entrepreneurship and high technology.

Employment creation

Technopreneurs create jobs for themselves and others, helping to alleviate unemployment issues.

Local Resource utilization

Utilizing untapped local resources to increase their value and contribute to economic growth.

Decentralization and diversification of business

Identifying opportunities in various areas, including rural regions, to create more contextualized enterprises and reduce market monopolies.

Promotion of technology

Contributing to technology development and innovation, fostering an innovative culture in society.

Capital formation

Increasing capital and investment through innovative ventures, leading to economic growth and future production.

Promotion of entrepreneurial culture

Inspiring young individuals to engage in entrepreneurship, fostering a culture of innovation and relevance in enterprises.

Small Business Entrepreneurship

Family-owned or locally managed businesses for owner's living expenses, without outside investors or expansion.

Scalable Startup

Innovative ventures attracting investors, requiring venture capital for growth and expansion.

Large Company

Established companies offering new products within their framework, evolving into new business divisions.

Social Entrepreneurship

Focuses on benefiting society and the environment, driven by social impact rather than profits.

Incremental, imitative, rent-seeking, and innovative businesses

Classifications based on novelty, business model, value-sharing, and product development.

Characteristics of small business

Managed by owners, limited delegation, close management-employee relationship, reflection of entrepreneur's personality, limited functional specialists, limited management tiers, verbal communication, limited emphasis on long-term planning, independent management, individual or small group ownership, local operation.

Sole Proprietorship

A business run by one individual for their own benefit, where the owner bears personal liabilities and the business ceases upon the owner's death.

Partnerships-General and Limited

General partnership involves two or more individuals sharing profits and liabilities, while limited partnerships limit personal liability based on investments.

Limited Liability Company (LLC)

A hybrid entity combining partnership flexibility with limited liability protection similar to corporations.

Corporation

A legal entity with restricted activities and liability protection for stockholders, subject to double taxation in C corporations.

Small Business Corporation (S-Corporation)

A closed corporation offering tax advantages to small businesses by allowing income to be reported on individual tax returns.

Ecosystem

The interaction of organisms/entities with each other and their environment, essential for business growth.

Human Resource Components

Researchers

Idea generators and innovators.

Development

Implementers and technical personnel.

Marketing

Advertising and selling.

Financers

Those providing financial resources.

Environment Component:

Science parts

Initial product presentation and viewing.

Incubation Centres, Academic Institutions, Research and Development

Supportive environments.

Internet Access, Communication, Geographic accessibility

Essential resources.

Laws and Policies:

Intellectual property rights, Technology licensing office, Legal services

Legal framework components.

Financial Resource Component:

Investors, Business sectors, Funding Agencies, Financial Services

Sources of financial support.

Fun

Having fun is essential to maintaining high business morale and motivation, especially in the face of stress and long working hours.

Technopreneur

An innovative entrepreneur who focuses on technological advancements and solutions.

Economy

The wealth and resources of a country or region, encompassing the production, consumption of goods and services, and their management.

Relationship between economics and entrepreneurship

Entrepreneurship is considered the driving force of the market and the main source of value creation at the firm level.

Positive contributions of technopreneurs to the economy

Technopreneurs boost economic growth, introduce innovative technologies, products, and services, create job opportunities, raise productivity, and accelerate structural change.

Negative contributions of technopreneurs to the economy

Challenges include limited individuals with the drive to become entrepreneurs, risks of failure, potential layoffs, over-regulation hindering entrepreneurship, and self-employment not always indicating entrepreneurial activity.

Traits of successful technopreneurs

Emphasizing team-based structures, exhibiting leadership, focusing on innovation, possessing excellent communication skills, having a modest ego, committing to technology commercialization, being problem-solvers, being impatient for action, and intense in entrepreneurial pursuits.

Factors leading to technopreneurial success

Initiating and operating a purposeful enterprise, operating within the industrial environment, identifying and utilizing timely opportunities, managing knowledge and technology, mobilizing resources effectively, assessing and mitigating risks, providing innovative contributions, and fostering a collaborative team.

Self-mastery

Knowing oneself, including desires and boundaries, crucial for success in business, focusing on Emotional Quotient (EQ) and Adversity Quotient (AQ) in addition to Intellectual Quotient (IQ).

Environment Mastery

Involves generating business ideas, recognizing opportunities in the environment, understanding the industry, being innovative, and strategic in the organization.

Enterprise Mastery

Understanding all aspects of running a business - marketing, operations, finance, and human resources, crucial for mastering business operations.

Marketing

Creating a promise to customers, the initial step in starting a venture.

Operations

Keeping promises made in marketing and turning perceptions into reality, a critical aspect of business operations.

Financial Management

Protecting inventions by maintaining low margins to deter copycats, managing finances effectively.

Risk Management

Technopreneurs must be willing to take calculated risks, considering costs, gains, chances of success, and self-belief in making risks pay off.

Development of a Business Plan

Involves writing, presenting, defending, and refining a business plan, essential for business success.