Entrepreneurship and Small Business

Last Updated: 02 Aug 2020
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1. What is Technopreneurship?

• It is simply entrepreneurship in a technology – intensive context. • It is a process through which individuals and teams bring together the necessary resources to exploit opportunities and in doing so create wealth, social benefits and prosperity. • Technopreneurship is not a product but a process of synthesis in engineering the future of a person, an organization, a nation and the world. Strategic directions or decision-making processes are becoming more demanding and complex. This requires universities, and in site professional development programs and training to produce strategic thinkers who will have skills to succeed in a rapidly changing global environment.

Creativity is breaking the conventional mental blocks and playing with imagination and possibilities, leading to new and meaningful connections and outcomes while interacting with ideas, people and the environment. Technopreneurship is the only source of long-run sustainable competitive advantage. In an era of man-made brainpower industries, individual, corporate, and national economic success will all require both new and more extensive skills sets than have been required in the past. By themselves skills don't guarantee success. They have to be put together in successful organizations. But without skills and technopreurship there are no successful organizations.

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2. What is Entrepreneurship?

Entrepreneurship is the act and art of being an entrepreneur or one who undertakes innovations or introducing new things, finance and business acumen in an effort to transform innovations into economic goods. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses (referred as startup company); however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations.

Entrepreneurial activities are substantially different depending on the type of organization and creativity involved. Entrepreneurship ranges in scale from solo projects (even involving the entrepreneur only part-time) to major undertakings creating many job opportunities. Many "high value" entrepreneurial ventures seek venture capital or angel funding(seed money) in order to raise capital to build the business.

3. Who are Entrepreneurs?

The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes. Management skill and strong team building abilities are often perceived as essential leadership attributes for successful entrepreneurs. Robert B. Reich considers leadership, management ability, and team - building as essential qualities of an entrepreneur.

Someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced. An entrepreneur supplies risk capital as a risk taker, and monitors and controls the business activities. The entrepreneur is usually a sole proprietor, a partner, or the one who owns the majority of shares in an incorporated venture. According to economist Joseph Alois Schumpeter (1883-1950), entrepreneurs are not necessarily motivated by profit but regard it as a standard for measuring achievement or success. Schumpeter discovered that they greatly value self-reliance, strive for distinction through excellence, are highly optimistic (otherwise nothing would be undertaken), and always favor challenges of medium risk (neither too easy, nor ruinous).

Who are Technopreneurs? A technoprenuer is an entrepreneur who is technology savvy, creative, innovative, dynamic, dares to be different and take the unexplored path, and very passionate about their work. They take challenges and strive to lead their life with greater success. They don’t fear to fail. They take failure as a learning experience, a stimulator to look things differently and stride for next challenge.

Technoprenuers continuously go through an organic process of continual improvement and always try to redefine the dynamic digital economy. Technopreneurs are entrepreneurs who are into the core businesses involving technology-based industries. They make use of technology to come out with new or innovative products through a process of commercialization. The businesses are generally marked with high growth potential and high leverage of knowledge and intellectual property. Potential Technopreneurs must be equipped with both technical and business skills. Technopreneur Development and Innovation Division (TDID) is the centre responsible for coordinating, promoting, managing and supervising all activities pertaining to technopreneur development and innovation.

What is the importance of Technopreneurship?

1. Making The Business Process Become Easier and Simple By utilizing technopreneurship, it is known that we are saving the time and distance through cost of marketing and shipping. That a business can be open anytime anywhere, making purchases from different region easier and more convenient. The electronic devices and social network (Blogger, Facebook, twitter, etc) are able to shorten the lead time business spend on receiving and delivering goods or services, creating an instant competitive advantage in the small business. It means that the business process become much simple and easier to the both of suppliers and consumers.

2. Simple and Fastest Way to Promote and Popularize The Product Flannel business, which maintained by other Indonesian Youth Entrepreneur (UNDIP Alumnae) can utilize technology-entrepreneurship like internet they can promote it to internet as fast and simple. They can receive an order from website through Google Spreadsheet attachment. Moreover, today Google has the new breakthrough to facilitate the small business to use the Google business platform to market and promote their products.

3.Maximizing Revenue and Profits This is turn increases productivity which ultimately gives rise to profits that means better pay and less strenuous working conditions. The young entrepreneur will optimize the resources by decreasing the raw material cost but gaining profits as many as possible through the utilization of technopreneurship toward their business.

4.Creating More Innovations and Creativity Innovation and creation is needed in developing small business. By utilizing technopreneurship, the entrepreneur will think more how they can generate more creativity to develop their small business become more popular, profitable and better.

5. Storing and Sharing Information of Business Technology creates electronic storages system to protect the data of the company and it’s important for business integrity and process. From technology, we can get a lot of information for developing small business. For example: The youth entrepreneur who operated the business of creative cakes can share tips and trick via site and she can get many information from the other young entrepreneur who maintain the same business.

Cite this Page

Entrepreneurship and Small Business. (2018, Mar 17). Retrieved from https://phdessay.com/entrepreneurship-and-small-business-2/

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