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CHAPTER 1: INTRODUCTION TO TECHNOLOGY ENTREPRENEURSHIP, AINI SOFIA BINTI…
CHAPTER 1: INTRODUCTION TO TECHNOLOGY ENTREPRENEURSHIP
TECHNOLOGY ENTREPRENEURSHIP
:check: Defined as a style of business leadership that focuses on identifying high-potential, technology-intensive business opportunities, gathering resources such as talent and capital, and managing accelerated growth and risk using decision-making skills by Dorf and Byers 2005
:check: View technology entrepreneurship as the process of assembling resources, technical systems and strategies by an entrepreneurial venture to pursue business opportunities.
:check: By Bailetti, 2012
:rose: operating small business owned by engineers or scientist
:rose: finding problems or applications for a particular technology
:rose: launching new ventures, introducing new applications, or exploiting opportunities that rely on scientific and technical knowledge
:rose: working with others to produce technology change
DIMENSIONS OF ENTREPRENEURSHIP
:tophat:
Risk-Taking
:<3: An entrepreneur's to engage in a risky venture that has a potential to become either a successful project or a failed project.
:tophat:
Creativity and Innovation
:<3: The ability to develop, discover and exploit entrepreneurial opportunities through the process of creativity and innovation.
:<3: Creativity involves generation of new and useful ideas as well as ability of discover new ways of looking problems and opportunities.
:<3: Innovation involves the process of implementing and converting new ideas into something of value to the market.
:tophat:
Opportunity Exploitation
:<3: Involves activities that are conducted in order to gain economic returns from the discovery of a potential opportunity.
:<3: Often results in the creation of a new venture as well as the wealth associated with it.
:tophat:
Proactiveness
:<3: Refers to the propensity to act an information, ideas and opportunities in a timely and speed manner.
ENTREPRENEURIAL PROCESS
:explode:
Phase 1: Idea Discovery
:red_cross: Process begins with the discovery of a business idea (an opportunity). The business idea is evaluated through an initial screening process by which an entrepreneur comes up with the opportunity for a new venture.
:explode:
Phase 2: Idea Development
:red_cross: The key activities involved include:
research and development (R&D) work
product design
concept testing
prototyping
market testing
preparation of the initial technology blueprint/business plan
:explode:
Phase 3: Idea Exploitation
:red_cross: The decision at this phase can take three basic forms:
proceed to exploit the opportunity
abandon the current idea and go back to search for other ideas or
terminate the process totally and not pursue any other business ideas.
ROLE OF ENTREPRENEURSHIP
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Economic Input
:fire:
Natural Capital
Refers to the stock of natural assets that are directly or indirectly utilized or are potentially utilizable in human, social and economic systems, also known as ecosystem services, which make human life possible.
:fire: Examples:
Minerals
Fuels
Environment's geology
Soil
Air
Water
All living Organisms
:fire:
Intellectual Capital
Refers to the collection of knowledge that is accessible within in organisation because it has been recorded (e.g. in documents and reports), explained (e.g. through knowledge sharing processes) and disseminated (e.g. through inter-team or inter-department project or research work)
:fire:
Financial Capital
Refers to economic resources or financial assets that allow entrepreneurs to buy what they need in order to produce goods or provide services.
:no_entry:
Economic Output
:fire: The goal of a business organisation is to maximize the beneficial outputs and minimize the undesired waste.
AINI SOFIA BINTI MOHD ZOPRI (2017302875) EH2207C
