-
Techno-entrepreneurship
can be defined as linking technology
with entrepreneurship issues particularly in the market.
-
The
goal of Technology Entrepreneurship is to prepare students for the kinds of
technically-linked business challenges that are inherent to situations where
“the answer” (a technical innovation) is being developed in parallel with “the
problem” (a market need).
What is entrepreneurship?
-
The
capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.
-
Entrepreneurial
spirit is characterized by innovation and risk-taking, and is an
essential part of a nation's ability to succeed in an ever changing
and increasingly competitive global marketplace.
OTHERS:
·
The term, ‘Entrepreneur’
is derived from French word which means Entreprendre, meaning to undertake. An
Entrepreneur is the one who undertake to organize, manage and assume the risks
of business. The
term ' was used for the first time in economic theory by Richard Cantillon, a
Frenchman, in the late 18th century. He saw the entrepreneur as somebody who
innovates, invests and takes risks.
·
In
the early 20th century, Joseph Schumpeter presented what has been credited as
the most significant meaning of the term 'entrepreneur'. He saw the essence of
entrepreneurship as innovative behavior. According to Schumpeter, the essence
of entrepreneurship lies in the perception and exploitation of new
opportunities...it always has to do with bringing about a different use of
national resources in that they withdraw from their traditional employ and
subject them to new combinations (Schumpeter, 1934).
-
There
is little consensus on exactly how to define innovation. Whilst it is widely
understood and accepted that innovation is a major source of an organization’s
competitive advantage. Actual definitions of innovation vary often so as to
better meet the requirements or characteristics of a particular study.
-
What
is common in most definitions of innovation is a focus on novelty and newness and that it creates profit or adds
economic value to the organization responsible for it.
-
In
the 1930’s Joseph Schumpter put forward five types of innovation definitions:
i.
Introduction
of a new product or a qualitative change in an existing product
ii.
Process
innovation new to an industry
iii.
Opening
of a new market
iv.
Development
of new sources of supply for raw material
v.
Other
inputs and changes in the industrial organization
-
Generally innovation
definitions are derived from one or a combination of the following parameters:
a. The
generation of a new idea:
This is where new ideas are formed from old ideas, or new relationships /
perspectives are formed between entities or subjects
b. The
invention of something new:
A new product or service
c. The
diffusion/combination (distribution) of ideas: The transfer of new ideas to
new geographic locations
d. Improving
something:
This can be improving a product or service for example to make it commercially
viable as [Thomas Edison] did with the electric light bulb or it can be
improving a system or process
e. Doing
something different:
Getting to the end result of a task or problem by doing something radically
different to what would be expected
f. Adopting
something new to the social setting of which it is applied: This is where something that
has proven to be successful or useful elsewhere is used to similar advantage in
a new environment.
g. Market
need based: An
innovation that is developed to meet the needs of a market.
h. New
perspective:
Seeing something from a new perspective
i. Incremental
improvements:
Making incremental improvements to a product or service or implementing
continuous improvement (kaizen) as can happen from applying Lean techniques
Definition of Entrepreneur
Ø
An Entrepreneur is defined
broadly as a person who thinks, reasons,
and acts in a way that result in the creation, enhancement, realization, and
renewal of value for an individual, group, organization and the society at
large.
Ø Entrepreneurs always add values through efforts, Money or skills and he
realizes the rewards from these efforts.
Ø
An
entrepreneur is different from a business man who buys and sells good and services
for profit. Not all business men are necessarily entrepreneurs.
Ø
Entrepreneurs
are found in all professions-education, medicine, research, law, architecture,
engineering, social work, distribution and the government.
Ø
Entrepreneurship
is a dynamic process of creating incremental wealth. The wealth is created by individuals who
assume the major risks in terms of equity (fairness), time and career
commitment or provide value for some products or services.
Is an entrepreneur born or made?
Entrepreneurship researchers
point to two major contentions.
There are those who argue that
entrepreneurship is a function of individual personality traits (born
with). That there exists a number of
recognizable behaviors, and attributes that are commonly associated with the
“enterprising” person, and which may further distinguish between entrepreneurs
and non-entrepreneurs or between successful entrepreneurs and unsuccessful
enterpreneurs.
These are innovativeness,
creativeness, proactive ness, need for achievement, risk taking independence.
Etc.
On
the other hand,
those in the second strand, argue that entrepreneurship is an environmentally
determined phenomenon (made). That the
display of enterprising behaviors and attitudes will be stimulated or
otherwise, by different environments.
There
is now an overwhelming literature, (including proponents of the trait approach)
that point to the common conclusion, and to which we also subscribe to, that
entrepreneurship is not a biological trait.
More
specifically, entrepreneurs can be
developed and that even the much advocated entrepreneurial traits
(characters/qualities) and behaviors such as need for achievement and
risk-taking can be learnt.
That the mix and degree of
enterprising attributes will vary between persons, but more importantly the
enterprising behavior can be developed by exposure to stimulus (incentives/motivation)
and therefore can be learned.
General
Entreprising Tendencies/Traits [GETs]
Generally,
an entrepreneur possess the following Traits/behaviors
i.
Creativity
behavior
ii.
Initiative
taking behavior
iii.
Innovative
behavior
iv.
Strong sense of independence and self-directed
behaviour
v.
Strong sense of ownership behaviour
vi.
Aggressive (hard-line) behaviour
vii.
Determined/Perseverance
behavior
viii. Hard working behavior
ix.
Pro-active
(hands on) behavior
x.
Strong action orientation behaviour
xi.
Ability to consolidate (combine/merge)resources
xii.
Belief in self/ believe can make things happen
xiii. Belief that rewards come with own effort and hard work brings its rewards
xiv.
Opportunistic behaviour
xv.
Networking
behavior
xvi. Behaviour to take reasonable risks
xvii. Achievement orientation/urge to succeed/conquer
How
can ‘GETs’ be developed?
General
Entrepreneurship Tendencies can be developed by:
(i)
Always
ask the question – is there a better way?
(ii)
Challenge
custom, routine and tradition
(iii)
See
mistakes and failures as mere pit stops on the way to success
(iv)
Identify
yourself with successful people.
(v)
Expose
yourself to difficult and challenging situations
(vi)
Share
information with others
(vii) Add value to everything you do
(viii) Be an achiever – finish what
you start
(ix)
Set
long-term goals
(x)
Try
to make things happen for yourself
(xi)
Solve
your own problems before seeking help
(xii) Be proud/feel good about
yourself and your work
(xiii) Observe others and copy
(xiv) Experiment
(xv) Realize that there may be more than one answer
Types of skills required
in Entrepreneurship
The skills required by
entrepreneurs can be classified into three main areas namely Technical skills,
Business management skills and Personal entrepreneurial skills
|
Technical skills |
Business management skills |
Personal entrepreneurial skills |
|
i.
Writing ii.
Oral communication iii.
Monitoring environment iv.
Technical business management v.
Technology vi.
Interpersonal vii.
Listening viii.
Ability to organize ix.
Network building x.
Management style xi.
Coaching xii.Being a team player |
i.
Planning and goal setting ii.Decision making iii.
Human relations iv.
Marketing v.
Finance vi.
Accounting vii.
Management viii.
Control ix.
Negotiation x.
Venture launch xi.
Management growth |
i.
Inner control ii.
Risk taker iii.
Innovative iv.
Change oriented v.
Persistent/determined vi.
Visionary leader vii.
Ability to manage change |
1.3.8:
Comparison of Traditional Managers and Entrepreneurs
|
BASIS |
TRADITIONAL
MANAGERS |
ENTREPRENEURS |
|
1. Primary motives |
Promotion of traditional rewards e.g. Office,
staff and power |
|
|
2.
Activity |
Delegates
and supervises more than direct involvement |
Direct
involvement |
|
3.
Risk |
Careful |
Moderate
risk taker |
|
4.
Status |
Concerned
about status symbols |
Not
concerned about status symbols |
|
5.
Decision |
Usually
agrees with those in upper management positions |
Follow
dreams with decisions |
|
6.
Failure and mistakes |
Tries
to avoid mistakes and surprises |
Deals
with mistakes and failures |
Revision
Questions for Chapter One
1. Define the term, ‘entrepreneur’
2. Differentiate the term,
entrapreneuship’ from ‘entrepreneuship’
3. What do you understand by the
term, ‘copreneurs’?
4. Mention any seven requirements
for a copreneur to be successful.
5. Differentiate a business man
from an entrepreneur.
6. Mention any eight General Entrepreneurship
Tendencies (GETs) of an entrepreneur.
7. Outline any seven ways of
developing/acquiring General Entrepreneurship Tendencies
8. Mention the main three classes
of skills required in entrepreneurship
9. Mention Requirements for a
successful copreneurship
10.
Compare
a traditional manager and an entrepreneur.
11.
What
will you see to know that a student is enterprising?
12.
Write
T if the statement is TRUE or F if the statement is FALSE
i.
An
entrepreneur is a person who takes very serious business risks to maximize
profit [ ]
ii. Entrepreneurship is a
biological trait [ ]
iii. An entrepreneur is a small
business trader [ ]
iv. Expose yourself to difficult
situations can develop your General
Enterprising Tendencies[ ]
v.
An
entrepreneur is always more concerned about status symbols as compared to a
traditional manager [ ]
vi. Poor entrepreneurs see mistakes
and failures as mere pit stops on the way to success [ ]
13.
Suppose you are looking for a Manager to head your
newly established business venture. Describe at least 5 key criteria you would
use to differentiate an entrepreneurial manager you would like to employ, from
a traditional manager.
14.
a) List three categories/groups of skills required for
an entrepreneur.
b) For any one category of skills of your
choice, write short notes on any three specific skills.
15.
With an example in each case, describe the following
General Entrepreneurship Traits (GETs)
i.
Proactive behaviour
ii.
Risk taking behaviour
iii.
Networking behaviour
iv.
Opportunistic behaviour
16.
People
are born with different levels of entrepreneurship traits. Describe at leas 5
ways by which one can develop his/her General Entrepreneurship Traits.
17.
People
are born with different levels of entrepreneurship traits. With examples in
each case, describe how the following ways can assist you in developing your
entrepreneurship traits
ii.
See
mistakes and failures as mere pit stops on the way to success
iii.
Identify
yourself with successful people.
iv.
Expose
yourself to difficult and challenging situations
v.
Be
an achiever – finish what you start
vi.
Observe
others and copy – but don’t be a copycat
vii.
Experiment
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