TOPIC 1: INTRODUCTION TO TECHNOPRENEURSHIP

Compiled and Prepared by: Dr. Ben B. Andres

Learning Objectives:

1. To define technopreneurship and technopreneur;

2. To identify the importance of technopreneurship and its examples;
3. To define entrepreneurship and entrepreneur, and their types;
4. To understand the similarities and differences between entrepreneurship and
technopreneurship; and
5. To understand the different characteristics of entrepreneurship and
technopreneurship.

What are Technopreneurship and Technopreneur?

The term technopreneurship is a combination of the words ‘technology’ and
‘entrepreneurship’. It is a type of technology-related entrepreneurship. It is the use of
technology as an integral and key element in the modification of goods and services. It
is a process of combining technology prowess and entrepreneurial talent and skills. It
involves the creation of a product or solution that employs technology solutions to
transform the way people do things in a traditional method.
A technopreneur is an entrepreneur who is technology creative, savvy,
innovative, dares, dynamic to be different and take the unexplored path, and very
passionate about their work. Technopreneurs take challenges and take attempt 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 distinctively and stride for the next challenge.
Technopreneurs continuously go through an organic process of continual improvement
and always try to redefine the dynamic digital economy. They examine current methods
and consider some fresh ideas for doing things differently.

Importance of Technopreneurship and Examples of Technopreneurs

Because nothing in this world is permanent, even the innovations we imagine or

produce, we must modify what we already have in order to generate something new for
the people or anything new that aids in the development or improvement of our society.

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In line with this, technopreneurship will be essential for any entrepreneur seeking
improvisation and a variety of other crucial features for their firm to be engaging.
Here are some important things for entrepreneurs to consider when it comes to
technopreneurship:
1. Technology has enabled everything to be effectively managed, time-efficient, and
cost-effective in a company.
2. Entrepreneurs may come up with both odd and sensible ideas for their company;
thereby helping it expand in terms of profit, revenue, and other important
business metrics.
3. For many years to come, technopreneurship will continue to assist in finding work
by developing or inventing a new product.
Examples of Technopreneurs. To be successful, a technopreneur must frequently
go above and beyond. Any innovative idea might seem appealing, but the execution is what
counts. Any technopreneur must be willing to venture into unexplored territory and persevere.
The following examples show the tech entrepreneurs and the companies they started.
1. Uber. Uber Technologies Inc. is a mobile platform which enables its vast network and
technology to move people and commodities from one location to another. This means
that their mobility business offers not only ride-hailing but also freight services. In
addition, Uber is also a delivery company that provides food, groceries, and other
delivery services.
2. Tesla, SpaceX and PayPal. Elon Musk rose to global prominence as CEO of
Tesla Inc. (TSLA); CEO and main designer of his space business SpaceX; and,
most recently, as the richest person in the world. As a technopreneur, Musk’s
career has reached billions of gains in terms of tech business. Founding SpaceX
in 2002 and investing in OpenAI, his latest ventures include PayPal, a safe and
secure online payment network that specializes in PalmPilot payments. PayPal
will go on to become one of Musk’s most profitable ventures.
3. Facebook. The most popular social networking program was created by Mark
Zuckerberg, an excellent technical coder who began doing technical work in high
school. When Zuckerberg and his associates were at Harvard University, they
founded Facebook.

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 4. Microsoft. Bill Gates is a very successful technopreneur and the world’s richest
person. He is a self-made individual who runs a business and created Microsoft.
5. Google. Larry Page and Sergey Brin co-founded and launched Google in 1998.
Google LLC is a multinational technology corporation based in the United States
that specializes in artificial intelligence, search engines, and internet advertising,
among other areas.
Entrepreneurship and Its Types
Fundamentally, entrepreneurship is a skill to develop a business from scratch
while considering all its uncertainties, to make a profit out of it. It is a risk-taking
approach to prosper in a forever demanding and dynamic global market. Anyone who
can introduce innovative ideas and is smart enough to run a new business with minimal
fear of failure can become an entrepreneur. The only aim, however, is profit-seeking.
Entrepreneurship ranges from local, home-based businesses to global corporations.
But, all that glitter is not gold because over 19% of startups fail due to excessive
competition, while another 18% fail due to mismanaged prices or costs. So, every
entrepreneur may not be successful. But, some certain set of qualities can make an
entrepreneur successful, which include the ability to take risks, visionary leadership,
creativity, and business skills.

Types of Entrepreneurship. It is important to know the minute differences among

the types because it’s imperative for an entrepreneur to plan a venture accordingly. Each type of
entrepreneur faces multiple challenges and difficulties. However, success belongs to those who
understand the nuances, make the right decisions, and solve problems efficiently. Each type of
entrepreneurship is significantly different from the other. And each entrepreneur has a different
tool to cope with the problems. Similarly, the required skill set is different for each type too. A
few types of entrepreneurship are discussed below:

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 1. Social Entrepreneurship. In social entrepreneurship, the entrepreneurs use
their products and services to solve social problems. This niche doesn’t
intend to make huge sums of profits. Their goal is to make an enterprise that
could do social good. They produce certain products and services which
solve certain environmental and social problems. Examples include;
universities, banks, and enterprises that offer financial services in third-world
nations. The famous social entrepreneurs are Scott Harrison, Bill Gates, and
Bill Drayton.
2. Innovative Entrepreneurship. This type of entrepreneurship, as the name
suggests, focuses on innovation. If you have a creative idea to make new
products or start a new business, you can become an innovative
entrepreneur. This type of entrepreneurship demands a unique idea that can
change the world or at least change something significant. Anyone intending
to jump into this niche must assess the current market situation deeply.
Creative and unique ideas are a must for innovative entrepreneurship to
succeed. Innovative entrepreneurs are often very enthusiastic. They tend to
change the current status and extend the boundaries. John Hanke, Andrew
Rose, Bill Simons, and Walt Disney are a few well-known innovative
entrepreneurs.
3. Small Business Entrepreneurship. Small business entrepreneurship limits
itself to small companies or ventures. These entrepreneurs do not make big
profits from their companies. The primary aim of small business
entrepreneurs is to improve the lifestyle of their families. They neither intend
to capture any funding nor are interested in expanding their businesses.
Small business entrepreneurs usually hire people or even their families
inhabiting the same locality. Some examples of small business
entrepreneurship are shopping stores, beauty salons, small grocery markets,
local restaurants, and electricians.
4. Large Company Entrepreneurship. Large company entrepreneurship falls
under the category of macro-level business. This type of entrepreneurship is
unique because it includes purchasing small firms instead of starting a new

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 one and introducing new products or enterprises to an existing market. They
consist of a large team of executives.
These organizations regularly create new services and products based on
customer preferences to meet market demand. When a company is making
small profits, small business entrepreneurship can turn into large business
entrepreneurship. Their focus is on the growth of business and the
exploration of new markets. Examples of large company entrepreneurship
are Microsoft, Google, and Disney.
5. Scalable Startup Entrepreneurship. Scalable startup entrepreneurs look into
the gaps in the market and try to find solutions. Scalable companies focus more
on developing repeatable and scalable business models. The main target of
scalable entrepreneurs is to expand their business and make massive profits.
Scalable entrepreneurs know the ways to make long-term plans to gain profits
and make their businesses grow rapidly. Amazon, Apple, Uber, and social media
applications are innovative, scalable entrepreneurs.
6. Hustler Entrepreneurship. Hustler entrepreneurs are extremely passionate and
put a lot of constant effort into running their businesses. They are highly
motivated and courageous. They are determined to achieve their goal at any
cost. If you can sell any product at any time and can calculate the potential of
businesses, you can be a hustler entrepreneur. Hustler Entrepreneurs are known
for a unique quality, which is that they don’t give up easily and are willing to work
through obstacles to accomplish their objectives. For example, a hustler is willing
to make a lot of calls and emails to make one purchase.
7. Researcher Entrepreneurship. Researcher entrepreneurs take a lot of time
before starting any business. They focus on the facts and statistics. They study a
lot about that product which they intend to introduce in the market. It leads them
to higher chances of being successful. The researcher entrepreneur has
complete knowledge about the company and the products. They plan properly
about everything, which reduces the risk of failure. Researcher entrepreneurship
is a business concept that utilizes educational research and knows the tact to

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 enhance scarce resources. Some famous research entrepreneurs are Ben
Franklin, Thomas Edison, and Marie Curie.
8. Buyer Entrepreneurship. Buyer entrepreneurs do not start a new business or
company. They invest in that business that is already well established and
developed; they usually belong to an elite class. Buyer entrepreneurs do not
need to start from zero; they just invest money to make more money. Buyer
entrepreneurs not only invest in the business but also act as active members of
that company. They are directly and professionally linked with the company. It
helps the enterprise, too, to flourish more. Only those people can become buyer
entrepreneurs who have enough wealth to buy a fully developed company. The
chances of failure are minimal in this case.
9. Imitative Entrepreneurship. Imitative entrepreneurs can be called copycats
because they copy the ideas of other successful entrepreneurs who have
minimal resources and can’t afford to take financial risks. They take others’ ideas
and improve them by keeping in view their mistakes to run a profitable business.
Imitative entrepreneurs are willing to learn from the mistakes of others very
actively. A combination of an innovator and a hustler makes an imitator. Imitators
are very self-centered and strong individuals. Although they copy the ideas, they
make them unique and creative in a way that chances of success increase
significantly.
10. Intrapreneurship. An intrapreneur is a person who thinks creatively and acts like
an entrepreneur while performing within a company. Anyone falling in this
category must be self-confident and active professional. Intrapreneurs help
companies to grow and help develop individuals with innovative mindsets. The
greatest intrapreneurs in the world are Spencer Silver, who invented Post-It
notes at 3M, and Steven Sasson, who invented the portable digital camera while
working at Kodak. These inventions are created by a single individual but have
given an entirely new outlook to the business world.

Entrepreneur vs. Technopreneur

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 An entrepreneur is the bigger picture of entrepreneurship. Technopreneur is a
part of that picture. But the impact of technology in the field of entrepreneurship is
considerable and very massive.

Similarities Between Entrepreneurs and Technopreneurs. Technology and

entrepreneurship cannot be divided today. It keeps each other. Technology has
assembled entrepreneurship activity more effortless and entrepreneurs can use the
technology as wise as possible to drive social welfare and prosperity. Current
technology development proposes every entrepreneur be a technopreneur as well as
every technopreneur be an entrepreneur as well. There are similarities and
dissimilarities between entrepreneurs and technopreneurs. Their similarities are:m

1. Both entrepreneurs and technopreneurs Recognize problems and give answers

to them. This can be a new product, service or process.
2. Both entrepreneur and technopreneur is capable of determining risk and has the
bravery to take risks but is not a gambler.
3. Both entrepreneurs and technopreneurs are independent and self-secure, yet
understand when to get support.
4. Both entrepreneurs and technopreneurs enjoy challenges.
5. Both entrepreneurs and technopreneurs are hardworking and keen to stick with a
task.
6. Both entrepreneurs and technopreneurs are not easily frustrated.
7. Both entrepreneurs and technopreneurs are in good health, has lots of power
and can manage pressure.
8. Both entrepreneurs and technopreneurs have a strong understanding of self-
value.
9. Both entrepreneur and technopreneur is a positive philosopher who does not
stay on setbacks.
10. Both entrepreneurs and technopreneurs have a near companion or relative who
owns a business.

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 Differences Between Entrepreneurs and Technopreneurs. The table below
shows the differences between the two:

Characteristics of Entrepreneurship and Technopreneurship

Characteristics of Entrepreneurship. To become a successful entrepreneur,

the following characteristics are needed:

1. Creativity. Becoming an entrepreneur starts with an idea. You need to see

opportunities, find innovative ways to do things and bring solutions to the public.
To improve your creativity, develop habits that support the creative system. Think
about what makes you feel creative, such as music, meeting people, reading or
some other activity. Dedicate a specific part of your day to finding inspiration for
new solutions. During this part of the day, start by doing what inspires you, then
let your mind flow. You can make a list of ideas and select some to pursue.

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 2. Passion. This is what drives entrepreneurs. They usually love what they do, and
this helps them invest their time in their projects. To become a more passionate
entrepreneur, focus on the meaning of your work. Remember that you contribute
to finding solutions that will help many people. Knowing that your commitment
makes an impact may give you the drive you need to continue when doubt settles
in or when the business gets difficult. Passion is what keeps you focused on your
objective.
3. Motivation. It is the will to accomplish certain things. Entrepreneurs are driven to
make their business a success and push themselves. To increase motivation, you
can start by setting small goals. Small goals can help you reach larger ones and
encourage you to aim higher. Recognize the work already accomplished and
celebrate your results, even minor ones. Also, keep a positive mindset. Turn your
mind away from negativity and daily obstacles to focus on what you want to
achieve and the positive aspects of your life.
4. Product or service knowledge. Entrepreneurs know what they have to offer and
to whom they can sell it. Clearly define the category of products or services you
sell and how they provide value to consumers. Also, study your target clients to
make sure you answer their needs. This will allow you to improve your offer
continuously so you can stay on top of industry trends. To increase the positive
impact of this knowledge, you should continually learn about your market,
understand what people need and know the features that differentiate you from
competitors. Talk with your clients and use their feedback. With this information,
you can adjust your position when necessary.
5. Ability to network. The ability to connect with people and to recognize
opportunities for partnership is crucial to successful entrepreneurship. Meeting
new people might facilitate access to resources or knowledge that your business
needs. It allows you to learn from the success of others, promote your services or
goods and meet new clients. To improve your networking skills, you must try to
build genuine relationships. You likely have a business goal in mind, but approach
people with the objective of a human connection, just like making new friends. If
you meet someone who could benefit another person in your network, connect

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 them. Not only will you help someone, but they will probably remember you and
want to return the favor.

6. Self-confidence. Entrepreneurs believe they can achieve their goals. They may
have doubts, but they persevere through them. They are ready to invest in the
necessary work because they are confident they can create something better than
what already exists. Self-confidence is essential because it allows you to feel
better and makes it easier to overcome challenges, take risks and be persistent.
Therefore, it contributes to your success overall. To improve your self-confidence,
you can use the technique of visualization. Visualize yourself as the person you
want to be and visualize your business at a stage you would be proud of. You can
also practice affirmation by saying uplifting statements about your
accomplishments. These techniques can help to change the way you see yourself
positively.
7. Optimism. Entrepreneurs are dreamers with a plan in place: They see the positive
side of the situation and always move forward. Optimism supports creativity, so it
helps business leaders find new ideas for their products or services and increases
their chances of success. To develop your optimism, you can consider challenges
as opportunities to grow instead of problems that could stop you. Keep the end
goal in mind, and don't dwell on past issues.
8. Vision. Entrepreneurs have a vision. They see a big picture they wish to
accomplish, which fuels their efforts and pushes them to do more. Moreover,
vision is what defines the culture and identity of an organization. Not only does it
keep entrepreneurs energized, but it allows them to motivate others and keep
them working towards the company's success. To improve your entrepreneurship
vision, you can implement a daily action plan. Prioritizing your tasks can keep you
from feeling overwhelmed and help you stick to your vision. Also, listen to or read
uplifting content to fortify your mind and stay focused on your purpose.
9. Goal mindset. Entrepreneurs are goal-oriented. They know what they want to
achieve, set a goal and work toward that objective. Determination is vital to
overcoming possible challenges, and it also inspires trust from the people who

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 work with you. To become more goal-oriented, you can start by identifying what
you want to accomplish and clarifying your vision of the future. Then, set a goal
with a timeline to guide your actions. This will allow you to witness your
progression and help keep you committed to your goal.
10. Risk-taking. Entrepreneurs are ready to take risks. They plan for the unknown so
they can make calculated decisions that are profitable for them and their
business. To increase your risk-taking abilities, you can start considering your
journey as a learning process, including the possible failures. You must keep your
goal in mind and commit to persevering. It is essential to take some risks to
differentiate from your competition and allow your business to succeed. Once you
know how you can manage risk and grow from disappointments, you may become
more comfortable with challenging yourself.
11. Persuasiveness. Entrepreneurs know their business and how to talk about it to
people. They need to persuade others to believe in their idea. To improve your
persuasion skills, learn about your listeners and adapt to their personalities. You
can share a story to reach them on an emotional level and show your passion. If
people can relate to your story, it creates a connection that can grow into loyalty,
which is essential for your business's success. Another tip is to share your
accomplishments and rely on facts to support your arguments and convince
people.
12. Decision-making. Entrepreneurs need to make quick decisions and take action
for the success of their business. To improve your decision-making skills, you can
inform yourself to understand better the problems you try to solve. Assess the
impact of the decision you need to make, and allow a corresponding amount of
time to decide. You can also narrow your options to ease the process of making a
decision.
13. Tenacity. Entrepreneurs overcome challenges. They persevere through difficulties
and hold on to their goals and dreams. To improve your tenacity, you can write
down your goals and read them every day. You can choose role models and
remember great figures of history who had to persevere through failure before
they achieved success.

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 14. Money management. Entrepreneurs need to understand the financial situation of
their business. Even if they hire a specialist like an accountant, they are the
decision-maker and must know their situation to run the business successfully.
You can improve your basic money management skills by preparing a budget and
committing to it and investing available funds rather than spending them. You can
also acquire more financial knowledge by taking classes or training programs.
15. Adaptability. When they start a business, entrepreneurs often need to multitask.
Flexibility in your schedule, as well as in your thinking, is crucial to continue
growing in challenging situations. To increase your adaptability, you can approach
all activities with an open mind and stay ready to change your ways if necessary.
Try new methods and welcome new trends to foster your ability to adapt.

Characteristics of Technopreneur and Technopreneurship. The specific

characteristics of technopreneurship necessitates that: Technopreneurs are
entrepreneurs who are 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 do not fear failure.

The following characteristics help technopreneurs to be more special compared

to entrepreneurs:
1. Technopreneurs are more Innovation-Oriented. The most changing
environment context of today’s business world is the technological environment.
Technopreneurs need to be more innovative-oriented because we can not
assume the next step of technological development. For example, think about the
ways that developed the E-commerce industry in the world - how many platforms
can be build from that by using technology? So technopreneurs are more
innovative-oriented compared to normal entrepreneurs.
2. Technopreneurs Starts Small and Grow Big. How many technopreneurs do
you know that started small? Most technopreneurs started small and today they
grew into multi-billions of worth. Instagram got its initial funding of $500,000 to
build the first version of it. Today (2022) its value all almost 33.48 billion. It does

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 not need big funds for a tech start-up. So technopreneurs start small and grow
big as billions of worth of companies.
3. Technopreneurs Planning Future. Compared to the normal entrepreneur
technopreneurs know the exact value of their innovation in future and they
understand their worth even before their business is performed. Compared to the
other innovation technoprenerial innovation value are quite high and predictable.
This is an important characteristic that technopreneurs have and build by them.
4. Technopreneurs are Part of the Team. Whether the business is related to the
technological field or not, technological experts are part of every business. A
usual entrepreneur is a self-starter but Technopreneur is an aspect of a team.
They are doing an important role in business development.
5. Technopreneurs are not Afraid to Fail. Technopreneurs are not afraid of failure
compared to the usual entrepreneur, technopreneurs think of failures as lessons.
They know if they correct those mistakes, then they become a success. If you
identified, all of the famous technopreneurs are not afraid of failure they failed a
thousand and thousand times before they succeed.
6. Technopreneurs Update with the Latest Technology. Many changes are
happening in the technology environment. Day-by-day tech environment updates
with the latest version of it. We can identify technology entrepreneurs or tech
entrepreneurs who keep updating every day. They like new technologies and
they adopt those technologies quickly. This helps them to compete with other
firms in the industry.
7. Technopreneurs Make a Platform, Not Just a Product. A platform is a
surface on which people can stand. Compared to the usual entrepreneurs,
technopreneurs make platforms. So many people can stand up and perform on
that platform. For example, E-commerce platforms like E bay, and Ali express,
and skill-selling platforms like fiver, and Upwork give chances to people to
perform.
8. Technopreneurs are more flexible. Due to the unpredictability of the
technology environment, technopreneurs need to be more flexible than the usual
entrepreneurs. They need to take quick and difficult decisions. Sometimes they

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 need to change their decisions due to the quick movement of the technology
environment.

References:

https://www.giet.edu/post/technopreneurship-an-emerging-field-of-entrepreneurship/
https://rightattitudeinc.com/technopreneurship-an-attitude-towards-entrepreneurship-of-
tomorrow/
https://www.ciit.edu.ph/what-is-technopreneurship-meaning-and-examples/
https://www.indeed.com/career-advice/finding-a-job/entrepreneur-characteristics
https://www.entrepreneursdata.com/technopreneurs-characteristics/

Activity 1: Answer the following questions as part of your learning journal based from
the gained knowledge you acquired in Topic 1.

1. What makes an entrepreneurship a technoprenuership?

2. Envisioning yourself as a technopreneur, what technology business are you
going to embark on? Explain.
3. Discuss the role of technopreneurship in job creation and in the National economy.
4. How will you prove that science and technology are the hallmarks of
technopreneurship?

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