In the sphere of entrepreneurship, technopreneurship is the newest term. Technology, as a force that propels the world forward, is a transformative instrument. When it comes to managing tech-based businesses, however, the technology entrepreneurs’ ability to negotiate the technical terrain with their quick wit and resourcefulness is critical to the success of the company.
What is Technopreneurship?
The term technopreneurship is a combination of the words ‘technology’ and ‘entrepreneurship’. It is a type of technology-related entrepreneurship. However, unlike entrepreneurship which may often be a one-person show, it requires tech-savvy, creative, imaginative people who can take on a calculated risk.
A technopreneur in today’s world starts their business with little more than a brainstorming notion. They examine current methods and consider some fresh ideas for doing things differently. Therefore, technopreneurship involves the creation of a product or solution that employs technology solutions to transform the way people do things in a traditional method.
Importance of Technopreneurship
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. 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:
- Technology has enabled everything to be effectively managed, time-efficient, and cost-effective in a company.
- 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.
- For many years to come, technopreneurship will continue to assist in finding work by developing or inventing a new product.
Technopreneurship’s Role in the Country’s Economic Development
Technopreneurs play a significant role in the economy because they use technology to create and improve goods, services, and manufacturing processes. These include ICT and multimedia SMEs, seed-stage ICT and multimedia businesses, and ICT and multimedia start-ups.
When firms start out, the pool of job prospects grows since they require labor to manage all of their activities. Similarly, technopreneurship provides jobs and assists the country in combating unemployment. It boosts the economy’s employment rate.
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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. We’ll show you tech entrepreneurs and the companies they started.
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.
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.
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.
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.
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.
How to Become a Successful Technopreneur
Technopreneurship is advancing in the corporate world by enabling virtual workspaces throughout the world. Therefore, people who are into technopreneurship create products that are simple to comprehend and utilize. These individuals have launched some of the most well-known firms in the world today; which include Google, Apple, Facebook, Amazon, Tesla, and Gojek.
Innovation, not invention, is the key to success in the technopreneur realm. It simply means solving issues with the instruments that currently exist to serve the world. To be a technopreneur, specific skills are needed. In order to be successful, here are some tips that you should heed.
1. Gain Full Tech Stack Knowledge.
While this varies depending on the startup’s needs, it often encompasses anything; from a thorough understanding of how the internet works to server technologies, scalability factors, website expertise, analytics, and code container management.
2. Be Persistent.
Venturing into technopreneurship requires perseverance. Every great concept has a basic beginning. But the only way to activate and transform it into a finished product is to pursue it relentlessly. Then, fill it out on a regular basis.
3. Trust Intuition.
A technopreneur should believe in their instincts. They must be able to instinctively envision and harvest invisible possibilities in situations where the rest of the world only perceives difficulties in order to be successful.
4. Maintain Flexibility and Resilience.
Failure is an inevitable aspect of entrepreneurship. Because there are so many unknowns, certain setbacks are almost always unavoidable. Hence, it is critical to learn from such events and take all precautions to avoid repeating them.
5. Be Ready for Competition.
Although the sector is competitive, a little ingenuity in what you do can assure your success. There were social media sites that were prominent before Facebook and Snapchat, but several have since vanished due to their inability to compete. Make sure that your tech products are commercially viable.
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Hone Your Technical Aptitude at CIIT
If you have a creative mind and are planning to start a business from ground up, you can start by being a technopreneur. Every enterprise comes from concepts beginning at the back of your mind. You’ll never know; someday, your ideas might turn into millions of dollars. Enter the business world with everything; ensure that your future is secured.
To hone your skills and equip yourself with all the knowledge you will need, pursue a Bachelor of Science degree in Entrepreneurship. This program would help you master your skills in tech and digital platforms as well as business-level tools; allowing you to be more prepared in forging a rewarding career as a technopreneur in the future.
CIIT Philippines is an industry-based academic institution. We focus on providing quality arts and technology courses which make our students fully equipped to achieve entrepreneurial success. Join us today!