TECHNOPRENEURSHIP Flashcards
(92 cards)
1
Q
is simply the merging of Technology and Entrepreneur skills.
A
Technopreneurship
2
Q
is a person that possesses various skills in terms of marketing, communication
and strategically has the potential demand for the goods and services whether as a sole
proprietor, with partners and within a corporation.
A
Entrepreneur
3
Q
4 Types of Entrepreneur
A
- INNNOVATIVE ENTREPRENEUR
- IMITATING ENTREPRENEUR
- FABIAN ENTREPRENEUR
- DRONE ENTREPRENEUR
4
Q
is a person that have such a great passion in
discovering and developing new products, new ideas and new processes. They are the
one who is willing to take risk in every new innovation because they enjoy challenges.
A
Innovative Entrepreneur
5
Q
is a person who immediately copy the existing products
made by the innovative entrepreneur because there is no such new inventions or new
innovations. As for an instance, the continuous development of mobile phones because of
the massive demands in the market.
A
Imitating Entrepreneur
6
Q
is a type of person that is skeptical about the changes that
will be made in the organization. They are not decided to develop new innovations unless
they are satisfied with the result or the outcome of the released products in the market.
They are not risk-taker as they wanted to anticipate success in the market first before
indulging into the next project as they are not willing to have financial loss due to its
failure.
A
Fabian Entrepreneur
7
Q
are reluctant to change as they are happy with the result of
their business even if they have financial losses. They are not eager to make anychanges
in their organization.
A
Drone Entrepreneur
8
Q
Five Traits of a Technopreneur
A
- Strong Communication Skills that Close Deals
- Product Management Knowledge
- Deep Technical Understanding
- Take Big Risks
- Persistence
9
Q
Differences between Entrepreneur and Technopreneur:
A
ENTREPRENEUR
Likes to compete
Self-starter/pioneer
Able to do many things at once
Creative/has goals and dreams
Likes to work for himself
Motivated to achieve and attain
financial success
Focuses on the chances of success
rather than the possibility of failure
TECHNOPRENEUR
Likes to compete
Likes to innovate
Part of a team
Able to do many things at once but
chooses to delegate
Innovative/Greater Vision
Likes to be one to control innovation
Motivated by a strong vision and the
passion to innovate
Takes failure in stride and knows
that if corrected it will lead to
success.
10
Q
The ( 5 ) Entrepreneurial Process
A
- Opportunity Analysis
- Business Planning
- Gathering Resources
- Implementation
- Scaling and Harvesting
11
Q
This phase refers to establishing demand and competitive analysis of the market.
An entrepreneur should have a clear vision by making a thorough study of the market
potentials to create strategies and desirable objectives for the growth of an
organization.
A
Opportunity Analysis
12
Q
The entrepreneur should have a written business plan that composed of the
organization’s future goals, how to achieve those goals and the timeframe within which
these goals are to be achieved.
A
Business Planning
13
Q
Entrepreneurial resources include sources of financing such like lines of credit and
investment capital, technology, networks of contacts and publicity. A business ought
to have four types of resources that includes physical resources, intellectual, human
and financial resources.
A
Gathering Resources
14
Q
is a process of execution about what has been planned and
utilizing the numerous resources for the success of the business.
A
Implementation
15
Q
is a process where the organization will encounter challenges. The
organization will experience painful point for rapid growth for stability and continuity
of the business operations.
is a process where the
organization will reap what they sow in dealing with the challenges they had
encountered throughout the process of the business.
A
Scaling and Harvesting
16
Q
The ( 8 ) Technopreneurial Process
A
- Idea Generation
- Idea Screening
- Concept Testing
- Business Analysis
- Monitoring and Evaluation
- Commercialization
- Test Marketing
- Prototyping
17
Q
This is the process of creating, developing and communicating abstract, concrete or
visual ideas. It includes goals, strategies, concepts, design, style, plans and actions to come up with possible solutions for actual problems and opportunities.
A
Idea Generation
18
Q
is a process that evaluates and contrast new prospective ideas for
your business. It is where assessment will be instigated to make sure that your ideas is
related to the business.
A
Idea Screening
19
Q
is the process of testing new or hypothetical products or services
before they are launched [Management Study Guide]. It is probably the possibility of
generating the best product that has.
A
Concept Testing
20
Q
is a process of identifying what the business needs and
determining solutions to business problems the will improved the process, management
and the financial status quo to deliver value to the stakeholders.
A
Business Analysis
21
Q
Every business should be monitored and evaluated according to the performance in
the market. It is important for the business to diagnosed
problems and improve what is needed to stayed in the competition. Thru evaluation the
organization will identify the performance rating of the business.
A
Monitoring and Evaluation
22
Q
is the process of introducing new products and services to the
market.
A
Commercialization
23
Q
is a process of experimenting and assessing your product to check
its viability to customers compromising of actual stores and real-life buying situations.
It is to test the consumer reaction towards the new product or services in the market.
A
Test Marketing
24
Q
is the overall design of the product where it shows its functionalities,
specifications and interface that is based on the business analysis.
A
Prototyping
25
popular for having invented the two of the foundation technologies
in
every Personal Computer (PC) until today, that is, the chip set and
the
graphics acceleration architecture.He also founded technology start-ups during his time.
Mostron, was one of that. During 1993, was the S3, considered the most profitable company in
the world. During 1996, was Chips & Technologies which later that year he sold to Intel.
Diosdado "Dado" Banatao
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He is currently the CEO of Gurango Software, global provider of
Human Capital Management solutions. It is hailed as the most successful
Microsoft Dynamics partner in the Philippines. He was also appointed
President at the Philippine Software Industry Association.
Joey Gurango
27
He is the chief executive officer and co-founder of Morphlabs.
Winston is a proven serial entrepreneur with a track record of
building successful technology start-ups.
Winston Damarillo
28
envisioned
a movement that would advocate for a positive and enterprising attitude
among Filipinos- a mindset that would help them move up in life and a means
out of poverty.
Hence, with the help of other businessmen, Go Negosyo was born.
Gonegosyo provides seminars, livelihood trainings, pamphlets, TV programs
and books to give Filipinos the knowledge to establish their own businesses.
Joey Concepcion
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The company provides solar power in Leviste's place. Through
family connections He has spent $100 million dollars in bank loans. He
was able to build solar "farms" and rooftop panel systems.
Leandro Leviste
30
Successful Local Technopreneurs
Diosdado "Dado" Banatao
Joey Gurango
Winston Damarillo
Joey Concepcion
Leandro Leviste
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is known for co-founding and leading
Facebook as its chairman and chief executive officer. He also cofounded and is a board member of the solar sail spacecraft
development project Breakthrough Starshot.
Mark Elliot Zuckerberg
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American entrepreneur who played a key role in the growth of ecommerce as the founder and chief executive officer of Amazon.com, Inc., an
online merchant of books and later of a wide variety of products.
Jeff Preston Bezos
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is co-founder and CEO of Dropbox.
Drew Houston
34
is an American
computer scientist and Internet entrepreneur who co-founded Google with
Sergey Brin. Page is the chief executive officer of Alphabet Inc. (Google's
parent company).
Lawrence Edward Page
35
As the principal founder of Microsoft, Bill Gates is one of
the most influential and richest people on the planet. Recent estimates
of his wealth put it at US$84.2 billion (Jan. 2017); this is the equivalent
of the combined GDP of several African economies
William Henry Gates
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is something that involves developing, creating new concepts and new ideas that will be
useful for the target customers.
Innovation
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Who defines Innovation as a process, involving multiple activities, performed by multiple actors from one or several organizations, during which new combinations of means and ends, which are new
for a creating and adopting unit, are developed or produced, implemented and transferred to old and new
Joerg Gemuenden
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quoted in Business Week's "In" that Innovation is the creation of something that
improves the way we live our lives. That is the reason why innovation is changing the lives of the people
extremely fast and the pacing of the development in technology.
Barack Obama
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Four (4) Types of Innovation
1. Sustaining Innovation
2. Disruptive Innovation
3. Breakthrough Innovation
4. Basic Research
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also known as routine innovation happens on an incremental basis, is
often a response to customer and market demands or improvements in technology.
Sustaining innovation
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Sustainable technologies
were those that allowed a business to incrementally improve its operations on a predictable
timeframe. These technologies and the way they were incorporated into the business were primarily
designed to allow companies to remain competitive, or at least maintain a status quo. is the boost of cellular phones or mobile phones that
competed with the fixed line telephony. When the mobile phones hit the market, people decided to
buy it for their own purpose because it is more convenient to use anywhere. Massive innovations of
mobile phones indicated that there is an increase in the needs of the consumers and the market that
made the fixed line telephony lost in the competition.
Disruptive Innovation
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according to Idea scale is defined as an innovation from inside a
company that pushes something to the next level. It is innovation that opens the company to new
markets or changes the way customers interact with the market or the industry
Breakthrough Innovation
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is a key-driver to innovation as it provides information about a certain problem and derive with
possible solutions.
Basic Research
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Principles for Sustainable Innovation
A 10-Step Program for Corporate
Survival," by Robert F. Brands.
1. Inspire - In innovation, there should be a leader who can inspire others. They need to possess positive
attitude, vision and ability to communicate so that people will be able to acquire what they should
emphasize in innovating products or services.
2. No risk, no innovation-Most technopreneurs are risk taker because they are innovating new
products or services which they have no assurance if it will survive in the market.
3. New product process. -Innovation starts with a vision; an innovator should understand what they
intend to develop for the benefit of their consumers and undergo with a structured process which
includes idea generation, evaluation, prototyping, customer feedback and success metrics.
4. Ownership-The business leader has all the ownership on the new products and innovation in such a
way that he/she generates the ideas and develop the appropriate business model.
5. Value Creation-Once there's an innovation, those new products should have a value and will be
served as a solution to real customer problems.
6. Accountability- It is a standard that the team members and leaders have the full responsibility and
obligations in the innovations. They have the commitment to manufacture quality products and
services and distribution.
7. Training and Coaching-Proper hiring and staffing of the people in the organization is a must to make
sure that they are cautious of their responsibility and right mindset to perceive the future innovations.
Continuous coaching is necessarily to maintain the attitude and spirit.
8. Idea Management - In building products and rendering quality services, the organization should value
the presence of the customers and sales members in order to have a brainstorming of what will be the
best for the company.
9. Observe and Measure. -It is a need to track the results if it is already an ideal ROI (Return on
Investment). That is how the company will measure their profitability whenever they released new
products to sustain the needs of the company as well.
10. Net Result and Reward. - If the company achieve their ROI, incentives for their employees is one way
of motivation. There are several ways to motivate people aside from financial aspect such as
recognition for a job well done.
45
is a big challenge to everyone because we never know if the audience will listen to you
and if they are interested about your topic.
Presentation
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Ten (10) Incredible Presentation Ideas
1. Storytelling Presentation- If you are presenting, make sure that it is not only about the facts of your
product or services but rather you can tell a story where they will be interested to listen and focus too.
2. Musical Presentation - It will be more inspired to try to set some captivating tunes that will help your
presentation to stand out and in order to be remembered by prospective clients.
3. Video Presentation - It is desirable to make presentations that will have both visuals and audio
content to make it as a video. It is more appealing to the audience or clients as they can envision what
your products or services.
4. Photo-Only Presentation- If you will use the Photo-only presentation this is to make your audience
or clients prone from reading slides word-for-word. The photos or images must be related to what you
are presenting.
5. Immersive Presentation- Most conferences, seminars and start-ups usually use the immersive
presentation where they encourage their audience to get involve on discussions, games and open
forum. Giving them a part to play on the presentation and providing them with new initiative for the
business.
6. Question Presentation -It is preferably advisable to ask questions to your audience in order for you
to know if they are interested and make them involved in your presentation and you can have an idea
if they understand your products or services to be offered.
7. Demonstrative Presentation- if you are selling a specific product, the demonstrative presentation is
the best way to promote. Some clients would like to see and touch the product for actual
demonstration and they can even try using the product themselves.
8. Humorous Presentation - A speaker with a great humor will make the presentation livelier because
the audience will become active in the discussion. However, the speaker should be careful of using
jokes to some clients to avoid misunderstanding.
9. Animated Presentation - The animated presentation is a one way of demonstrating the product
instead of using a video. You can film the product in a 3D style where the audience or your client can
visualize the entire interface of the product.
10. Props Presentation - This is not a techy presentation that you need computers because you will use
visual aids to make a creative presentation.
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The steps introduced
by Michael Putz for Lead innovation management consists of the following :
Step 1-Rough Selection
In the first step, the chaff has to be separated from the wheat, i. e. the ideas without
potential have to be selected quickly. For this purpose, an "ABC analysis" can be used, where
ideas are divided into three classes:
A-ideas, those that are absolutely necessary for further processing.
B-Ideas are those where you disagree about good or bad and are uncertain.
Cideas that have no value and are to be rejected.
The A-ideas are definitely going into the next round, the B-ideas are discussed and it is
decided together per idea whether the idea will be adopted. C ideas are no longer considered.
Step 2 - Fine Selection
In the next step, the sifted ideas are further selected. The method of "dots gluing" has
proven its worth. Each participant receives five sticky points and can distribute them to their
own favorites. If you count the points together you get a ranking.
If there are less than ten ideas, the "rating" method can also be used. Each participant
gives each idea between 0 and 5 points. The points are also added up and you get a ranking
and a priority.
Step 3 - Detailed Analysis
In the detailed analysis, ideas are qualitatively analyzed and evaluated on the basis of
criteria. For product ideas, for example, these are
customer benefit
differentiation potential and competitive factor
technical and economic feasibility
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Top 5 myths about CUSTOMER NEEDS;.
1. Customers have latent needs; needs they don't even know they have
2. Customers struggle to articulate their needs.
3. Customers needs change quickly overtime
4. Customers won't know what they want until they see it.
5. It is impossible ever know all the customers needs
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is the process of determining whether your product
is of interest to a given target market
Market validation
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is an enormous task because the success of the business relies on its process to come
up with a great solution
Decision making
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five (5) STEP PROCESS that an innovative leader can used.
PROBLEM OR NEED RECOGNITION
-As an innovative leader you must identify the different problems or need recognition of the consumer.
🔻
INFORMATION SEARCH
-When the problem occurs, there should have a solution. And to develop a solution an innovative leader
should be resourceful in such a way that he or she can think of bright ideas. Information search of products
and services that will satisfy the needs and wants of the consumer.
🔻
EVALUATION OF ALTERNATIVES
-In determining the needs and wants of the consumer, the innovative leader should provide different
choices of products.
🔻
SELECTION STAGE
-After thorough research and evaluation of the alternatives, an innovative leader should select the best
ideas that will be used in the decision-making.
🔻
EVALUATION OF DECISION
-The goal for every marketer is not for a one-time customer but a repeating lifetime customer. One bad
experience of buyer's remorse and your branding perception could be tarnished forever [Flekel, 2013]. This
process depends on the evaluation of the various assessment done for decision-making. Whatever the
company decided is considered the best idea.
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was generally used by startup companies or organization that serve as a
guiding tool to think of a better solution on how to generate new innovating ideas and apply the strategies
in marketing the products or services.
Business Model Canvas
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Who proposed The Business Model Canvas
Alexander Osterwalder
54
The nine ( 9 ) elements that provides the business key drivers that is based on the Business Model
Canvas consists of the following by Alex Cowan.
1. Customer Segments:
2. Value Propositions:
3. Channels:
4. Customer Relationships:
5. Revenue Streams:
6. Key Activities:
7. Key Resources:
8. Key Partnerships:
9. Cost Structure:
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Who are the customers? What do they think? See? Feel? Do?
Customer Segments
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refers to the value a company promises to deliver to customers should
they choose to buy their product.
Value Propositions
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MOST COMMON VALUE PROPOSITIONS ARE ;
1. Newness
2. High Performance
3. Ability to customize
4. Design
5. Brand/status
6. Price
7. Cost reduction
8. Risk reduction
9. Convenience
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describes how a company communicates with and reaches its
Customer Segments to deliver its Value Proposition. I
Channel Building Block
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How are these propositions promoted, sold and delivered? Why? Is it working?
Channels
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Five Types of Channel Phases
1. Awareness-
2. Evaluation-
3. Purchase
4. Delivery
5. After Sales
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is an important aspect if you are doing a business because your
customer will be able to interact with you, they can ask questions precisely about the products and
services that the company is offering.
Customer Relationships
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Customer relationship has three benefits that can provide to the company or organization. ;
Customer retention:
Customer Loyalty:
Customer Satisfaction:
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is the building block presenting the cash a company generates from
each Customer Segment. Most businesses need at least one great revenue stream to earn money.
Revenue Stream
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is the amount of money that is brought into a company through its various
business activities (e.g. sales of products and services).
Revenue
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Revenue Streams can be generated in and you can use a mix of these different ways for your
company:
a. Sale of physical product: The customer pays in cash for the product and the customer is
then free do whatever she or he wants with it such for instance books, furniture and
gadgets.
b. Usage fee: The customer pays a user fee for a particular service, the amount paid depending
on the usage. As for example in a hotel, customers will be charge of the type of room and
nights occupied. If the customer takes foods in the hotel, they will be also charge for what
they consumed.
c. Subscription fee: The customer pays, for example, once a month, or yearly, for a particular
service. As for example, telephone company such as Globe, Smart or PLDT, if a customer
subscribes on their postpaid services, they will be charge on the monthly subscription and
if they exceed the usage, they will pay for it also. The company let their customers pay an
amount every month.
d. Lending/renting/leasing: This Revenue Stream grants someone the right to use a
particular product for a fixed period of time in return for a fee. Lenders receive recurring
revenues, and lessees pay a fraction of the full cost of ownership. Some examples include
rentals, lease of a lot, and borrowing money with collateral.
e. Brokerage fees: Through this Revenue Stream, your company gets its revenue from an
intermediate service. This method is often used by real estate agents (earning a commission
every time they match the buyer and seller) and credit card providers (getting a percentage
of the value of each sale completed between the merchant and the customer).
f. Advertising: Your business may charge fees for advertising a product, service or brand.
Some of the advertiser company are newspapers, media industry, website advertising and
flyers.
g. Volume and unit selling: Your company charges a fixed price for a product. However, if
the customer choses to buy your product in higher quantities, they could get a discount
(either by a lower price or additional products). It varies on the rules of the company as
well. For example, if you are into a computer business, then if the customer will buy bulk
orders of 100 of computer set then the company can give them discounted prices to
maintain customer loyalty.
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are the most important tasks a company must carry out in order to fulfill its
business purpose. To be successful, a company must carry out key actions that are primarily
dictated by its business model.
Key Activities
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are required to liaise with all other functions of the
company whether it be production, marketing or sales.
Research and Development Department
68
Typical Functions of rResearch Department are;
New Product Research:
New Product Development:
Existing Product Updates:
Quality Checks:
Innovation:
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Production Management consists of a number of activities which are outlined below;
Selection of product and design
Selection of Production Process:
Selecting Right Production Capacity:
Production Planning:
Production Control:
Quality and Cost Control:
Inventory Control:
Maintenance and Replacement of Machines:
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The Functions of the MARKETING
DEPARYMENT are explained below;
Strategy:
Market Research
Product Development
Communications
Sales Support
Events
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play a key role in the purchase and post purchase behavior and
experience of your customer. This department is key to ensuring that you build a cadre of repeat
customers who will become your advocates in the market and drive more business in through word of
mouth.
Sales & Customer Services
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are the main inputs that your company uses to create its value proposition, service
its customer segment and deliver the product to the customer. These are the important factors that should
be considered in the business model.
Key Resources
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Types of Key Resources
1. Physical Resources
2. Intellectual Resources
3. Human Resources
4. Financial Resources
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are the relationships that you have with other business, governmental, or nonconsumer entities that help your business model work.
Key Partnerships
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Four Types of Partnerships
1. Strategic alliances between non-competitors
2. Coopetition
3. Joint Ventures to develop new businesses
4. Buyer-supplier relationships:
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defines all the costs and expenses that your company will incur while operating
your business model. This final step in the process is important, because it will help your team decide
whether to pivot or proceed.
Cost Structure
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TWO MAIN CATEGORIES OF COST STRUCTURE:
value-driven and cost-driven
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is to create more value in the product itself, not necessarily producing the product
at the lowest possible cost. Examples of this would be Michael Kors, Louis Vuitton, and Rolex
Value driven cost structure
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focus on minimizing the costs of the product or service as much as
possible. Examples would be Cebu Pacific Airlines and CD-R King in the Philippines.
Cost-driven cost structure
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is a telecommunication application that is used by millions of people worldwide to
communicate to their relatives, friends and business partners through video calls or a normal telephone
usage.
Skype
81
refers to creations of the mind, such as inventions, literary and
artistic works; designs; and symbols, names and images used in commerce.
Intellectual property (IP)
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is a legal term used to describe the rights that creators have
over their literary and artistic works.
Copyright (or author's right)
83
the Copyright Act gives the copyright owner certain exclusive
rights, including the right to:
Reproduce the work
Prepare "derivative works" (other works based on the original work)
Distribute copies of the work by sale, lease, or other transfer of ownership
Perform the work publicly
Display the work publicly
84
is an exclusive right granted for an invention, which is a product or a process that
provides, in general, a new way of doing something, or offers a new technical solution to a problem.
Patents
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There are three types of patents:
1. Utility patents
2. Design patents
3. Plant patents
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cover anyone who invents a new and useful process, article of
manufacture, machine, or composition of matter.
Utility patents
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include an original, new, and ornamental design for a manufactured
product.
Design patents
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go to anyone who produces, discovers, and invents a new kind of plant
capable of reproduction.
Plant patents
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is any practice or process of a company that is generally not known outside
of the company.
Trade Secret
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is a corporate symbol that contributes to the image the company is trying to
build. It is a mark of quality and excellence that identifies that company as the manufacturer.
Trademark
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four types of marks (in trademark)
Trademarks: are used to identify products
Service marks: are used to promote a service
Collective marks: are used by organizations or associations to identify themselves
Certification marks: such as UL (Underwriters Laboratory) used to certify that a particular
product has met the manufacturing standards of an impartial third-party regulatory group'
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refers to the ornamental or aesthetic aspects of an
article.
Industrial Design
