CHAP1 Flashcards
branch of knowledge that deals with engineering or applied sciences. It is an application of science to solve problems by creating tools, processing actions and
extracting of materials
TECHNOLOGY
practice of embarking on a new business venture, enterprise,
or existing businesses and bearing any of its risks, with the view of developing opportunities and making the profit
Entrepreneurship
combining technology prowess and entrepreneurial skills. It is a new extension of entrepreneurship that uses technology to come out with
something new to make some innovation
Technopreneurship
TRUE OR FALSE: Technopreneurship from Technology and Entrepreneurship
TRUE
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.
Entrepreneur
TRUE OR FALSE: Technopreneur is a person that commonly seen as an innovator, a source of new ideas, goods, services, business and
procedures.
FALSE (Entrepreneur)
What are the four types of entrepreneur
innovative
imitating
Fabian
drone
invents new ideas, new products, new production methods or processes, discovers potential markets and reorganizes the company’s structure. This
type of entrepreneur is the industry leader and contributes significantly towards the
economic development of the country
Innovative Entrepreneur
those who immediately copy/imitate the new inventions made by the innovative entrepreneurs
Imitating Entrepreneur
Thistype of entrepreneurs isskeptical about the changes to be made in the organization.
They do not initiate any inventions but follow only after they are satisfied with its success
rate.
Fabian Entrepreneur
These entrepreneurs are reluctant to change since they are very conservative and do not
want to make any changes in the organization. They are happy with their present mode of
business and do not want to change even if they are suffering the losses
Drone Entrepreneur
TRUE OR FALSE: A technopreneur is a person who perceives an opportunity by introducing new products and services, creating forms of organization and by utilizing new raw materials.
TRUE
Five traits of technopreneur
strong communication skills that close deals
product management knowledge
deep technical understanding
taking big risks
persistence
What skills should technopreneur possess as they diverse people to their business ideas and products?
Strong Communication Skills that Close Deals
It is significant that a technopreneur have a deep understanding of his or her idea or
product in order to present it to the target customers in a detailed and precise manner
Product Management Knowledge
As a technopreneur, it is important to be tech-oriented as you will deal with the
technical aspects of your idea or product
Deep Technical Understanding
Dealing with the competition will basically improve the way technopreneurs thick
outside of their box.
Taking Big Risks
This phase refers to establishing demand and competitive analysis of the
market.
Opportunity Analysis
composed of the organization’s future goals, how to achieve those goals and the timeframe
within which these goals are to be achieved that includes marketing strategy, financial and operational viewpoint.
Business Planning
Entrepreneurial resources include sources of financing such like lines of credit and investment capital, technology, networks of contacts and publicity. four types of resources that includes physical resources, intellectual, human and financial resources.
Gathering Resources
process of execution about what has been planned and utilizing the numerous resources for the success of the business.
Implementation
TRUE OR FALSE: From the entrepreneurial process, the Scaling and Harvesting, SCALING 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.
FALSE (Harvesting)
TRUE OR FALSE: From the entrepreneurial process, the Scaling and Harvesting, HARVESTING 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.
FALSE (Scaling)
From the technopreneurial process, this is the process of creating, developing and communicating abstract, concrete, or visual ideas
Idea generation
From the technopreneurial process, is a process that evaluates and contrast new prospective ideas for your business.
Idea Screening
is the process of testing new or hypothetical products or services before they are launched.
Concept Testing
It is a process of identifying what the business needs and determining solutions to business problems that will improve the process, management and the financial status quo to deliver value to stakeholders.
Business Analysis
it is important for the business to diagnosed problems and improve what is needed to stayed in the competition. It will identify the performance rating of the business.
Monitoring and Evaluation
It is the process of introducing new products and service to the market. The use of advertisement, social media campaign,
and video production
Commercialization
It is a process of experimenting and assessing your product to check its viability to consumers compromising of actual stores and real-life buying situations.
Test Marketing
It is the overall design of the product where it shows it functionalities, specifications and interface that is based on the business analysis.
Prototyping
