Technopreneurship 1st PDF

Question 1

Technopreneurship is the combination of?

Answer 1

Technology and Entrepreneurship

Question 2

It is simply entrepreneurship in a technology intensive context.

Answer 2

Technopreneurship

Question 3

It is a process of merging technology prowess and entrepreneurial talent and skills.

Answer 3

Technopreneurship

Question 4

This is a new breed of entrepreneurship.

Answer 4

Technopreneurship

Question 5

Entrepreneur is a person who _____ an opportunity, ______ it into a product or service, ______ earnings and profit and _______ a successful business with it.

Answer 5

• identifies
• converts
• estimates
• builds

Question 6

A Technopreneur starts out with nothing but an _____. He defies existing practices and systems and thinks of doing things differently. He creates a product or solution ______.

Answer 6

• ‘idea’
• that uses the heft and capability of technology

Question 7

The first known use of the term “Technopreneurship” was in ____.

Answer 7

1987

Question 8

_____ was more recognized when the Internet became more accessible to the public on ____.

Answer 8

• Technopreneurship
• April of 2000

Question 9

This is a process of commercializing an invention or introducing something new or improved that creates value in the form of a commercial product.

Answer 9

Innovation

Question 10

Types of Innovation

Answer 10

● Incremental
● Disruptive
● Architectural
● Radical

Question 11

take existing product and tweak to suit different market.

Answer 11

Architectural

Question 12

small changes (e.g. Coca-cola)

Answer 12

Incremental

Question 13

new, slightly similar to disruptive, creates an entirely new market. Riskiest (e.g. YouTube)

Answer 13

Radical

Question 14

newer, sometimes hard to use, expensive. Uses existing market.

Answer 14

Disruptive

Question 15

Types of Enterprise

Answer 15

● Innovation Driven Enterprise (IDE)
● Small-Medium Enterprise (SME)

Question 16

bring traditional ideas to local markets.

Answer 16

Small-Medium Enterprise (SME)

Question 17

require an investment to develop the innovation, more risky
compared to SMEs

Answer 17

Innovation Driven Enterprise (IDE)

Question 18

Business Philosophies

Answer 18

● Market oriented
● Product oriented

Question 19

develops goods and services based on what it does well.

Answer 19

Product oriented

Question 20

identifying customer needs or wants and meeting them

Answer 20

Market oriented

Question 21

It is the value that a business promises to deliver after a customer purchases its product or service.

Answer 21

Value Proposition

Question 22

The value proposition contains:

Answer 22

● HOW THE COMPANY OPERATES
● WHY IT DESERVES THEIR BUSINESS
● WHAT THE COMPANY STANDS FOR
● WHAT MAKES THE COMPANY BETTER THAN THE REST

Question 23

Elements of an Effective Value Proposition

Answer 23

● Target Market
● Specific Value
● Customer Connection

Question 24

Describes why should the consumer select the company’s products or services over all other available choices.

Answer 24

Specific Value

Question 25

Specifies how a company meets the individual needs or desires of its potential customers. The focus is on appealing to customers’ emotions and build a relationship that hopefully results to loyalty.

Answer 25

Customer Connection

Question 26

Defines which consumer group is more likely to provide the majority of the company’s sales.

Answer 26

Target Market

Question 27

This is someone who buys something or avails a service.

Answer 27

Customer

Question 28

Types of Customers

Answer 28

● External Customer ● Internal Customer

Question 29

someone who buys goods or services. The typical customer we refer to.

Answer 29

External Customer

Question 30

have a relationship with, and within, your company, either through employment or as partners who deliver your product or service to the end user, the external customer. (e.g. Suppliers)

Answer 30

Internal Customer

Question 31

Each customer will have specific need which needs to be fulfilled. The requirements relate to issues such as age, disability, nationality, culture, and financial standing.

Answer 31

Customer Needs

Question 32

Statistical data relating to the population and certain groups within it.

Answer 32

Customer Demographics

Question 33

This outlines the demographic changes, new regulations, revisions on the existing regulation, and changes in technology. All of these can affect the way the business functions

Answer 33

Market Research

Question 34

2 Broad types of Research

Answer 34

● Primary Research ● Secondary Research

Question 35

This consists of data collected directly from potential customers through surveys, focus groups, field testing, etc. Useful for targeting or identifying specific group needs.

Answer 35

Primary Research

Question 36

This involves searching existing information that has already been collected. This research is less targeted than primary research but can still provide valuable information.

Answer 36

Secondary Research

Question 37

Defined as the process of presenting a concept or idea for a product or service to its target market in order to determine whether the idea is worth pursuing.

Answer 37

Market Validation

Question 38

This is usually done during the conception stage, before any significant investment has been made in developing the product.

Answer 38

Market Validation

Question 39

No ____ should begin without Market Validation

Answer 39

Product Development

Question 40

This is the use of specific knowledge, skills, tools and techniques to deliver something of value to people.

Answer 40

Project Management

Question 41

Waterfall Method

Answer 41

Conception Initiation Analysis Design Develop Testing Deployment - Linear/Sequential, Upfront, Simple, Unchanging

Question 42

Agile Method

Answer 42

Plan Design Develop Test Reiterate - Continuous, Small, Flexible

Question 43

This measures the maturity of technology components for a system.

Answer 43

Technology Readiness Levels (TRL)

Question 44

is the first form of a product that you can release to users

Answer 44

Minimum Viable Products (MVP)

Question 45

This provides core functionality without any additional features.

Answer 45

Minimum Viable Products (MVP)

Question 46

is a complete product that is ready to sell

Answer 46

Minimum Marketable Product (MMP)

Question 47

has the fewest features users need, but it still allows the business to see decent sales

Answer 47

Minimum Marketable Product (MMP)