Principles of technopreneurship

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Techno 1 notes

8) Goal setting
 Sets goals and objectives that are personally meaningful and challenging
 Articulates clear and specific long range goals and
 Sets measurable short term objectives.
9) Information seeking
 Personally seeks information from clients, suppliers and competitors
 Does personal research on how to provide a product or service and
 Consults experts for business or technical advice.
10) Systematic planning and monitoring
 Plans by breaking large tasks down into time constrained sub-tasks;
 Revises plans in light of feedback on performance or changing circumstances and
 Keeps financial records and uses them to make business decisions.
Advantages and disadvantages of technopreneurship
Advantages
1) Autonomy The need for independence and the freedom to make decisions is one of the major advantages of technopreneurship. The feeling of being your own boss is very satisfying fora lot of technopreneurs.
2) Feeling of achievement Challenge of a startup
The opportunity to develop anew concept into a profitable business provides a significant feeling of achievement fora number of technopreneurs. The ability to face up to such a challenge and succeed is a dream come true and a cause for celebration.
3) Financial control Most technopreneurs have not much wealth to talk about, especially in the initial stages of their venture, but they do want more control over their financial situation.

Technoprenuership1 5

Disadvantages
1) Personal sacrifices In the early years of business, the technopreneur often works extremely long hours leaving little time for leisure. This sometimes strain family relationships and may result in a high level of stress on the part of the couples and children.
2) Burden of responsibility/Jack of all trades The technopreneur has invested all their savings and in some cases have their immovable properties as collateral and therefore needs to be fully responsible of whatever direction the venture takes in order to safeguard their interests. The technopreneur must also be a jack-of-all-trades. The need to bean expert in many areas is a big burden on the individual.

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