Principles of technopreneurship


) Little margin for error



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Techno 1 notes
3) Little margin for error
Large businesses have adequate financial resources to pay for losses if they incur them, but small businesses operate on a thin financial cushion and therefore have little room for any errors.
Motives for starting a business
There area number of motives why individuals start businesses but the following are some of the major ones.
1) Monetary
A number of people start businesses in order to improve their financial position. Some of the monetary reasons for starting a business are
 To earn a living
To get rich
 For additional income/profit; and
 For financial stability/security.
2) Social
People also start businesses for social reasons. The high esteem that society accords business people has propelled a lot into technopreneurship. The following are some of the social reasons for starting businesses
 To gain prestige/status;
 To be recognized and respected in society
To be a model and
 To meet many people.
3) Service
The love for one’s local community has pushed some into technopreneurship in order to render services to those communities. The services to be rendered include


Technoprenuership1 6
Employing the local people
 Upgrading the local community and
 Helping the community’s economy.
4) Familial The need to please the family has also made some people to go into business. The following considerations have been given
 For son’s/family’s future
 To win wife’s/husband’ loyalty and
 To please parents.
5) Self-employment
The hassle that goes with being employed has pushed some into technopreneurship. Some of the reasons given for this include
 To be own boss/be independent
 To achieve something through business
 To avoid employment
 To be productive by using personal abilities and as a challenge to own capabilities.

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