Updated: Aug 29, 2019
Entrepreneurship, as a concept, generally pertains to a process which involves the revitalization of existing companies, revenue growth, profitability enhancement and the pioneering of the development of new products, services, and processes. Over the course of time, this general concept evolved in order to adapt with contemporaneous conditions. As a result, understanding business today is not merely confined to its traditional notion, and is extended to special fields – one of which is technology.
Before delving into the more specialized concept of technology entrepreneurship, we must first have a grasp of the so-called traditional entrepreneurship. In a nutshell, traditional or conventional entrepreneurship is geared towards work and the production of something which will generate as much money as possible. Someone who is considered to be a conventional business person is most likely a non-skilled owner, but may be someone who possesses skilled education. Given this premise, it is apparent that a traditional entrepreneur merely relies on his technical know-how, and does not prioritize the strategizing and developing of products and services. Ultimately, this type of enterpriser primarily aims to create firms, and focuses on generating profit.
This traditional concept of entrepreneurship, however, became fairly inadequate to meet the demands of modern society. Thus, a new kind of enterprise scheme was developed and introduced – technology entrepreneurship. Under this new style, emphasis is on the interdependence between science and technological change. It aims to create and capture value by assembling and deploying specialized individuals and diverse resources related to scientific and technological advances. Unlike traditional entrepreneurs, technological entrepreneurs are most likely well-educated in science, technology, and engineering disciplines. They are more motivated when they start projects and apply innovative ideas into practice as these commercial-minded individuals are driven by the desire for achievement, self-realization, and the implementation of their projects. Furthermore, this technically automated type of trading seeks to identify problems or applications for a certain technology to introduce solutions, and to exploit opportunities which will incur value creation for the firm as its ultimate significance.
Although traditional entrepreneurship provides an easier and less complex way of generating profit, it will not ensure the stability and consistency of financial gains in the long-run. In the absence of any strategic planning and further development of products and processes, a business may be under a perilous situation of lower profitability putting it at a disadvantage against the competition. This is where technology entrepreneurship comes in.
In this day and age, it is important for someone who seeks to enter into the field of business to become a technology entrepreneur. For one, being in the mold of a business person, who is into automation and industrial science, will allow potential company growth through the development of products and processes that will eventually pave the way for innovation. In turn, there will be a high level of proactivity on the approach towards modernization incubation which is kept until it is released to the market.
Aside from this factor, venturing into technology entrepreneurship will also help employees to progress in terms of cutting-edge advancements. Their performance improves due to the motivation which is heavily promoted within the organization, therefore, allowing them to be become multi-functional and specialized in the future. In addition, this form of entrepreneurship will highlight the changing market need as a high priority in order to establish a stronger foundation for a business relationship with the consumers.
In the end, what really distinguishes technology entrepreneurship from the traditional one is the proactive stance that the former promotes, unlike the latter which only limits itself to a more reactive position. Strategic planning also goes at the heart of technology entrepreneurs, since this gives them the edge to develop and improve the products and processes they already have. Moreover, this teaches the importance of using time and budget while pursuing any planning activity in a manner that makes it more cost-efficient and labor-saving. Ultimately, technology entrepreneurship opens new doors that may contribute to the future of the business industry which traditional entrepreneurship may fail to deliver.