Tech Entrepreneurs have a vision for what’s possible and won’t stop until they achieve it. They invest in projects through which they can try to solve the world’s problems by bridging the gap between what we do and what we are capable of doing. Technology entrepreneurship is a vehicle to foster prosperit... Continue Reading
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Explore Career Tech Entrepreneurs have a vision for what’s possible and won’t stop until they achieve it. They invest in projects through which they can try to solve the world’s problems by bridging the gap between what we do and what we are capable of doing. Technology entrepreneurship is a vehicle to foster prosperity among individuals, firms, regions, and nations.
What are the typical responsibilities of a Tech Entrepreneur?
A Tech Entrepreneur would typically need to:
Freedom and flexibility are career priorities for many Tech Entrepreneurs who work their own hours whenever they want or wherever they want, at home, in an office, or a coffee shop. Those who prefer the structure and social features of an office have various affordable options for full or part-time space rental. Shared workspaces help network or accommodate additional staff as the business expands. You might just succeed to the level of buying your own office space or even building.
Being the most connected generation ever, young Tech Entrepreneurs typically follow the “always-on” digital lifestyle, creating their own unique variations of the 9 a.m. to 6 p.m. routine.
Industries that rely on technology have scope for budding Tech Entrepreneurs to start a business and make it grow and expand.
Also, technology entrepreneurship appeals to the leaders and top management of small and large firms who use technology to create, deliver, and capture value for their stakeholders. Technology entrepreneurship also appeals to regional economic development agencies that attract investments in productive technologies and talent to a particular geography. Nearly 90% of new full-time jobs, however, are in the form of self-employment.
Tech Entrepreneurs are generally employed by:
Unions / Professional Organisations Professional associations and organisations are crucial resources for those interested in pursuing professional development or connecting with like-minded professionals in their industry or occupation. Membership in one or more looks excellent on your resume to bolster your credentials and qualifications as a Tech Entrepreneur.
Try to coordinate your bachelor’s and master’s programmes in a way that combines business and tech courses, which is likely to open up greater job opportunities, such as product management. The crucial component of preparing for tech entrepreneurship is getting involved in hands-on work through internships which allow you to participate in the local startup community actively.
You can begin your entrepreneurial journey by going to events and meeting smart and inspiring people. Collaborating with the people you meet, you can organise events relevant to your ambition, even on a global scale. The skills and knowledge you acquire through such experiences are likely to be transferable to initiating and managing your startup.
If you are an aspiring Tech Entrepreneur, there are different paths you can take to turn your dream into a reality. Which path you choose will depend on your experience, skills, finances, and flexibility, as well as your goals for the future.
Even though some Entrepreneurs become successful without spending time in a traditional workplace, many have solid work experience before starting their own business. That experience equips them with the skills they need to get a business off the ground and up and running. Some jobs will hone your entrepreneurial skills while you learn the ins and outs of running a business. Working in roles where entrepreneurship is valued can give you some of the rewards without the responsibility.
The other path you can take is to find a job where you do not have to work when you are not on the clock. There are plenty of jobs with regular schedules that give you free time to spend on your own projects.
There are also jobs and gigs where you can work a flexible schedule that leaves you time to pursue your passion. It can also make financial sense to start a new venture as a side job because not all new businesses thrive. The success rate is low for at least the first few years. Having an income you can count on while you grow your own business can be a solid strategy for success.
Work experience at a leading company like Google, Amazon, Microsoft, or Apple will make you current with the latest technology. You may have an opportunity for an entrepreneur-type role within the organisation, and you will be well-positioned for success when it is time to launch your own business.
Alternatively, working at a startup is one of the best ways to learn what is involved in being an Entrepreneur. Choose a startup that aligns with your interests, and you will get some fast-paced experience as well as a chance to see what it is going to be like running your own company.
There is no set educational pathway for aspiring Tech Entrepreneurs. You can become an entrepreneur from just about any starting point. But if you are going it alone, you must understand the ins and outs of the business by mashing in courses like marketing, administration, or management.
A one-stop-shop for this combination is a bachelor’s degree/certificate in Business Technology Management. You could even earn your bachelor’s degree in computer science or software engineering and then head to an MBA to add business skills. Universities may offer support programmes and incubators for aspiring entrepreneurs, including experienced advisors, funding opportunities, and other business connections.
Some degree programmes may allow concentration in entrepreneurship, or you may enrol in technology entrepreneurship or small business entrepreneurship certificate programmes. A bachelor’s in information technology degree programme may have game development and entrepreneurship embedded in it. Engineering programmes may give you a headstart to start a tech company even while you are studying.
Furthermore, a tech entrepreneurship course or module while studying engineering will enhance your entrepreneurial thought processes and skills. You will learn how to create a portfolio of opportunities, use feasibility studies to pinpoint potential choices, and design a business model for your own venture or a business initiative for your firm, meeting challenges such as finance and marketing. You will also understand the elements of corporate structure, strategy, negotiation, and teamwork.
Certification from an objective and reputed organisation can help Tech Entrepreneurs gain professional credibility, validate their knowledge, and become independent consultants. It demonstrates competence in a skill or set of skills, typically through work experience, training, the passage of an examination, or some combination of the three. Successful certification programmes protect public welfare by incorporating a Code of Ethics. Investigating members who practice outside the Code earns the community’s trust and respect, which are the most critical elements in securing a Tech Entrepreneur’s future. Voluntary certification is often seen as evidence of an individual’s drive and motivation.
Licensing is done by individual government entities. It typically requires the passage of an examination in addition to the fulfilment of eligibility requirements, such as a minimum level of education, work experience, training, or the completion of an internship, residency, or apprenticeship.
Keep in mind that a tech startup will typically need to acquire or license intellectual property (IP).
Career progression is driven by performance, experience, and the acquisition of professional qualifications.
As the company grows, a Tech Entrepreneur forges connections in the country and overseas with various stakeholders, including suppliers, competitors, customers and investors. National and international connections allow an entrepreneur greater chances of growing their business than only regional connections. An extensive network facilitates expansion, finding partners in new regions, and building a broader and stronger customer base.
The opportunity for Tech Entrepreneurs to select which of the diverse markets they wish to enter paired with the company’s ability to innovate internally fosters overall adaptation to a marketplace that is changing globally, thus allowing for steady growth.
As a Tech Entrepreneur, you must map your company’s progress map, and thereby your own career map, through the formulation of 1, 2, 3 and 5-year plans. These plans are meant to tie the goals together and allow you to share them with stakeholders.
There is no competition for Tech Entrepreneurs because they create their own jobs. However, having their company boom is quite tricky. To have the most chance at creating a good company, Tech Entrepreneurs need to be proficient with technology.
A Tech Entrepreneur must be skilful and qualified to commercialise an innovative idea, taking it to the market to enhance and realise its value as a product or service for the domestic or international markets. Many nations implement programmes to encourage small domestic businesses and individuals to undertake R&D and innovation with commercialisation potential. Examples include the Small Business Innovative Research (SBIR) programme (USA), the Individual Entrepreneurship Multi-Phased Support and Co-Financing programmes (Turkey), and the PRISM programme (India).
Support is provided from idea creation to commercialisation in an integrated manner. Those individuals, including academics, who are unfamiliar with business matters may receive training on technical, commercial, and executive issues. Industrially experienced professionals may also mentor them.
Continuing professional development (CPD) is the holistic commitment of Tech Entrepreneurs towards enhancing personal skills and proficiency throughout their active careers. It can be anything from work-based learning, a professional activity, formal education or self-directed learning. As long as the activity lets the individual apply what they have learnt, through practical application or reflection, in their career, it can be deemed CPD. There are a whole host of CPD courses, seminars and workshops out there to help professionals in the field.
CPD allows individuals to continually upskill, regardless of their age, job, or level of knowledge. It prevents practical and academic qualifications from becoming outdated, allows individuals to identify any knowledge gaps, and gives professionals the opportunity to progress to a new specialism.
The Value of Entrepreneurship
Entrepreneurship is more than ‘just’ starting a company. It drives economic growth and is observed in nearly every context.There is a give-and-take relationship between economic activity and entrepreneurship, boosting the other and contributing to creating progress sustainably. Entrepreneurship can also be a tool to tackle inequalities.
Even established multinational companies with large R&D departments need to attract entrepreneurial engineers capable of developing innovative technologies as well as commercialising them. The new generation of engineers should be able to discover, create, and exploit new business opportunities.
What Factors Motivate an Entrepreneur?
Studies reveal that intrinsic and extrinsic factors are all spurs for entrepreneurship. Entrepreneurs report that external motivating factors to launch a start-up relate to money and status, that is, the need for financial success or safety or the desire to achieve a certain lifestyle. Your motivation could even link to the influence of other people.
Recognition, which connects with Maslow’s fourth level need for esteem, and the search for independence are intrinsic factors that may motivate you. Achieved motivation has been studied as a predictor of entrepreneurship. Innovation, or the need to develop an idea for a product or business or stay at the frontier of technology development, could be your significant motive to open a business. Flexibility in work, being in control of one’s time, and choosing collaborators or work locations are also relevant motivators.
Entrepreneurship As Art
Artists seek to create something novel or unconventional, which may or may not have broad appeal. Some founders have a hunch that seems counterintuitive—a hypothesis that might be proven false. Or you may take an unconventional product or business model and strategise how to make it beneficial for consumers and companies. Almost any unconventional vision that doesn’t yet exist is in some way art.
Entrepreneurial Success
To open a startup and succeed, you must identify, explore, and pursue opportunities to create new products and services and manage your business adequately. An entrepreneur’s personality traits correlate with business creation, management, and success, and they tend to choose ventures that fit their personalities. A potentially fruitful avenue of research would be tracking entrepreneurship enterprises over time and measuring whether different entrepreneur profiles relate to metrics like survival rate, profitability, and social responsibility.
Different Classifications of Entrepreneurs
Entrepreneurs have been classified in various ways. One classification places them in four distinct groups. The first is financial success entrepreneurs concerned about the financial outcomes of their startups. The second is the new challenges group that uses their enterprises to seek self-realization, innovation, and independence. The third comprises leaders driven by the will to lead and motivate others, relegating other factors. The final group is that of pessimistic entrepreneurs who rank all reasons lower than other entrepreneurs.
According to another classification, you could be one of the innovators, hustlers, imitators, researchers, or buyers. You could take up small business entrepreneurship, scalable startup entrepreneurship, large company entrepreneurship, or social entrepreneurship. Then there are the survivors, visionaries, and strategists. Or you could be a creator, builder, or an operator type of entrepreneur.
Tech Entrepreneurship - A Global Phenomenon
The first symposium on tech entrepreneurship was held at Purdue University in October 1970, when researchers gathered together to exchange findings and observations on this topic. The last few decades have seen tech entrepreneurship become an essential global phenomenon, viewed as critical for growth, differentiation, and competitive advantage at the firm, regional, and national levels.
The concept is attractive to leaders and top management teams of small and large firms who use technology to create, deliver, and capture value for their stakeholders. It also appeals to regional economic development agencies that attract investments in productive technologies and talent to a particular area. Collaborative production based on a shared vision of future changes in technology differentiates tech entrepreneurship from other entrepreneurship types.
Broad Classification of Tech Entrepreneurs
There are two primary types of tech entrepreneurship, the characteristics of each raising different business issues. You could choose to be a technology developer who develops a unique technology capable of driving new business. Or you could be a technology user who understands how a new technology development can be applied to meet a market need. The difference between the two forms of tech entrepreneurship is the level of technology risk, time to market, resource requirements, leadership requirements, and scalability.
Existing Definitions of Tech Entrepreneurship
The existing definitions of tech entrepreneurship typically include the aspects of operating small businesses owned by engineers or scientists; finding problems or applications for a particular technology; launching new ventures, introducing new applications, or exploiting opportunities that rely on scientific and technical knowledge; and working with others to produce technology change.
A Proposed Definition
Technology entrepreneurship is an investment in a project that assembles and deploys specialized individuals and heterogeneous assets intricately related to advances in scientific and technological knowledge to create and capture value for a firm.
This definition highlights the combination of specialists and assets that tech entrepreneurship relies on to produce and adopt technologies. Tech entrepreneurship may entail projects that search for problems or applications for a particular technology, launch new ventures, introduce new applications, and exploit opportunities that rely on scientific and technical knowledge, provided that their outcome is to create and capture value for the firm. According to this definition, tech entrepreneurship applies equally well to newly formed startups or established firms and small or large firms.
How Do Tech Ventures Link to Universities?
New tech ventures link to university activities by generating revenue and licensing income. They employ graduates and provide co-op opportunities for undergraduates. They also become a significant source of contract research and create demand for local infrastructure. They continue to interact with universities creating an industry-oriented culture and, if successful, become significant donors.
An Excess of Entries
Some studies question whether entrepreneurship is intrinsically good or it may lead to undesired results under certain conditions. Be aware that an excess of entries with high failure rates may not be economically attractive since it leads neither to technological renewal nor economic growth.
Encouraging more people to become entrepreneurs can sometimes be counterproductive and calls for a better-designed policy. Identifying the types of entrepreneurs in the economy may diminish market churning, increase the likelihood that high-quality, high-growth businesses will thrive, and create a better match between you and your investors. A more customised approach for each group of similar entrepreneurs can benefit you through more effective policies that generate adequate entrepreneurial activity levels, maximize the benefits of entrepreneurship, and increase your likelihood of success.
Some Technical Aspects of Tech Entrepreneurship
Your venture must combine technological innovation and a business model involving disruptive innovation or sustaining innovation. Disruptive innovation fills an existing unmet demand or offers a way to provide a significant improvement over current solutions, leading to new venture creation. Sustaining innovation improves on current performance by existing players. Incremental innovations lead to enhancing the position of existing players, although they may change market shares.
New technology ventures that have high potential create new value for their customers and have a significant technical understanding that is challenging to replicate and can often be protected (patented). They have a significant first-mover advantage and a level of scalability. They also create a barrier to entry and have a high level of initial risk which can be translated into high levels of return. However, be aware that high risk also means a high risk of failure, and only a small fraction of high tech business ideas end up with an IPO (initial public offering).
Tech entrepreneurship involves tapping into the skills of a team of specialised individuals and their ability to collaboratively explore and exploit scientific and technological change to create and capture value for the firm. It is about collaborative production decisions, not about a single individual making or delegating decisions or the inventions they introduce. The firm’s top management team jointly decides to invest in a project and each individual has roles and responsibilities in cooperatively moving towards accomplishing shared goals.
Tech entrepreneurship is about investing in and executing the firm’s projects, not just recognising technology or market opportunities. Viewing it as an investment in a project transforms the subjective view of technology or market ideas into the objective reality of project definition, financing, and execution.
Keys to Success as a Tech Entrepreneur
Becoming a Tech Entrepreneur at a time when digital services and products are wielding enormous influence on every aspect of human life is quite ideal. Be prepared, however, that success may take a while knocking at your door, despite your intense passion, dedication, and hard work. Some keys to success include a firm grasp of how the market works for your idea, formulating a sturdy business and marketing plan to secure funding, and perhaps even forging partnerships. You must also build a smart team to drive sales & marketing and handle billing and finances.
Taking a business from dream to reality while being your boss can be hugely motivating for a Tech Entrepreneur. Aim high and don’t quit. Challenges and opportunities are limitless when you live at the leading edge of innovative technologies. Imagination and curiosity, self-discipline and organization, resourcefulness and stamina, and staying on track for time, budget, and quality can contribute to making your journey as a Tech Entrepreneur the most exciting ever.
Tech Entrepreneurship Courses
A tech entrepreneurship course or module during your engineering degree programme will give you an edge in the market by enhancing your entrepreneurial thought processes and skills. It will typically teach you how to create a portfolio of opportunities, use feasibility studies to pinpoint potential choices, and design a business model for your venture or a business initiative for your firm, meeting challenges such as finance and marketing. You will also understand the elements of corporate structure, strategy, negotiation, and teamwork. The overarching theme is that discovering a purpose for a specific technology or set of resources and connecting it to a suitable business model turns ideas into products and services with economic outcomes such as sales and profit.
As a Tech Entrepreneur, it is admirable to build a company based on your passion and vision as a Tech Entrepreneur but watch out for failures and absorb the lessons learned from experience. In other words, if you can find what you would do if you held no fear, also have faith that you can go ahead and do it.
Just because you can develop something does not mean that there is a market for it. Begin from the other end. Find where there is a need to innovate or improve and plug that need for your target audience.
Touching the billion-dollar threshold in just 15 months, Slack is the fastest startup to achieve unicorn status. Its website states, they “make work simpler, more productive, and more pleasant.”
What do Tech Entrepreneurs do?
A Tech Entrepreneur would typically need to:
Accredited
$87,854
