What are the factor that contributed to success or failure of any technopreneur ?
Technopreneurship is an entrepreneurship which is taken in context of technology, it is a process merging technology capability and entrepreneurial abilities and talent. Technopreneur is the person who change the present economic trend and introduces the new products and services, by reforms in organization and by using new raw material.
Factors that contributes to success or failure of any Technopreneur are:
1) Marketing
a) Promotions and marketing
b) Network and collaboration
2) Technology
a) Hardware and software
b) Intellectual property
3) Entrepreneurship
a) Entrepreneurship skills/ business
b) Government assistance
4) Management
a) Business location
b) Talent
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A lot of skill is required such as effective designer, developer researcher and so on. According to (http://rhannieannmay.wordpress.com/2013/03/15/what-is-technopreneurship-2/) ‘’Technopreneur is the person who destroys the existing economic order by introducing, new products and services, by creating new forms of organizations and by exploiting new raw materials. It is someone who perceives an opportunity and creates an organization to pursue it. A person who undertakes risks that has the chance of profit. Technopreneurs distinguishes themselves through their ability to accumulate and manage knowledge, as well as their ability to mobilized resources to achieve a specified business or social goal’’.
In the end I will conclude that although it is not easy to be a technopreneur but also not impossible dedication and hard work will help you to be one and biggest advantage of it is that you are your own boss and don’t need to follow instruction.
Would you take the same career path that Steve Jobs took? Why or Why
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Employees can stay in touch when on site or if working in different hours by emails, smartphone or tools. They can share documents and information for business needs.
Teleconferencing
This technology was there for quite some time but was never practical. Earlier you need to make complete setup between office on both sides now it is much more convenient. Now you can use smartphone, hand held devices or computers to participate easily in a meeting. This had help small business to be a global business and also help reduce extra cost that normally used for meetings.
Why technology is giving tough time for industries to go along with technological changes to improve their operations?
According to Reuters article from march 2009 ‘’ Circuit City Stores Inc. has filed for Chapter 11 bankruptcy protection and plans to liquidate all of its 567 U.S. stores … . Shares of Best Buy rose on the news 3 percent.”
Circuit City was the second largest electronic retailer after Best Buy in the country. Best Buy shares were more and seemed logical at that time. Circuit City got bank corrupted and all its customers were picked by Best Buy. There was no more competition and Best Buy was the
Best Buy’s History & Main Characters: Best Buy is Minneapolis-based and is North America's leading specialty retailer of consumer electronics, personal computers, entertainment software and appliances. Throughout Best Buy's 37-year history, the company has maintained the tradition of making life fun and easy for customers and employees, while providing a significant return to partners and investors. It has 80,000 employees and over 550 stores in the U.S., in addition to the brands Best Buy Canada, Future Shop and Magnolia Hi-Fi. Their leadership is led by Dick Schulze, Founder and Chairman, Brad Anderson, Vice Chairman and CEO, Al Lenzmeier, President and COO, and Darren Jackson, Executive Vice
Best Buy Co., Inc. is the largest electronics retailer in United States with international presence in Mexico, Canada and China. Best Buy Co., Inc. is headquartered in Richfield, Minnesota and currently operates more than one thousand brick & mortar stores. Founded in 1966 as “Sound of Music”, Best Buy Co., Inc. evolved from a small regional audio specialty store to a multinational consumer electronics retail chain within a short span of time. The company’s current name “Best Buy” was adopted in 1983 with an aim to emphasize a greater consumer electronics branding. Best Buy Co., Inc. went public in 1987 when it got listed on the New York Stock Exchange.
Best Buy is a company that has 40 years of history with a very accomplished sense of success. In 1966 Best Buy was a small electronics store in that originated in St. Paul Minnesota by Richard Schulze and an acquainted business partner. Considering that technology changes so rapidly, Best Buy has had to transform from just being the little electronics store down the way into a competitive, customer-driven, talent-powered company that emphasizes on pleasing the customers as it pertains to the life of technology. In 1993 Best Buy was recognized as the nation’s second largest electronics retailer and was recognized by
text messages or even r video calling for over the world conferences using skype. Technology makes it easier for HR to communicate with the workforce.
These changes were necessary with the growing instability in Europe and with the ever changing economy in China so in the meantime “Best Buy has decided to explore more profitable growth options for the Best Buy brand in these markets, including the option to reopen two of the closed stores in China at a later date”.()
The consumer electronics giant, Best Buy, was first established in 1966 with a single location and a staff of three in St. Paul, Minnesota, selling audio equipment targeted at 18-25 year old males. Initially Sound of Music/Best Buy grew through acquisition, expanding to nine locations in the Twin Cities area by 1978. The name, Best Buy, and expanded product line, ranging from audio and video equipment to large appliances, were a result of a “best buy” sale of damaged inventory at bargain prices in 1981. In the mid-1980s, Best Buy launched superstores similar to those of their main competitor, Circuit City and expanded by 15 stores between 1985-86. In 1989, Best Buy launched itself as a
Best Buy Inc. has built a reputation as a ground-breaking retail giant. It is known as one of the first “big box” stores in
The knowledge and understanding of technology is very high in this industry as technological innovation is necessary for the success of the firm in an
Office workers and businesses are not limited to phone calls, meetings or mail to communicate with each other anymore. Electronic email can be used and not interrupt the recipient. The
Industry Rivals – Industry Rivals such as Circuit City and Radio Shack have been hurt in some markets due to the expansion of Best Buy, but by having a better customer service rating, some customers are coming back.
Intrapreneur’s are people who create something new but inside an existing company rather than through a new venture. intrapreneurship is the practice of entrepreneurial skills and approaches by or within a company. An intrapreneur is a
It makes sense for Best Buy to worry more about Wal-Mart, which is getting more involved in electronics retailing, and less about Circuit City. The competitors are a diverse lot today, and for them to continue to grow they're going to have to get much better at everything they do and define themselves in clear ways. Best Buy's plan is to revamp its stores according to the types of customers they serve. A strategy previously mentioned, customer centricity, focuses on targeting five prototypical customers, all of whom have been given names: "Jill," a busy suburban mom; "Buzz," a focused, active younger male; "Ray," a family man who likes his technology practical; "BB4B" (short for Best Buy for Business), a small professional employer; and "Barry," an affluent professional male who's likely to drop tens of thousands of dollars on a home theater system. Their most current focus is on a "Jill" based store, the soccer mom who has money to spend but typically hasn't a clue of where or how to find products in the store. According to the data Best Buy has collected, Jill shops a few times a year, usually twice at an electronics store, but she usually spends a significant amount.
Communication is easy since every operator is close to the others. This improves quality and coordination.
Best Buy is a company that is a financially strong and profitable, that has generated a good few billion in cash flows from operating activities as is shown in its financial statements. They also delivered positive operating income through their trajectory. They grew total market share in the third quarter according to the most recent public data available. They have closed down certain operations that were not profitable (according to recent reports), which they expect to have a positive impact on their earnings going forward. And they are focusing the company on areas where they see the greatest opportunities for growth and profit: mobile devices and connection plans; enhanced digital and e-commerce strategies; growth in their services business; and expansion of their established business in China.
This refers to the means and the methods used to produce the product or the service supplied (Worthington and Britton, 2009). Although this involves more than information technology, IT is becoming increasingly important. An organisation needs to know what technologies are being used by its competitors in order to remain in the market and not fall behind. To make its product more accessible to customers, a firm must also know what technologies are being used by them and how these technologies affect the firm's procedures. In a time where customers can read information on or buy products from firms around the globe, business conduct must adapt to technologies. This is discussed in Iammarino and Michie's article (1998), which also states that 'technology, computing, telecommunications, broadcasting and so on have opened up the world economy'.