The Meaning of Technology Entrepreneurship

Definitions of entrepreneurship almost always involve the risk taking within the business world. Businessdictionary.com states “The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.” Why we want individuals to create new companies or even to grow products and ideas within an existing company is beyond the scope of this paper be we are going to assume that over all the outcome of this behavior is good for the organization, community, or country. There is little dispute that the United States was known for this behavior over the last two hundred years and it may be something that we are starting to lose. At least it is a behavior that we want to continue to foster.

Slowly he became market leader for that product. Entrepreneurship has been defined by several researchers as the progression of making a product or service valuable by gathering a distinctive set of resources and opportunities. This procedure comprises the set of accomplishments to recognise opportunities, business classification, evaluation and obtaining the essential resources, management and getting positive results. Furthermore, entrepreneurship has been seen as an organizational coordination that underlines the three extents: innovation, taking calculated risks and proactive orientation. There are many indications to provision the idea that the businesses which were engaged in entrepreneurial practices have been most effective and successful (Hills, Hultman & Miles, 2008).

Technological change is a fundamental driver of economic development and performance, not only at the level of firms and industries but also economies. Innovation is the organizational process through which new

Implications for innovation and entrepreneurial activity have been a constant evaluations since the 1980’s. When we look closer at Technology it is defined as ‘rules and ideas that direct the way goods and services are produced’.1 Technological inventions are new rules and ideas about what to produce and how to do it.

The technical revolution which begins at late 19th century and in early 20th century changed the entire face of social production and condition accelerating of scientific and technological progress. Technology is the outcome of science, as science is a systemic way of acquiring knowledge and technology is application of science. Technology has been changing day after day in every field. It is used in every field either it might be communication, job creation, health purpose,

Entrepreneurship is the activity of creating a new business or enterprise. It is an essential and significant action in the growing job market (Bednarzik, 2000). Entrepreneurship has become important to all the countries whether they developed or developing ones. It is a basis of economic growth and employment creation (Thurik, Carree, Van Stel, Audretsch, 2008). It involves opportunity recognition or creation, collecting resources to track the opportunity, and managing actions that bring a new venture into existence. Some ventures are complete start-ups, while other ventures are pursued within an existing organization (Enz and Harrison, 2010). Entrepreneurs accept the personal financial risks that drive with having their own business. On the other hand, entrepreneurs benefit directly from the

Invention is to bring about a new product which has not yet been done, but innovation is to build on an existing product.

Entrepreneurship is related with the capability of recognition and evaluation of opportunities, allocation of resources and growth. Moreover, entrepreneurship has been taken as an organisational notion that contains three magnitudes: Modernisation, Bear risks and Practical alignment. It has been confirmed that the companies that were engaged in entrepreneurial activities are now most successful and efficient.

Entrepreneurship involves entrepreneurial skills to develop, organize and manage a business venture by focussing on opportunities along with any of its risks in order to make a profit. Entrepreneurship is also an approach to management that can be applied in start-up situations as well as within established businesses. (Business Management: a contemporary compilation)

But what exactly does it all mean for entrepreneurship? It means that in order for the company to stay profitable, it has to keep in mind that if they go on producing their good unchanged, the same as it was first presented, it will certainly become less consumed by customers, as the better-developed substitutes will occur that will be more attractive for consumption. Just like the founder of Microsoft company Bill Gates (2005) has stated in one of his interviews “…we are always saying to ourselves: We have to innovate. We 've got to come up with that breakthrough.” This quote confirms that for Microsoft innovation is part of their work, otherwise they would not be doing as well as they doing now.

In terms of the level of the starting position, Garud and Karnoe (2003) labelled technological paths as "bricolage", which stood for a low-tech start approach, and "breakthrough" the opposite. They also attributed the development of technologies to the involvement of a multiplicity of actors including people in the domains of design, use, evaluation and regulation. Actors interact in different ways and generate different functions accordingly.

An entrepreneur is “a person who organizes and manages a business with considerable initiative and risk”. In other definitions an entrepreneur “identifies an opportunity or a gap in a market and evaluates the risk related to the establishment of the business and is prepared to take the associated risk to start the business in the quest for making profit; and has the ability to obtain the resources to establish and grow a business”. Entrepreneurship exceedingly relies on entrepreneurs to start-up, develop and produce companies across the use of their

Research has been collected, over the years, to determine what the true definition of corporate entrepreneurship is in the business context. Leaders do not need to focus on the size of the corporation, as corporate entrepreneurship can be displayed in small firms and start-up ventures (Morris, Kuratko, & Covin, 2011). They only need to develop new behaviors within an existing corporation to build upon components that currently exist (Karacaoglu, Bayrakdaroglu, & San, 2013). The majority of professionals, who are in the field of business, have come to the consensus that corporate entrepreneurship is the process of being innovative and the ability to identify opportunities to improve an established company’s positioning in the marketplace (Morris, Kuratko, & Covin, 2011). Innovation is the ability to create a new product, process, or system in order to remain competitive. Essentially, corporate entrepreneurship can be broken down into three dimensions, which

Entrepreneurship is difficult to define throughout its history research. Even nowadays, this concept is still a debatable point (Rajendra, et al., 2017). Based on four decades of research, Gartner (1988) concludes that entrepreneurs are founders of new firms. Shane and Venkataraman (2000) consider entrepreneurship as “a new venture’s risk-taking endeavor seeking an opportunity” and Fortunato (2014) adds innovative value into the concept of entrepreneurship. Thus, research on the definition of entrepreneurship continue. According to those diverse views, I will interpret six unique entrepreneurial characteristics and theoretically analyze each one. Risk taker, need for achievement and proactivity as my strengthens will be illustrated with my experience. Innovativeness, internal locus of control and tolerance for ambiguity are my weaknesses, thus I will describe relevant successful Entrepreneurs’ experiences.

Thomas H. Byers, Richard C. Dorf & Andrew J. Nelson. Technology Ventures: From Idea to Enterprise 9 3rd. Edition McGraw Hill (2010).