Question

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Answer 1

1)

All the definitions of entrepreneurships mentioned in the above question, I personally like the Technical Entrepreneurship.

The reason behind selecting this is as below:

Technology entrepreneurship is a vehicle that facilitates prosperity in individuals, firms, regions, and nations. The study of technology entrepreneurship therefore, serves an important function beyond satisfying intellectual curiosity.

Previous definitions from the literature do not explore and identify: the ultimate outcome of technology entrepreneurship; the target of the ultimate outcomes; the mechanism used to deliver the ultimate outcomes; or the nature of the interdependence between technology entrepreneurship and scientific and technological advances. Moreover, a new definition should explicitly link technology entrepreneurship to the theory of the firm, entrepreneurship theory, and management theory.

Defining Technology Entrepreneurship

The field of technology entrepreneurship is in its infancy when compared to other fields such as economics, entrepreneurship, and management. However, we are at a point where we can leverage the insights contributed by previous work to create a clearer working definition of technology entrepreneurship.

This article proposes a general definition that identifies the distinctive characteristics of technology entrepreneurship and describes its links with the fields of economics, entrepreneurship, and management. The proposed formal definition of technology entrepreneurship should prove valuable in adding to our understanding of how entrepreneurship functions in a firm that invests in projects that are interdependent with advances in science and technology.

The following definition of technology entrepreneurship is proposed:

Technology entrepreneurship is an investment in a project that assembles and deploys specialized individuals and heterogeneous assets that are intricately related to advances in scientific and technological knowledge for the purpose of creating and capturing value for a firm.

The proposed definition of technology entrepreneurship is based on four elements:

1. Ultimate outcomes. Value creation and capture are identified as two outcomes of technology entrepreneurship because the sources that create value and the sources that capture value may not be the same over the long run.

2. Target of the ultimate outcomes. The firm is identified as the target organization for which value is created and captured.

3. Mechanism used to deliver the ultimate outcomes. Investment in a project is the mechanism mobilized to create and capture value. A project is a stock of resources (i.e., specialized individuals and heterogeneous assets) committed to deliver the two ultimate outcome types for a period of time.

4. Interdependence of this mechanism with scientific and technological advances. The individuals involved in a project influence and are influenced by advances in relevant scientific and technology knowledge. The project exploits or explores scientific and tecnology knowledge. External and internal individuals and organizations co-produce the project’s outputs.

Over the last four decades, technology entrepreneurship has become an increasingly important global phenomenon. It is perceived as necessary for growth, differentiation, and competitive advantage at the firm, regional, and national levels. Technology entrepreneurship appeals mainly to leaders and top management teams of small and large firms who use technology to create, deliver, and capture value for their stakeholders. Technology entrepreneurship also appeals to personnel of regional economic development agencies that attract investments in productive technologies and talent to a particular geography.

The primary function of technology entrepreneurship is to assemble a combination of specialized individuals and heterogeneous assets in order to create and capture value for the firm through collaborative exploration and experimentation. The combination, some of the assets, or the assets’ attributes may be unique and novel. The initial combination may change over time.

2) Business Examples with following entreneurship

• Trading Entrepreneurship

These are a kind of mediator between the manufacturer of a product and its customers or retailers or wholesalers. All the activities related to the trading of an organization are done through such type of entrepreneurs. It serves as middlemen for dealers, wholesalers, manufacturers and the customers.

Examples: Paul Tudon Jones, Nick Leeson and John Key etc.

• State Entrepreneurship

When a business firm is managed and operated wholly by the state or the government of the state, then it is defined as “State Entrepreneurship”. All the trading, as well as industrial ventures, are fully undertaken by the state only and not a single entrepreneur is there.

Examples: Any Business that is based on state like Investpunjab in India.

• Joint Entrepreneurship

It is a collaboration of private and public entrepreneurship. When a business enterprise if partly owned, controlled and managed by a private entrepreneur and the government, then it is named as Joint Entrepreneurship.

Examples: Smart Phone development by Nokia and Microsoft.

• Manufacturing Entrepreneurship

There are many small-scale manufacturing business ideas that can you can convert into a sustainable and profitable business. There’s a market for you whether you’re launching a manufacturing business that makes shoes, wigs or cosmetics.

Example : Shoe Manufacturing

There is always a demand for shoes, but everyone has their own tastes and you’ll need to make shoes that appeal to a large market. Here is an example of a shoe manufacturing business that you can gather insights from to ensure your business remains profitable and sustainable:

Business Name: Bolton Footwear

• Innovating Enterpreneurship

A. Apple     – changed music and consumer electronics

B. Uber       – changing the taxi business

C. Airbnb    – changing the accommodation industry

D. Amazon  – changing retailing

• Imitative Enterpreneurship

Example : Walton B D has introduced its motorbikes, televisions and other electronics appliances in bangladesh.

• Fabian entrepreneurs are those entrepreneurs who are very much skeptical in their approach in adopting or innovating new technologies in their enterprise. They are not adaptable to the changing environment. They love to remain in the existing business with the age-old technique of production. He adopts new technology only when he is clear that failure to do so would result in heavy loss.

Examples: Old generation entrepreneurs

• Drone Entrepreneurship

A male bee whose only function is to mate with the queen bee. . It also refers to small planes operated by remote control, used for military purposes.

An entrepreneur is an individual that has started a business ororganization. An example of an entrepreneur would be Tom Andersonwith MySpace.