COMPUTER SCIENCE 4021

Technopreneurship

 Technopreneurship it is a simple entrepreneurship in a technology intensive context.

 It is a process of merging technology prowess and entrepreneurial talent and skills.
 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.
 Entrepreneurship is a way of thinking and acting that is opportunity obsessed, holistic approach
and leadership balanced for the purpose of wealth creation.
 Searches for change, responds to it, and exploits it as an opportunity.
 Innovation is the specific tool of entrepreneurs, the means by which they exploits change as an
opportunity for a different business or a different service.
 Entrepreneurship pursuit of opportunity without regard to the resources currently under one’s
control.
Entrepreneur
 An innovator or developer who recognizes and seizes opportunities; converts
these opportunities into workable/marketable ideas; adds value through time, effort, money or skills;
assumes the risks of the competitive marketplace to implement these ideas; realizes the rewards
from these efforts
 Entrepreneurship is the practice of embarking on a new business or reviving an existing business
by pooling together a bunch of resources in order to exploit new found opportunities

Intellectual capital
 It is the intangible value of a business, covering its people (humancapital), the value inherent in
its relationships (Relational capital), and everything that is left when the employees go
home(Structural capital), of which Intellectual property (IP) is but one component.

Many practitioners suggest that Intellectual capital consists of the following elements:

 Human capital
 Structural capital (or organizational capital)
 Relational (customer) capital
 Social capital

Human Capital

chriszimba2005@yahoo.com 0772 422 485 1

 COMPUTER SCIENCE 4021

 Refers to the skills/competences, training and education, and experience and value
characteristics of an organisation’s workforce that in the minds of individuals:
knowledge, skills, competences, experience, know-how, capabilities, expertise of the
human members of the organization.

Relational Capital (also Relationship Capital, Customer Capital, External Capital).

 All relations a company entertains with external subjects, such as suppliers, partners,
clients.
 External capital comprises relationships with customers and suppliers, brand names,
trademarks and reputation.

Structural Capital (also Organizational Capital, Internal Capital)

 That which is left after employees go home for the night: processes, information systems,
databases, policies, intellectual property, culture, etc.
 Thus, the knowledge embedded in organisational structures and processes.
Social capital

 The networks of relationships among people who live and work in a particular society, enabling
that society to function effectively.

Business ethics
 Business ethics (also known as corporate ethics) is a form of applied ethics or
professional ethics that examines ethical principles and moral or ethical problems that arise in
a business environment.
 It applies to all aspects of business conduct and is relevant to the conduct of individuals and
entire organizations.

Role of ethics in business

 Why is ethics important to business?
 Ethics concern an individual's moral judgements about right and wrong.
 Decisions taken within an organisation may be made by individuals or groups, but whoever
makes them will be influenced by the culture of the company.

Ethical responsibilities
 Ethical responsibility is the duty to follow a morally correct path.
 In your personal life, you might feel the greatest sense of ethical responsibility to your
family and close friends.
 But small business owners also have ethical responsibilities to the many people who
count on them to do the right thing.

chriszimba2005@yahoo.com 0772 422 485 2

 COMPUTER SCIENCE 4021

FEATURES OF BUSINESS ETHICS

1. Ethical Values:

 Business ethics is concerned with morality in business in today’s business world, community
firms is large part of society and its action is bond to have a direct impact on the wellbeing and
welfare of the society.
 Business affects society in terms of what products it supplies. Therefore, it is necessary that
business community conduct its activities with self control, self check, and self scarifies .i.e.
acting with less concern for yourself than for the success of the joint activity.
 And keeping always in mind the interest of community at large signifies ethical values.

2. Relative term:
 Ethics is a relative term in the concept of morality and immorality.
 It differs from one individual to another or from society to society.
 What is moral to one may be immoral to another.

3. Interest of society:
 Business ethics implies that business should first do good to the society and then to itself.
 Business is an important institution and has a social responsibility to protect the interest of all
those groups who are directly or indirectly related to the organization like employees,
shareholders and consumers etc. to contribute to the success of business.

4. Business social relationship:

 Business ethics set the terms and standards to understand the societal relationship of business.
 It indicates what society expects from business and what it thinks about the business.

5. Provides the framework:

 Like an individual, business is also bound by social rules and regulations.
 Business is expected to restrict its activities within the limits of social, legal, cultural, and
economic environment.

6. Facilitates protection of social groups:

 Business ethics gives protection to consumers and other social groups such as shareholders,
employees and the society at large.
 Business should give priority to social interest or social good.
 Such ethical approach creates good name, add status to business and helps in its growth and
expansion.

7. Not against profit making:

 Business ethics is not against fair profit making.

chriszimba2005@yahoo.com 0772 422 485 3

 COMPUTER SCIENCE 4021

 However, it is against making profit by cheating and exploiting consumers, employees or

investors.
 It supports expansion of business activities but by fair means and not through illegal activities or
corrupt practices.

8. Needs willing acceptance:

 Business ethics cannot be imposed by law or by force.
 It must be accepted as self-discipline by businessmen.
 It should come from within.
 Businessmen should go for ethical trade practices on their own and not by force of law.

Marketing and Business Strategies

Marketing
 Marketing is the business discipline concerned with developing brands, informing the public
about products and services, convincing consumers to buy specific products, facilitating
transactions and providing after-sale service.
 Marketing provides the face of a business, and the only component that most consumers ever
come into contact with.
 Although marketing encompasses a broad set of concepts and techniques, there are a number
of basic elements that tie all marketing concepts together.
 Understanding the underlying fundamentals of marketing can boost your effectiveness as a
marketer or a small business owner.

Marketing Strategies
 It defines how you are going to market your products, services or business to customers.
 It lays out what your objectives are and how you're going to execute them.

What should a marketing strategy achieve?

 Your strategy will depend on where you want your business to go - it forms part of your overall
business aims.
 The following are examples of what your overall business aim might be, and marketing strategies
that you could use to achieve it:
o Increase sales
o Bring in new customers
o Get existing customers to buy more
o Introduce a new product or service
o Increase market share
o Better establish your brand
o Improve customer loyalty

chriszimba2005@yahoo.com 0772 422 485 4

 COMPUTER SCIENCE 4021

o Launch an advertising campaign

o Launch a PR campaign
o Encourage word of mouth
o Increase market share
o Retain existing profitable customers
o Make customers feel more valued
o Offer existing customers exclusive offers
o Ensure business stays fresh and new
 Whatever your marketing strategy covers, you should definitely put it down in writing.
 Make everything simple to understand, realistic, and with a clear path of action.
 It will then become part of your longer and more detailed marketing plan, which is the document
that deals with a more overarching and long-term view of your business (and so makes up a
section of your business plan).
 Be ready to adapt your marketing strategy as and when necessary - there are an infinite number
of factors that could require a change. It's flexibility that'll keep you ahead of the competition.
HOW TO DEVELOP A MARKETING STRATEGY

1. Research. You need to carry out detailed analyses of these three areas:
 Market analysis:
 The size of your market, how quickly its growing, your customers and their spending
and lifestyle habits.
 Competitor analysis:
 Monitor both direct and indirect competition and how they compare with
you on every aspect of sales and marketing (their customers, their brand,
price, convenience of location, sales channels, and so on).
 Company analysis:
 Your overall business objectives, how you are going to achieve them, your
strengths and weaknesses and those of your products or services.
2. Customers. Next you need to identify your target customers, using the information you've
gathered from your research and, if needed, more detailed customer research. Then you
have to:
 Segment them: split your existing and target customers into groups, according to what they
need from your business - which will differ. Some will want cost-effectiveness, some quality,
some great customer service, and so on.
 Positioning: how you compare to your competitors for each of your customer segments - are
you the fastest, do you have the best customer service, are you the third most popular, and so
on.
3. Product. Now you need to examine your product or service with the aim of working out how
you're going to market it and outdo competitors, according to these:
 USPs: what it can offer that no other product or business can.
 Benefits to the customer: From your USPs, draw out what benefits your product or service
offers to the customer. These may well vary between your various customer segments. You
need to look very closely at what the customer actually sees: The way you define the benefits
will shape your marketing message.
4. Communication. How you are now going to communicate the benefits of buying your
product or service or using your business to your target customers (again, this may well vary
between your various customer segments).

chriszimba2005@yahoo.com 0772 422 485 5

 COMPUTER SCIENCE 4021

 Marketing mix: the combination of all the marketing tools you are going to use to
communicate your benefits to your customers. For example: advertising, PR, word of mouth,
distribution channels, pricing, promotion, which products you'll sell to them, display in a shop,
website, and so on.
 Remembering four P's can be useful when you're putting your marketing mix together: Product,
Placing, Pricing and Promotion.

Elements of marketing
The 4Ps
The four Ps of marketing: product, price, place and promotion. The marketing mix can be divided into
four groups of variables commonly known as the four Ps: Product: The goods and/or services offered by
a company to its customers.
Product

 The concept of product in a marketing plan deals with finding the right product for your target
market.
 The product must be something desired by the intended customer.
 A target market can be a certain age group of people, such as young adults; people of a certain
geographic area, the Midwest or Southeast, for example; or people of a certain income level,
incomes greater than $50,000 per year.
 The target market for your product could also be a very specific combination of these criteria.
For instance, an electronic game manufacturer can target young adults with an income more
than $50,000 per year living in metropolitan areas.
 Companies often conduct surveys to determine products desired by specific target markets.
Price

 Price is a very important element of the marketing mix.

 The company must create something of value for the consumer.
 The product must be one that the consumer is willing to pay a predetermined price for.
 Analysis is necessary to determine the price customers are willing to pay for a specific product.
 If your price is too low, you will not realize a profit. However, pricing higher than the other
market suppliers of the product leads to decreased sales, also resulting in a loss for the
company.
Place
 Selling your product in the correct place is another important aspect of the marketing mix.
 Customers should find your products whenever needed.

chriszimba2005@yahoo.com 0772 422 485 6

 COMPUTER SCIENCE 4021

 Determine the proper place to market your product, by determining where the target audience
is shopping for the similar purchases.
 This might be in brick and mortar store location or through an internet store.

Promotion

 Your product or service should reach the intended people.

 There are multiple mediums available to promote a product or service.
 This includes word of mouth, newspapers and print publications, television, radio, internet etc.

Market Research
 The process of gathering, analyzing and interpreting information about a market
 Gathering information about a product or service to be offered for sale in that market.
 Also about the past, present and potential customers for the product or service.
 A research into the characteristics, spending habits, location and needs of your business's target
market, the industry as a whole, and the particular competitors you face.

Business Strategies
 A business strategy, in simple terms, is a documented plan on how an organisation is setting out
to achieve their goals.
 It contains the key elements on how business can execute their long term aims and
performances.
 It is important to create one as it provides a strategic plan on how to develop as a company.
 The aim of every business is to be sustainable and to stand out from the crowd and attract
customers.
 A coherent business strategy will help you understand the performance of a company, what
drives that performance, how it can be increased, as well as protecting the company against
future risks.

Four types of business strategies

Growth

 A growth strategy entails introducing new products or adding new features to existing products.
 Sometimes, a small company may be forced to modify or increase its product line to keep up
with competitors.
 Otherwise, customers may start using the new technology of a competitive company. For
example, cell phone companies are constantly adding new features or discovering new

chriszimba2005@yahoo.com 0772 422 485 7

 COMPUTER SCIENCE 4021

technology. Cell phone companies that do not keep up with consumer demand will not stay in
business very long.
 A small company may also adopt a growth strategy by finding a new market for its products.
 Sometimes, companies find new markets for their products by accident. For example, a small
consumer soap manufacturer may discover through marketing research that industrial workers
like its products. Hence, in addition to selling soap in retail stores, the company could package
the soap in larger containers for factory and plant workers.
Product differentiation

 It can be used when companies have a competitive advantage, such as superior quality or
service. E.g. a small manufacturing or air purifiers may set themselves form competitors with
their superior designs.
 Companies use product differentiation strategy to; set themselves apart from key competitors.
 It can also help company build brand loyalty.

Price skimming

 It involves charging high prices for a product, particularly during the introductory phase.
 It is used to quick recover production and advertising costs.
 There should special about the product for consumers to pay the exorbitant price.
 One disadvantage of this is that it tends to attract competition relatively quickly.

Acquisition strategy.

 It is used to gain a competitive advantage.

 It entails purchasing another company, or one or more of its product lines.
 For example, a small grocery retailer on the east coast may purchase a comparable grocery
chain in Midwest to expand its operations.

E-COMMERCE

 Electronic commerce is a way of doing business over large electronic networks such as the
Internet.
 Also called e-commerce, electronic commerce greatly facilitates transactions between
companies and consumers (B2C), between one company and another (B2B), and between
individual consumers (C2C).

There are 6 basic types of e-commerce:

 Business-to-Business (B2B)
 Business-to-Consumer (B2C)
 Consumer-to-Consumer (C2C)
 Consumer-to-Business (C2B).

chriszimba2005@yahoo.com 0772 422 485 8

 COMPUTER SCIENCE 4021

 Business-to-Administration (B2A)
 Consumer-to-Administration (C2A)
Feature of ecommerce

 A main feature of e-commerce through commercial transactions is making money on the

Internet.
 7 unique features, such as the Ubiquity, Global Reach, Universal Standards, Richness,
Interactivity, Information Density, and Personalization.

Advantages and disadvantages

 Faster buying/selling procedure,
 Easy to find products.
 Easy reach to customers, there is no theoretical geographic limitation
 Low operational costs
 Better quality of services.

Disadvantages
 No physical contact between customer and seller
 Not able to have a physical feel of the objects.
 Expensive to conduct

Finance and funding

 Investors
 Business Sectors
 Funding Agencies
 Financial Services

Techno Ventures

Human Resources
 Research – thinker, idea generator, innovator
 Development – technical people implementer
 Marketing people – involving marketing
 financer

Environmental technopreneurship components

 Science parts
 Incubation centre
 Academic institution
 Research and development centres
 Internet access and communication and other support services
 Geographic accessibility

Laws and policy on technopreneurship

chriszimba2005@yahoo.com 0772 422 485 9

 COMPUTER SCIENCE 4021

 Intellectual Property Rights(IP)

 They are the rights given to persons over the creations of their minds.
 They usually give the creator an exclusive right over the use of his/her creation for a
certain period of time.
 It refers to the creations of the mind such as inventions, literary and artistic works, and
symbols, names, images, and designs used in commerce.
 Under intellectual property law, owners are granted certain exclusive rights to a variety
of intangible assets, such as musical, literary, and artistic works; discoveries and
inventions; and words, phrases, symbols, and designs.
 Common types of intellectual property rights
include copyright, trademarks, patents, industrial design rights, trade dress, and in
some jurisdictions trade secrets.
PATENT
 It is an exclusive right granted for an invention, which is a product or
a process that provides, in general, a new way of doing something, or offers a new
technical solution to a problem.
 In order to be patentable, the invention must fulfil certain conditions.
 A patent has a term of protection of twenty years providing an inventor significant
commercial gain.
 In return, the patent owner must share the full description of the invention.
 This information is made available to the public in the form of the Intellectual
Property Official Gazette and can be utilized as basis for future research and will in
turn promote innovation and development.
Trademark

 It is a tool used that differentiates goods and services from each other.
 A trademark can be one word, a group of words, sign, symbol, logo, or a combination of any of
these.
 Trademark is a very effective tool that makes the public remember the quality of goods and
services.
 Once a trademark becomes known, the public will keep patronizing the products and services.

Copyright

 It is the right that creators have to stop others from copying their creative works without
their permission.
 Copyright is a legal concept, enacted by most governments, giving the creator of an original
work exclusive rights to it, usually for a limited time.
 Generally, it is "the right to copy", but also gives the copyright holder the right to be
credited for the work, to determine who may adapt the work to other forms, who may
perform the work, who may financially benefit from it, and other related rights
How does it work?
 Copyright protects the work of creators, such as artists, writers, musicians, and filmmakers.
 Works are protected as soon as they are created, as long as they have been written down,
filmed or recorded.

chriszimba2005@yahoo.com 0772 422 485 10

 COMPUTER SCIENCE 4021

 Copyright is automatic. You don’t have to put a copyright notice on works, but it is a good idea.
 You will often see works with the copyright symbol (©) and the copyright owner’s name on
them.
 Copyright ownership is different to physical ownership of something. For example, if you buy a
DVD of a film, you own the DVD, but you don’t own the right to copy it. The film producer owns
copyright in it and you need to have their permission if you want to copy it.
Why is copyright important?
 Copyright is important because it gives creators control over their creative works.
 This means they can decide who uses their work, how it can be used and if they will charge a fee
to other people who want to use it.
 This gives creators the ability to earn a living from their works.

 Technology Licensing Office

 Legal Services

chriszimba2005@yahoo.com 0772 422 485 11