Introduction remote staffers to more readily collaborate on group

Introduction to the business idea

High-technology
entrepreneurs are into securing revenue and growth from industry sectors affected
by new and rapidly changing technology. These
days advance computing technology is being
utilized in so many aspects of business in different industries that it is
being classified as a subset of its own unique industry. It’s applications in
the world of commerce or e-commerce are of utmost importance and is changing
the way many businesses used to function before. Today, industry saturation of
high tech businesses is pretty decent with these hi tech businesses operating
in varying industries such as oil extraction, food exporting and others. This
paper is mainly going to look into this idea of cloud computing as one of the high tech entrepreneurship, outlining the appropriate mechanisms that are
needed in protecting the intellectual
property of the high tech entrepreneurship,
outline some of the resources that are needed in bringing the concept of high
tech entrepreneurship into the current
market as well as abilities needed in taking forward the idea of high tech entrepreneurship as far as market trends is
concerned. Then conclusions are drawn
from the analysis presented in the paper.

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Define and explore the high-growth nature of the
concept of cloud computing in entrepreneurship

While we’ve yet to see users gravitate en masse towards
Google’s Chrome operating system, which puts the emphasis on Web, not
desktop-based applications, more devices are increasingly coming prepackaged
with or offering downloadable access to individual services which store data
remotely. Allowing remote staffers to more readily collaborate on group
projects, updates to be filed and reflected in real-time right from the field
and information to be shared amongst distant parties, the trend will only
become more widespread. Of course,
along with the notable upsides (remote emergency backup, ready information
sharing, synchronicity across locales), there are downsides (privacy, security,
data retrieval should a service terminate) associated with these options. But
the future of productivity lies with a desktop that travels everywhere you go
and can be pulled up wherever the need for work strikes, regardless of whether
you’re cruising at 30,000 feet or sunning you in the Hamptons.

Businesses immersed in the world of high technology range
from huge corporations (Microsoft, Intel, Amazon. com, etc.) to small start-ups
hoping to be the next huge corporations. The differences between these
organizations are many, but it is perhaps more consequential than their leaders whether the president of a
multinational computer chip manufacturer or the owner of a ten-employee CAD/CAM
outfit share one thing. They understand and recognize the changes that
technological advances are bringing to the global marketplace and the
opportunities that such changes are creating. Early and successful adopters of
new technologies are often able to gain advantages that enable them to
establish new ground in a market before the technology becomes more widely
used, a more standard feature within the market. Successful high-tech firms are
adept at recognizing the possibilities associated with technological advancements and nurture corporate cultures
that enable them to seize on those opportunities.

Identify appropriate mechanisms for protecting the
intellectual property of the idea giving reasons for your choice

Observers agree that today’s
high-tech companies operate in a business world that is changing at an
alternately exciting and unnerving pace. Economists,
business executives, consultants, and entrepreneurs alike have debated fiercely
about the ultimate character of these changes. As The Economist observed, “the belief
that technology and globalization promise unbounded prosperity and render old
economic rules redundant has infected American managers, investors, and
politicians with remarkable speed’¦. Why has the belief in the New Economy
spread so quickly? One reason is that some of its elements really do exist.
Imports and exports do play
a bigger role than they did a generation ago. Information technology is altering the nature of
America’s economic output, as well as the ways that companies operate.” Indeed, it is this latter factor that is often touted as the
most dependable and significant engine of economic growth. After all, exciting
new technologies have revolutionized huge areas of the business landscape, from
manufacturing to communications and marketing. Neil Gross and John Carey,
writing in Business Week, pointed out two
other important reasons why observers expect many high-tech businesses to
continue to soar:

ü  There is a relatively low cost associated with
purchasing and implementing the necessary equipment and other infrastructure
for high-tech ventures, at least when compared with many other industries; and

ü  Breakthrough technologies in such areas as
computers and communication equipment can be rapidly designed into commodity
products.

Moreover,
researchers point out that unlike other growth sectors, high technology
ventures are not limited to larger corporations. Indeed, small business
enterprises have carved out an impressive niche in the industry, and they are
expected to remain firmly entrenched in the world of high-tech for years to
come. “Despite a long list of hurdles,” wrote Entrepreneur’ Heather Page, “high-tech entrepreneurs can still look to the future with
well-founded optimism. Thanks to a recent convergence of opportunities namely
changing market needs and the evolution of technologies to address them, ready
access to capital, and a larger pool of talented technical personnel to hire or
partner with the odds have swung in favor of high-tech businesses in recent
years.”

 

Explore the resources and finances needed to
bring the concept to market

In addition to adhering to common-sense entrepreneurial
guidelines don’t spread your finances too thin, devise a sound marketing
strategy, hire good employees, weigh the impact of your actions on your family,
etc. People hoping to start or add to a high-technology business should take
into account the following keys, many of which concern taking advantage of
available opportunities in such areas as education, training, and financing:

Keep up with industry changes. This can be a daunting task, but the
entrepreneur who stays up to date on new technologies and innovations, new
applications, and changing markets will be far better equipped to spot the gaps
in products and services that still dot the high-tech landscape and fill that
spot with their own company’s offerings.

Make full use of technology
transfer opportunities. In
recent years, laboratories and research institutions operated by universities,
government agencies, and corporations have all shown a much greater inclination
to share their knowledge and technology with entrepreneurs and other business
enterprises in commercial industries. “These types
of programs are effectively placing technology in the hands of those most
capable of turning it into viable ventures: entrepreneurs,” claimed Page.
“Moreover, not only is it now easier to identify which technologies can
make the shift into the commercial sector, but more systems are being created
to facilitate their transfer.”

Reward and challenge employees: Workforce stability and reliability is an important factor in
small business success for just about any entrepreneur, but its importance may
be particularly pronounced in one of the fast-paced high-tech industries. Indeed, it is a far more serious matter to replace a software
programmer three months before a new product launch than it is to replace a
cashier or stock-person. For many small high-tech companies, workers are among
their most valuable assets; the smart entrepreneur will compensate them
accordingly, via salary, benefits, promotion, responsibility, or some
combination thereof, to best ensure a high degree of employee retention.

Admit mistakes. Given the rapid pace at which high-tech
industries are changing, companies need to be aggressive in their prosecution
of new strategies and initiatives. Yet almost inevitably, a high-tech business
will find it pursuing a product or market that, for whatever reason, comes to
look decidedly less appetizing than it appeared when it was first targeted. The
key to weathering such disappointments
say many analysts, lies not only in diligent research and detailed planning but also in pulling the plug on plans
that have gone sour rather than pouring additional money and resources into it
while your competitors pursue more promising avenues.

Explore various funding options. High-technology companies in such areas as
communications, networking, the Internet, and various other software
applications were major recipients of funding from venture capital companies in
the 1990s. This trend declined noticeably in 1999 and 2000 due to convulsions
in the stock value of numerous high-tech firms and the subsequent economic
slowdown in the early 2000s. Another option for high-tech start-ups and small
businesses is one of a large number of
programs sponsored by federal, state, and regional agencies to help them secure
risk capital and research and development funding.

Utilize education and training
opportunities. Entrepreneurial
programs have proliferated across the country in recent years, and many of
these feature a heavy emphasis on technology.

 

Assess your ability to take forward the idea and
explore how knowledge and skills gaps could be filled

Successful
innovation is a function of both creativity and teamwork. Developing an outstanding team requires setting a coherent and
compelling vision, hiring and retaining people better than oneself, using
proper recognition and compensation strategies (e.g., cash, stock options, and
other rewards), enabling proper autonomy and delegation, and creating a culture
where success is recognized and failure is allowed. Sound leadership is
essential including experienced advisors and board members.

Entrepreneurship
is not all about personal financial gain. It concerns
crafting a lifelong plan to make a positive impact on society. The character does matter. Failure is OK;
unethical behavior is not. True wealth requires the creation of enduring value,
which requires integrity and ethics. Entrepreneurship and business do not just contact sports subject to their own
arcane rules, but an integral part of life that reflect the values of each
participant. A culture of dependability and professional trust starts with the
founding team’s initial behaviors.

Entrepreneurship is important
because it fosters economic growth. The rate of entrepreneurship surged
throughout the world in the last quarter of the 20th century, thriving in
countries as diverse as China, India, the Czech Republic, Turkey, Korea,
Ireland, Peru, and the United States, according to the Global Entrepreneurship
Monitor, a 42-country, 5-continent study of the dynamic entrepreneurial
propensities of countries. GEM investigators reported that a country’s rate of
entrepreneurial activity is positively correlated with national economic growth
(measured as per capita GDP) over time, 1999-2006.

Entrepreneurs expand existing
markets by identifying niches, thereby increasing competition and economic
efficiency. They also create entirely new markets by developing innovative
products as well as innovative applications and variants of existing product
lines. New markets present profit opportunities to others, spurring further
economic activity. Worldwide, the rate of early stage (nascent)
entrepreneurship varies across countries from a low of 2.7% (Belgium) to a high
of 40% (Peru), with the United States and Australia at 10% and 12%,
respectively. However, this rate also depends on the demographic cultural and
institutional characteristics of each country. Of the 24.7 million business
firms in the United States in 2004, 99.7% employed between 10 and 200 people,
accounting for 45% of the total private payroll, and just over half of 112.4
million workers in the nonfarm private sector. Small firms created 60% to 80%
of the net new jobs annually for the last decade, and are more innovative than
their larger counterparts, producing 13 to 14 times as many patents per
employee. They also account for up to 80% of sales of new innovative products
in the first years after launch. Patents filed by small businesses are twice as
likely as those filed by large firms to be among the top 1% of patents in subsequent citations. These are the
“high technology” small firms that offer wealth creation, jobs, and economic
growth because they are so innovative.

High technology describes the
“technology intensiveness” of a business or industry, which is often measured
by money spent on research and development (R&D) as a percent of revenues
to develop innovative products and technologies. The all-industry U.S. average
research and development R&D/Sales ratio is 3.4%, varying from less than 1%
to a high of 20%. High technology industries’ rates range from 8.3% for the
U.S. semiconductor industry to 20% for the software industry. Other measures
include the fraction of all employees involved in R or with advanced
degrees or technical education. Biotechnology, nanotechnology, electronic
device manufacturers, photonics, and medical instruments are considered
technology-intensive industries.

High technology entrepreneurship is
also potentially high in rewards because
new technology can transform whole industries and create new markets. Entrepreneurship is the most likely entry to
market for new, “disruptive” technologies those that change the way business is
done, rendering older methods obsolete. Established firms tend to improve
existing technologies and products, rather than introducing wholly new ones.2
Innovation does take place in large corporations. Consider, for example, IBM’s development
of the System 360, Texas Instruments’ introduction of commercial silicon
transistors, or Monsanto’s shift into biotechnology (Day & Jelinek, 2007).
Because significant innovations are rare in established firms, we focus on
entrepreneurship, new ventures, and start-ups.

Summary and recommendations

Technology
entrepreneurship is a style of business leadership based on the process of
identifying high-potential, technology-intensive business opportunities,
gathering resources such as talent and cash, and managing rapid growth using
principled, real-time decision-making skills. An attractive business
opportunity consists of a great value proposition, technically feasible
products, strong intellectual property, a sustainable competitive advantage, a
large potential market, and a proven business model. It can be based on either
a revolutionary breakthrough in technology or an evolutionary advancement, and it can target an existing market or
create an entirely new one. This entrepreneurial
process is relevant for both independent startups and within established
corporations.

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