Techno-Entrepreneurship, Relevance Of Techno Entrepreneurship, Challenges of Technology Entrepreneurship

Abstract

This chapter explores technology entrepreneurs’ role in business, challenges, and opportunities. Technology has become essential to the success of almost any endeavour in modern times, affecting global human activity. The advent of these developments has allowed entrepreneurs and customers to improve business processes, grow businesses, and increase profit margins. However, entrepreneurs encounter challenges in adapting to the swift advancements in technology and adjusting their business models, which inhibits corporate performance and harms the economy. This chapter offers recommendations for technology entrepreneurs to prioritise the acquisition of technological knowledge, optimise the utilisation of available information, and focus on cultivating psychological capital to enhance their chances of success. And for policymakers and the government to streamline regulations, provide financial incentives to support research and development, and facilitate access to funding and resources for entrepreneurs at fair prices. Establishing a collaborative platform for entrepreneurs and government organisations to engage will foster innovative job opportunities and contribute to overall economic growth.