The Need for Technology Entrepreneurship in Today’s Market

Running head: TECHNOLOGY ENTREPRENEURSHIP 1
The Need for Technology Entrepreneurship in Today’s Market
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TECHNOLOGY ENTREPRENEURSHIP 2
Introduction
Today’s market is entirely driven by technology entrepreneurship. The topic of
technology entrepreneurship in today’s market has attracted endless debates by many researchers
and scholars. According to (Brad, 2019), technology is driving entrepreneurial growth in the
world market across all business sectors. Information technology drives innovation and
innovation goes hand in hand with entrepreneurship. Brad (2019) defines entrepreneurship as the
act and process of identifying a business opportunity and finding the right resources to exploit
the opportunity. Technology entrepreneurship refers to the style of business leadership that uses
high-tech and high-potential business ideas to explore and exploit business opportunities in the
market (Appleyard, 2015). Today, the market environment is highly competitive due to the use
of sophisticated business technologies by entrepreneurs. Some of the most used technologies by
entrepreneurs include internet of things (IoT), wearable, artificial intelligence (AI), virtual &
augmented reality (VR/AR), and drones. Today, the business and market environment enjoys
entrepreneurial benefits from top tech entrepreneurs such as Jack Ma, Elon Musk, Kevin Rose,
Jay Adelson, and Evan Williams just to mention a few (Appleyard, 2015). This study will
present a literature review that analyses the need to technology entrepreneurship in today’s
market and business environment.
The Need for Technology Entrepreneurship in Today’s Market: A Review
Communication with Customers
One of the most important attribute of an entrepreneur is the ability to clearly
communicate with customers. Modern business need to allocate for and budget some funds for
communication software improvement in order to improve business to customer connection

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(Beckman et al., 2012). Business to customer (B2C) is only possible if backed up with new
business technologies. Technology entrepreneurship affects the ability of an enterprise to
communicate and connect with the target market. In today’s busy market environment, it is
crucial for workers to freely interact with clients and customers in a more prompt and clear way
(Beckman et al., 2012). Through the use of technologies, entrepreneurs are able to create new
platforms such as Facebook, Twitter, Instagram, and YouTube where the target market raise their
concerns over the products offered to them by the company in a more open and interactive way.
Beckman et al., (2012) argues that company websites enable customers to get response to their
queries on one-time from the company representative. Other studies by (Muhammed, 2018)
indicate that fast shipment options of products are only facilitated through technology, and
businesses are able to quickly move products to the destination of the respective customers.
These researchers content that when entrepreneurs use technology to interact with the target
market, then more sales and profits get realized (Nicholas & Armstrong, 2003).
Market Relevance
According to (DuBrin, 2013), getting behind technology entrepreneurship lead to
business irrelevance in the market. It is clear that they key contributor to competitive advantage
is the use of technology and innovation of new products as desired and demanded by the target
market. Any company that fails to use technology either struggles or collapses in its venture to
sell a product or a service to the market. In a recent study by (Gupta, 2016), 68% of marketing
managers report that customer experience is constantly turning to be the main source of
competitive effort and advantage for their responsible firms. The use and investment into modern
business technologies by entrepreneurs makes them innovate new product brands and even in the
modification of the current brands to suit customer needs, tastes, demands, and preferences.

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Studies by (Nambisan, 2017) indicate that the market purchases or uses a product that only suit
their needs. It is not surprising for a well-established company to use customers to a newly
launched competitor who is fully dedicated to innovate and modify its products until they suit the
customer needs. These facts reveal that any company that risks getting behind on technology
risks becoming irrelevant in the market (Venkataraman & Sarasvathy, 2000). Today, customers
are constantly demanding personalized experienced that make every single step of the purchasing
journey easier and relevant to their choice, taste, and preference.
To Acquire Efficiency of Operations
Technology entrepreneurship is also needed to help businesses understand its cash flow
needs as well as in the preservation of precious resources such as physical market space and
time. With a proper understanding of cash flow needs, a business is able to produce and provide
all desired products by the target market and thus increase its general productivity in the market
place (Nambisan, 2017). For example, warehouse inventory and stock control technologies
benefit company owners in the understanding of how best they can manage the storage costs of
holding a commodity before it gets released to the market. When the right technologies are set in
place; the executive officers are able to save time and money that is consumed by holding
meetings over the internet instead of holding them at corporate headquarters (Jurison, 2016). In
this perspective, customer service support is also needed; and this is still impossible without
technology entrepreneurship. This calls for the need of technology entrepreneurship in order to
set in place customized chat Apps where customers are able to ask and question and receive an
instance response and support from customer care (Jurison, 2016). Without a market, a company
has no need to remain in existence, and this is why technology is required to come up with
efficient tools that facilitate customer support and help in a timely and cost saving manner.