A Literature Review: Technology Entrepreneurship in Today's Market

This essay presents a comprehensive literature review on the critical need for technology entrepreneurship in today's market. It explores how technology drives entrepreneurial growth, emphasizing its impact on customer communication, market relevance, and operational efficiency. The review highlights the competitive advantages gained through technology, including the ability to streamline operations, save money, and maintain strong business cultures. Furthermore, it discusses the importance of technology in avoiding missed market growth opportunities and ensuring robust security measures. The essay underscores the necessity of embracing technology to remain competitive and succeed in the dynamic business environment, providing insights into how entrepreneurs can leverage technological advancements for enhanced market performance and sustainable growth. The study covers topics like communication with customers, market relevance, efficiency of operations, competitive advantage, and more.

Running head: TECHNOLOGY ENTREPRENEURSHIP 1
The Need for Technology Entrepreneurship in Today’s Market
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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.

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Competitive Advantage
Studies by (Muegge, 2013) indicate that technology entrepreneurship helps SME
companies gain a competitive edge over the larger and established firms. It is clear that bigger
companies have sufficient capital and resources to implement any technology that they decide to
embrace, and on a large scale. Small market enterprises do not have such an advantage. But,
there are some points where these entrepreneurs have an opportunity to explore. An entrepreneur
requires few steps to adopt and test out a new technology (Pathak, Xavier-Oliveira, & Laplume,
2013). Since SME entrepreneurs are nimble, they are able to jump on innovation bandwagon in a
more rapid manner and develop new solutions that can fix market gaps and demands from
scratch. As a matter of fact, big companies like Facebook and Google begun here, and today they
are on the forefront when it comes to acquiring smaller startups (John-Evans, 1995). With this in
mind, the need for technology entrepreneurship in today’s market is a mandatory for every SME
and market player as far as gaining a competitive advantage is concerned. According to (Mione,
2019), legacy firms have higher coordination costs and always need more time to implement new
technologies that address market gaps. For example, a company like Walmart needs to embrace
new video conferencing software in order to improve project management efficiency when it
comes to researching new products as demanded in the market.
Avoid Missing Market Growth Opportunities
Technology entrepreneurship helps companies to invent new business brands and do
market research to understand the potential market opportunities that can facilitate business
growth. Studies by (Gupta, 2016) indicate that failure to keep up with technology innovation
leads to missed market growth opportunities by a company. Entrepreneurs need to do market

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research to understand the unexploited market opportunities that require attention and offer an
excellent opportunity for business growth in terms of coverage, market base, and sales boost
(John-Evans, 1995). Market research needs to be unique, and this can only be facilitated by the
use of sophisticated business technologies of research. The failure to do market research on the
target base, the company loses its customers to the companies that do it. Studies done by (Kim &
Ko, 2012) show that 20 % of all entrepreneurial startups get outcompeted by the already
established firms in the market due to their inability to do market research and respond to the
target market needs. Failure to match the standards set by modern technology in the market
makes it troublesome for a company to maintain itself in the market. All companies that keep up
and adopt technology entrepreneurship grow and exploit all available and potential opportunities
in the market.
Streamline and Save Money
Technology entrepreneurship in today’s market is needed to streamline business activities
and save money for a company. According to (Gupta, 2016), it is imperative for an entrepreneur
to watch expenses and stretch profit margins as far as possible when launching a new startup. By
the aid of technology, entrepreneurs get able to find opportunities that are viable in streamlining
and automating processing that are cost saving to the firm. A firm that minimizes costs is able to
offer goods and services to the target market at a minimized and affordable price rate. Also,
entrepreneurs need technology to automate customer support through artificial intelligence chat
boxes and call routing systems. Studies by (Muhammed, 2018) reveals that using a project
management software helps to ensure that projects get completed within time limits and in the
optimal use and maximization of resources for the benefit of a company and the target market at
large. Also, financial management and automated invoices are all required by every company;

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and this calls for the need of technology entrepreneurship. Further, human resource departments
and activities benefit from entrepreneurial technology (Brad, 2019). Companies with an excellent
HR system are able to assign sales and marketing duties to employees in a more appropriate way,
and thus the importance of technology entrepreneurship for modern businesses markets.
Maintaining Business Culture and Customer Relations
Technology is required to create a team dynamic within an enterprise to ensure that
employees and customers who are differently located have better interactions. The culture of a
business determines its success in the market, and a technological culture is a goal that every
company aspires to have and maintain in its day to day business operations (Jurison, 2016).
Technology entrepreneurship is required to establish a business culture that encourages all
employees to innovate and create new ways of doing business and serving the target market in a
better and a more advanced manner (Daniel, 2018). When customer receive the products they
need from a company, then they get retained and also refer other people to use the services and
products of that enterprise. With technology entrepreneurship, the market environment is made
like a small village where a unique and common culture is established. A technological culture is
set to ensure that all customers are treated the same with fairness and equity and without any
bias, prejudice, and discrimination. According to (Jurison, 2016), a good technological
entrepreneurship culture in the market begins from the employees within a company itself. In
this context, technological entrepreneurship enables workers at different locations to coordinate
well and use a common language where their backgrounds are set aside and a uniform
technological business culture is applied.
Security

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Today’s market environment has been full of risks that range from theft of products,
money laundering, bribery, fraud, and embezzlement of funds (Muhammed, 2018). The adoption
of security technologies by entrepreneurs is highly required in order for a business to thrive in
the market. Entrepreneurs need security technologies such as CCTVs, alarms, and other software
to protect business properties and monitor issues of bribery, embezzlement, and broad day light
theft by the dishonest employees. Over the last decades, there have been hackers of company
information who steal and manipulate financial information of a company for purposes of fraud
and other malpractices agenda. Setting in place security technologies such as SSL prevents these
hacker activities and thus safeguarding a company’s data (Muhammed, 2018). In simple terms,
technology helps entrepreneurs in securing their information and ideas away from access to any
third party of competing firms. Also, the use of computers with passwords secures company
data, customer or market data, and other confidential information away from access to
unauthorized parties. If a company is secure, then it has the freedom to deliver upon customers’
demands, needs, and preferences (Gupta, 2016). The essence of security is giving comfort to a
company, and settled businesses satisfy market needs in the most appropriate manner.
Need for Advertisement
Studies by (Brad, 2019) suggest that it is difficult for the target market to know the
products or services offered by a company to them if these commodities are not effectively
marketed. Thus, technology helps entrepreneurs in web based advertising through the use of
social media platforms such as Facebook, YouTube, Twitter, and Instagram. Other studies by
(Daniel, 2018) indicate that social media marketing is the most effective approach of marketing
or making a product known to the target customers. Over 90% of the world market holds
Facebook accounts, and Facebook is a product of technological entrepreneurship by one of the

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most popular entrepreneur in the world, Mark Zuckerberg. Also important, web based
advertising consists of social media and company websites. Daniel (2018) argues that 100% of
companies have a company website, and this features a description of the product and service
offers that the company has for the market or target consumers. Website is a product of
technological innovation, and website developers are needed to continue adding new web
features that attract the target market and easily convince them to buy from them or use their
services. Other technology products being used by companies to market their products to the
target consumer are WordPress and Square Space (Gupta, 2016). This study contents that
technology is required to enable entrepreneurs market, advertise, and sell their products to the
target market.
The Need for Technology Entrepreneurship in Today’s Market: An Analysis
According to (Daniel, 2018), the technology entrepreneurship sector from all major firms
that all people know, to both medium and small enterprises that operate in all business industries
has been growing year by year. All competitive companies have invested a lot in technology in
the areas of website development, research, innovation and others with the main objective to
remain competitive in the market environment and offer the target market with the desired
products. Technology has stocked endless opportunities for the entrepreneurs (Brad, 2019). As a
matter of fact, the technological sector provided the highest returns to companies across all
market sectors in 2017 at 34.28%. Given that technology is subject to constant change,
companies are forced to budget for technological advancement and improvement in the course of
a financial year just to ensure they match any technological actions taken by the competing
firms. An analysis by (Daniel, 2018) over the last ten years about technology and

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entrepreneurship shows that the growth rate has been varying, with more companies investing
more to technologies that connect them more with the target market. This analysis is as below:
Fig 1: Technology Returns Across all Sectors since 2009 to 2017
Year Technology All Sector
2008 -41.38% -35.16%
2009 50.94% 27.79%
2010 11.39% 16.11%
2011 2.67% 3.30%
2012 15.46% 14.78%
2013 25.97% 30.81%
2014 17.75% 13.41%
2015 5.63% -1.37%
2016 14.82% 14.31%
2017 34.28% 18.27%
(Daniel, 2018)
As illustrated in the table above, the technology sector can either bust or boo. A similar
effect is witnessed in individual firms and market segments within the space. Clearly, technology
seems like the next big thing in entrepreneurship and in the market world (Daniel, 2018).
Other studies by (Elfring & Hulsink, 2013) show that technology is needed by
entrepreneurs to provide a gateway at which powerful artificial intelligence tool that fuel
innovation and agility are realized. Companies like Deloitte and PWC are good examples of

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global audit technologies that facilitate easy management of system, financial, human resources,
IT, and operations data. Agility and innovation are undoubtedly essential ingredients for
competitive advantage in all companies no matter the industry in which they operate. According
to (Huczynski, Buchanan, & Huczynski, 2013), corporation need technology in order to take a
greater advantage of cloud platforms that make powerful AI tools and services available to a
wide range of consumers, customers, and clients in varied market segments. These technological
tools are assisting in the acceleration of experimentation, agility boosting, innovation
demoralization, and in the powering of digital transformation processes for the benefit of both a
company and its target markets. Technology is also required by modern day market
entrepreneurs to facilitate flexibility and flow of business activities in a more competitive
manner (Huczynski, Buchanan, & Huczynski, 2013). Market value proposition is now made
exponential through the effective use and adoption of technology by the market entrepreneurs.
Today, most companies in the market are integrating AI capabilities into cloud-based enterprise
software; and this is helping them in convincing broader and mass markets.
In (Hoffman & Fodor, 2010) analysis to the effect of technology entrepreneurship in the
market, he finds that markets are favorably responding to new business technologies. An
integration of AI and enterprise software is overwhelmingly helping companies become
competitive in the market when it coming to meeting the market’s demands. 2019 studies by
(Westerman, Bonnet, & McAfee, 2014) reveal that consumption models of technology will
continue to boost both AI adoption and cloud software. In the next 10 years, over 60% of new
SMEs are expected to transform their IT systems to cloud as part of digital transformation whose
main objective is delivering the desired products and services to the target market. In the area of
artificial intelligence, enterprise software implementations for security and research purposes

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will continue to be done (Babu, 2012). Business health has also been realized through the use of
technology entrepreneurship as all products innovated are technologically tested and approved as
fit for consumption and use by the target market.
Conclusion
This literature review concludes that businesses and entrepreneurs need to embrace new,
emerging technologies, even if it means by cannibalizing their legacy operations. Today, the
business environment is highly competitive due to the use of sophisticated and modern
technologies by entrepreneurs. Companies have no choice but to invest and channel more
resources to technological innovation, modification, and improvement in a manner that improves
their productivity and increases the rate of customer satisfaction. The adoption of technologies
helps entrepreneurs in doing market research, gaining a competitive edge over rivals through
innovation of new and unique product brands, remaining relevant in the market, enhancing
effective communication both within and outside the company, enhancing operations efficiency,
for advertisement purposes, and in helping a company to avoid missing in potential market
opportunities that require its attention. Modern business technologies have provided the best
approaches of increasing business to customer (B2C) integration and transactions in a more open
and friendly manner. Also, technology entrepreneurship has made modern market more lively
and interactive. Therefore, all companies should invest and adopt the use of new and
sophisticated market technologies so as to improve their competitiveness, position, and relevance
in the market.
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