Technology Entrepreneurship Essay

Technology Entrepreneurship means establishing a new venture via advanced technology and innovative business. It could be included in exciting organizations or new organizations. However, entrepreneurship is defined as “ to reform or revolutionize the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, by opening up a new source of supply of materials or a new outlet for products, by reorganizing an industry and so on.” (Schumpeter, 1950:132). Consequently, the subject is beneficial for people who would like to start a new business especially technology-based firm. Moreover, it can be contained a wide range of fields such as biomedicine, economics, communications, computing, energy and so forth. This article provides an interpretation of the overview of technological entrepreneurship and describes what fields that have been benefitted with particularly in economics, organizations and individuals.

Entrepreneurship describes the approach of start a new business opportunity in new firms or already established firms. After Schumpeter （1950） explained definition of entrepreneurship, Wilken (1987) further explained what Schumpeter mentioned. He indicated entrepreneurship is an ability which changing production of commodities (or services) by combining ingredients of production. In addition, Gough (1969) defined entrepreneur who is a risk-taker and like work on status with risks more than on an already established firm. Furthermore, global growth expansion generated needs of management. However, management became a method of administrators rather than the entrepreneurs. Thus, Sayigh (1962) clarified entrepreneurial behavior is not only including innovation, which means new or creative concepts, but also including imitation or copying. Instead, he had alternate viewpoint about a description of entrepreneur who is a risk-taker. He claimed that an...