5 Technologies that will Reshape the World in the Next Decade – Emerging Technology Trends | Entrepreneurial Management

5 Technologies that will Reshape the World in the Next Decade

5 Technologies that will Reshape the World in the Next Decade

We are about to witness a major change in the world. Our lives, our workplaces, and our communication are going to change due to technologies. Business will be conducted in new ways, family and friends will be able to connect, and the world will be explored in new ways by 2030. We are already seeing some incredible developments in technology, which are changing the way we live and how we work. The 5 Technologies that will Reshape the World in the Next Decade are as follows:

5 Technologies that will Reshape the World in the Next Decade

1) AI and Deep Learning Algorithms

In the coming years, artificial intelligence (AI) and deep learning algorithms will have a major impact on the computer industry, according to many experts. Machine learning operations can be improved through the use of AI and deep learning algorithms. In addition to being more accurate than simpler algorithms, algorithms that are based on deep learning are also more rapid. By the end of the decade, deep learning could overtake humans as the world’s preeminent decision-making machine, according to some experts.

Deep learning algorithms, however, are often misused, and some experts are concerned that they can lead to a fearful AI capable of manipulating humans to commit crimes.

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Ecopreneurship – Concepts, Importance and Examples | Fundamentals of Entrepreneurship

Ecopreneurship

Ecopreneurship

Ecopreneurship refers to a management philosophy whereby the business efforts of the entrepreneurs are not just only motivated by profit, but also by a concern for the environment. It is also called environmental entrepreneurship and eco-capitalism. It is a new market-based approach which identifies the opportunities for improving environmental quality and capitalizing upon them in the private firm for profit. Entrepreneurs are encouraged to pursue sustainable development while maintaining environmental balance. Entrepreneurs cannot ignore environmental issues while expanding and diversifying their business activities.

In present entrepreneurship literature and practice, a new stream of research has been launched which emphasizes on consideration of three dimensions of entrepreneurship activities consisting of economic, social, and issues. In similar way, in the present time entrepreneurs should consider social and environmental issues along with the aim of fulfilling economic objectives. Priority should be given to addressing the negative impact of economic activity on the social and environmental conditions of the surrounding area. Ecopreneurship is based on three pillars: innovation, caring for the environment, and long-term sustainability of business.

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Eco efficiency – Concepts, Aspects, Advantages and Disadvantages | Fundamentals of Entrepreneurship

Eco efficiency

Eco efficiency

Eco-efficiency refers to the management philosophy which minimizes the ecological damage and maximizes the efficiency of the firm’s production process. It is coined by the World Business Council on Sustainable Development. It works on the principles of use of high efficiency production methods and technology, the use of less energy and natural resources for the same amount of production. It also emphasizes for the implementation of more advanced waste management. Using less energy, material, and water, recycling more, and eliminating hazardous products or by-products are the ways to accomplish this.

Eco-efficiency is considered as one of the main tools for promoting the transformation from unsustainable development to sustainable development. It is focused with the concept of creation of more goods and services using fewer resources and creating less waste and promotion.Generally, eco-efficiency is measured as the ratio between the added value of what was produced and the added environmental impacts of that product or service. It addresses the environmental concerns along with it emphasizes on preservation of natural resources, maintenance of industrial efficiency, and development of economy in the nation. It also plays the role of advocacy in the balance development between economic and ecology.

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Social Entrepreneurship – Concept , Types, Characteristics, Approaches and Examples | Fundamentals of Entrepreneurship

Social Entrepreneurship

Social Entrepreneurship

The concept of social entrepreneurship describes how individuals, startups, and entrepreneurs work to develop and fund solutions that address social issues. It can also be known as an organization that uses business methods with the aim of addressing a social or environmental problem in an innovative. It is all about recognizing the social problems and achieving a social change by employing entrepreneurial principles, processes and operations.

In order to improve the living standard of the people and society, social entrepreneurship combines commerce and social issues. With an acute understanding of social needs, social entrepreneurs fulfill the required needs through creative organization. Social entrepreneurs don’t measure their success in terms of profit alone but their success is also shown by improvement of social value and standard.

The entrepreneurs involved in social entrepreneurship are associated with non-profit sectors and organizations but without eliminating the motive of making profit. The major focus of social entrepreneurship is towards creating social capital without measuring the performance in terms of profit or return. In similar way, social entrepreneurship also focuses on environmental problems and offer new ideas in business for wide-scale social and environmental impact.

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Identifying and Analyzing Opportunities – Fundamentals of Entrepreneurship | Management Notes

Identifying and Analyzing Opportunities

Identifying and Analyzing Opportunities

In simple way, ‘an opportunity’ refers to a favorable set of situations which creates a need for a new product and services in the term of business. One of the main reasons behind the success of business of the entrepreneurs is their ability to identify and recognize an opportunity for earning economic gain. When they identify and recognize the opportunity, they will be a step ahead to meet their desired goal. An opportunity has four essential qualities consisting of attractive, durable, timely and anchored in product or service that create value to the buyers. Similarly, one of the keys to recognize the opportunity is to identify a product or service that will fulfill need of the people and they are willing to buy.

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Creativity and Business Idea – Fundamentals of Entrepreneurship | Management Notes

Creativity and Business Idea

Concept of Creativity

Creativity refers to the generation of new ides which support in effective and efficient improvement of the performance in the organization. It can also be known as the ability of discovering the new ways through the analysis of problems and opportunities. Creativity even contributes for the introduction of new things that can create value in the society. One of the main features an entrepreneur should have is creativity. The use of creativity in the business activity helps to gain competitive advantage in the market.

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Entrepreneurial Strategy – Fundamentals of Entrepreneurship | Management Notes

Entrepreneurial Strategy

Entrepreneurial Strategy

Entrepreneurial strategy is a process where the entrepreneurs interpret, explore, and evaluate their ideas, plans, and policies in a systematic manner in order to achieve their aimed goals. Before entering the into market, entrepreneurs should make a strategy. This strategy contributes to the entrepreneur to gain competitive advantage for their sustainability in the market. Entrepreneurs Strategy involves the exploration of ideas, set of decisions, action, and reaction for exploitation of the opportunity; which contributes to minimize costs and maximize the benefits. There are three key stages for the entrepreneurial strategy. They are: (Poudyal & Pradhan, 2020)

  1. Generation of a new entry opportunity
  2. Exploitation of a new entry opportunity
  3. Feedback of loop from the culmination of a new entry generation and exploitation.

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Introduction to Entrepreneurship – Definition, Nature, Development and Process | Fundamentals of Entrepreneurship

Introduction to Entrepreneurship

Introduction to Entrepreneurship

Definition of Entrepreneurship

Entrepreneurship is the process of creating the new venture by the entrepreneur by devoting his/her time, recognizing the business opportunity, managing the risk and uncertainties, and efficiently using the available resources; with the aim of getting monetary reward and personal satisfaction. It can also be regarded as the option of creating self-employment along with creating the jobs to others.

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Idea Generation – Methods of Generating New Ideas for Entrepreneurs | Entrepreneurship

Methods of Generating New Ideas for Entrepreneurs

Idea generation Meaning

Idea generation is the process of creating, developing, and communicating ideas that are abstract, concrete, or visual. Idea generation is a creative process businesses use to generate new ideas, whether they’re tangible or intangible. It involves gathering ideas, research, testing, editing, or revising and ultimately implementing the plan.

Even with the wide variety of sources available, coming up with an idea to serve as the basis for the new venture can still be a difficult problem. The entrepreneur can use several methods to help generate and test new ideas, including focus groups, brainstorming, and problem inventory analysis.

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