Technological Entrepreneurship Appraisal in Developing Countries: Challenges and Opportunities

This study aims to assess the challenges and opportunities in developing countries' technological entrepreneurship businesses in terms of competitive advantage and business performance, with a focus on SMEs. The study empirically examines the development of technology and entrepreneurship in developing countries. According to the findings, technology has been highly integrated into entrepreneurial activities (most especially in the aspect of the production process and innovation in marketing). In terms of the roles that technology has played in the development of entrepreneurship, it has primarily led to a shift from traditional modes of operation to a new frontier; it has also contributed to innovative improvements in the manufacturing process and enhanced marketing activities. Some challenges do exist with respect to integrating technology into entrepreneurship; the major challenge happens to be the complexity of integrating technology into an existing business; other challenges include the literacy level of the entrepreneurs and a lack of finance. Conclusively, the result of this study shows that the adoption of new technologies has a positive effect on competitive advantage. It also has a significant relationship with business performance. To ensure adequate company performance, all actors in government and entrepreneurship schemes must pay special attention to training workers on the effective use of technology in the management process of small enterprises. The government should make available a variety of financing options to entrepreneurs at reasonable rates. This will curtail the burden and challenges experienced in trying to integrate technology into entrepreneurship.