Engineering Entrepreneurship

In the recent Duke and Harvard survey of over 500 technology companies showed that only 37% of their leaders even have engineering or computer science backgrounds. In essence, the fact that you are an engineer does not mean that you have an edge over others in entrepreneurship; it is your ability to transform an idea in engineering into a marketable business opportunity with entrepreneurship that will determine how successful you will be as an entrepreneur.

 

 

Engineering Entrepreneurship

 

Engineering is the creative application of science, mathematical methods, and empirical evidence to the innovation, design, construction, operation, and maintenance of structures, machines, materials, devices systems, processes, and organization for the benefit of humanity. In essence, engineering has played a significant role in the existence of human beings from time immemorial, the roles that engineering is playing in making life comfortable for all and sundry can never be underestimated.

Entrepreneurship is the method of designing, launching and running a new business. It is the capacity and willingness to develop, organize, and manage a business venture along with the risks in order to recognize the commercial potential of the invention and organize the capital, talent, and other resources that will turn an invention into a commercially viable innovation. Entrepreneurship cuts across every sector of human life including the field of engineering, engineering entrepreneurship is the process of harnessing the business opportunities in engineering and turning it into profitable commercially viable innovation.

There are numerous innovations and business ideas in engineering that can create wealth. An engineering entrepreneur is required to have the capacity and willingness to harness, develop, organize, and manage the business venture conceived with an engineering idea and manage the risk involved painstakingly in order to make a profit. It is imperative for engineering entrepreneur to have the creative mindset and skills needed for problem-solving that the field of engineering is known for; it involves the acquisition of tools, methods, knowledge of processes, and the organizational and managerial understanding of innovation and entrepreneurship that will stand him to out.

 

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Being a successful engineering entrepreneur entails having an in-depth knowledge of a marketable technological innovation and it requires the following:

Development of a business plan:  every business venture needs a solid plan that will evaluate the commercial viability of the business idea. With a business plan, detailed market research, and the required customers’ feedback will be evaluated.

Human resources: engineering entrepreneurs need to surround themselves with the right set of people that will ensure better utilization of resources.

Acquisition of financial and material resources: no business thrives without finance, it is the major driving force of any business idea, engineering inclusive.

Accountability: as an engineering entrepreneur, it is important for you to be responsible for your actions, it is essential for you to be accountable to yourself in your sojourn in engineering entrepreneurship.

Risk Management: your ability to effectively manage the risks associated with your business is very paramount to how successful you will be as an engineering entrepreneur. No doubt, engineering involves a lot of risks but with proper management, the risk will be minimized. This involves the use of the right tools to undertake various tasks.

 

Related links…

Agile Sprint for Engineering plans

Project Plans Examples

 

Engineering business ideas

 

Engineering is a very wide field that cuts across chemical, mechanical, electrical, computer, and civil engineering, there are various business ideas obtainable from it. Some of the ideas are a small machine shop, scrap metal business, auto repair, solar panel production and installation, welding, product assembly service, waste disposal machines, supply chain management, and others.

 

Entrepreneurs in civil engineering

 

Civil engineering is an interesting branch of engineering that deals with the design, construction, building of layouts and other types of construction. Entrepreneurs in civil engineering can explore various entrepreneurial opportunities in blocks and bricks manufacturing, construction equipment rental business, borehole drilling business and lawn care services.

 

Entrepreneurship in Electrical Engineering

 

Electrical Engineering is the aspect of engineering that involves the study and application of electricity, electronics, and electromagnetism. Electrical engineers work on electricity, and power generation and transmission. There are various opportunities that you can tap into as an electrical engineering entrepreneur like building and installation of solar power generation equipment, manufacturing of electrical control panel, electronic pump regulator production, LED light production, recycling of electronic products, and electronics product and components supply chain management.

 

Mechanical engineer entrepreneur

 

This is an entrepreneur in the field of mechanical engineering that deals with the design, and production and operation of machinery. Some of the jobs undertaken by the entrepreneur include clutch plates manufacturing, barbed wire production, electrocoating, hacksaw blades manufacturing, nuts and bolts production, 3D designing and printing.

 

Engineering entrepreneurship ideas

 

Ideas, they say rule the world, engineering as a field can generate ideas that have the potential of being profitable and generate wealth. There are a number of business ideas in the field of engineering which can be embraced by engineers, the business ideas can also be operated from home:

Consultancy: naturally, engineers are known for their problem-solving abilities, an engineer can use his skills to provide consultancy services to the people in need of it. Consulting is a business that can be run from home and it requires a small capital.

Product design: you can put your skills in engineering to design and develop hardware for some devices.

Also, you can use your skills in teaching, training, and writing. This can be done by teaching and training people how to operate, install, and manage some equipment. Another idea is by operating as a technical writer to the people that will pay for your writings.

 

Chemical engineering entrepreneurs

 

Chemical engineering is the branch of engineering that impacts almost every sector of human life. Chemical engineering involves the turning of raw materials into useful products for human consumption. Chemical engineering entrepreneurs are involved in the processing of raw material into useful products, some of the entrepreneurial opportunities being explored by them are agro-chemical production, bio-diesel production, plastics production, water treatment services, food and drinks formulation, fertilizer production and ceramic color manufacturing.

 

Engineering and entrepreneurship

 

In reality, engineering and entrepreneurship are related in the sense that entrepreneurship is the process of harnessing the different opportunities in the field of engineering. Engineering requires comprehensive planning; entrepreneurship will offer better management of the engineering resources so that they can be properly utilized for wealth creation. Entrepreneurship will provide the needed marketing expertise, proper accounting practices, solid business operations, and administrative knowledge that will nurture a technological idea into wealth.

 

Famous Engineering entrepreneurs

 

Some of the famous engineering entrepreneurs who have turned their ideas into business ventures creating wealth and opportunities for others. These engineering entrepreneurs nurtured their ideas into a conglomerate of companies and they are contributing immensely to humanity. A few of them are Carlos Slim, Charles Koch, David Koch, Bernard Arnault, Micheal Bloomberg, Jeff Bezos, Larry Page, Sergey Brin, Mukesh Ambani, and Thomas Kwok.

 

Entrepreneurship for scientists and engineering

 

Generally, scientists and engineers are renowned for their problem-solving abilities; they are working at the forefront of scientific knowledge and advancing every field of human endeavor through innovation. With entrepreneurship, engineers and scientists are more business-oriented making them create wealth from their innovative ideas and inventions by converting them into products and services, it enables them to manage their resources and the risks associated with their business ideas effectively so that they can use it to influence the world positively.

 

Sinnaps as a tool for engineering entrepreneurship

 

Project management tool like Sinnaps can be used by the engineering entrepreneur in undertaking their tasks properly; engineering is a field that requires detailed planning and precision. It is a tool that can be used for the creation simulation of projects.

As a tool, it will aid the operations of your team in planning, cost estimation, and project execution to attain the desired precision. The task of managing your risks becomes easier because it is online software that will allow you and your team members to minimize the risk and prepare you for uncertainties.

 

How to create simulations in Test Mode (1’22”)

 

 

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You can calculate the risk impacts and it will be shown to you automatically thereby saving you a significant amount of time and effort. Furthermore, there is a Test mode feature on it which allows you to test the changes to your project and see the effects before full implementation is committed to the project.

The task of fulfilling the objectives you have for your engineering idea which is to turn it into a profitable business venture requires thorough planning, execution, and risk management. A project management like Sinnaps will assist you in becoming successful in engineering entrepreneurship because it will save you a lot of time, resources, and help attain precision in your tasks.

 

Related links…

Entrepreneurial Skills

Characteristics Entrepreneur