ENTREPRENUERSHIP

Engineer as an Entrepreneur

Introduction2

Entrepreneurship2

Literature Review2

History of Engineering Entrepreneurship3

Engineering Entrepreneurship3

Importance of Entrepreneurship5

Competencies for the Entrepreneurial Engineer7

Critical Analysis8

Advantages to an Engineer8

Engineer's weaknesses as an entrepreneur9

Entrepreneurial Risk9

Conclusion10

References11

Engineer as an Entrepreneur

Introduction

Entrepreneurship

The word entrepreneur means “to go between” it involves the aspects of creating a process, devotion of efforts and time, assumptions of potential risk and failure, chances of being independent, delight and money. An entrepreneur is someone who undertakes new or innovative ideas to introduce new products or methods of production that has a high value in the market. The most common types of Entrepreneurship include starting a new business also known as Startup Company, or the act of using an innovative idea to transform processes or methods in order to generate revenue. Entrepreneurial methods are considerably unusual and different depending on the industry and vision involved. Technology improvement scholars have extensively debated whether innovation is being motivated by the push of technology breakthroughs or the pull of market demand (Richard et al, 2011).

Literature Review

Entrepreneurship has not been restricted to one specific industry, field, family, state or group of people. It exhibits equal opportunity to everybody, but it depends on the capabilities, risk taking sense, and desire of the individual. Innovative approach has been found in all societies, and all kinds of economic conditions. Although the term “Entrepreneur” usually refers to a single person or an individual, it is also possible to find whole organizations that can be classified as entrepreneurial, it depends on the way they do business and seek to grow (Michael Schaper, 2004).

History of Engineering Entrepreneurship

If we throw a short glimpse at the history of Entrepreneurial Engineering, we can say that Entrepreneurial Engineering was the force behind the industrial revolution, It started in the latter part of the 18th century, with the invention and construction of 5 basic machines of the textile industry to speed up the production in England, to meet the requirements of expanding markets, formed by colonization. The Revolution then travelled to Europe and then to the rest of the world. It widened with such quickness that producing stuff by machines became a regulation by 1825 A.D. (Dr. S. M., 2006).

Engineering Entrepreneurship

According to Drucker (1985) the definition of Engineering Entrepreneurship is “Entrepreneurship is an act of innovation that involves endowing existing resources with new wealth-producing capacity”

Another definition states that: “Entrepreneurship is a process by which individuals pursue and exploit opportunities irrespective to the resources they currently control” (Stevenson, 1985).

Entrepreneurship is a condition in which investment, uncertainty and profit are all factored into the job you perform. Engineers have the analytical tools required to succeed in the industry. By enhancing those capabilities with the basic knowledge and governing principles of business and strong communication and presentation skills, engineers can earn better profits.

Entrepreneurship on an individual level can be achieved by applying an innovative idea, on the right time, at the right place after consideration of risk and uncertainty. However, creating or discovering an inventive idea does not necessarily direct towards a successful business ...