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ENGINEERING ENTREPRENEURSHIP

Mohammed Aadil Ahmed

Department of Instrumentation and controlsCollege of engineering pune

Topics to be covered

Definition Types of entrepreneurs Role of an engineer-entrepreneur Advantages of engineering entrepreneurship Qualities of an engineer-entrepreneur

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DEFINITION

Entrepreneurship is (generally) the practice of – starting new organizations or reactivating

mature ones Can range from

– solo projects to – major undertakings

leading to creation of many job opportunities and creation of new products and business

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DEFINITION

To engineering graduates, entrepreneurship (specifically) is

the integration of – business management – with engineering/technical skills

leading to the formation of

engineer-entrepreneurs

Entrepreneurship

Mainly of 2 types:

1.Small medium enterprise

2.Innovation driven enterprise

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Small medium enterprise entrepreneurs

Small companies Service business for local opportunities Example drycleaner, salons and local

restaurants Fundamentally important companies in an

economy

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Small medium enterprise entrepreneurs

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Innovation driven enterprise entrepreneurs

Large companies Service business for global markets External equity capital often required; diverse

ownership Initial losses followed by rapid growth

exponentially

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Innovation driven enterprise entrepreneurs

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DUAL ROLE OF AN ENGINEER-ENTREPRENEUR

a technological professional with entrepreneurial skills

He must be able to integrate business management skills with technical skills.

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ADVANTAGES OF ENGINEERING ENTREPRENEURSHIP

Self-employment, leading to job satisfaction, flexibility in time and resource management;

Creation of job opportunities, the number depending on the size of, and available resources to, the entrepreneur;

Healthy competition, leading to higher product quality; Availability of more goods and services; Development of more industries, particularly in rural

areas; Development of entrepreneurial qualities and attitudes.

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SOURCES OF FUNDING

Personal savings Loans from friends, relatives, relevant agencies/banks Gratuity from retirement benefits Security exchanges (e.g. buying/selling of shares and

bonds) Trade credits Hire purchase Mortgages Sale of securities

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QUALITIES OF AN ENGINEER-ENTREPRENEUR

Deal with uncertainty and ambiguity (risk taking); Understand and speak the language of other

professionals, especially accountants, economists and other social scientists);

Team player; Convincing speaker and attentive listener; Creative and inquisitive mind; Adequate computer skills; Understand economic and financial aspects of an

engineering effort; Able to design sound business plan;

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QUALITIES OF AN ENGINEER-ENTREPRENEUR

Possess analytical and planning skills; Work well in dynamic and rapidly changing environment; Work under pressure and in short time frames; Work effectively across multiple organizations, boards,

companies, and departments; Work with specialists of different mentalities, origins, and

cultural backgrounds; Be willing to learn and grasp new things (approaches, ideas); Good manager of resources (money, materials, machines,

etc.);

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CONCLUSION

An engineer-entrepreneur is one who combines his/her technical skills with business knowledge to see opportunities and convert such to create jobs for others

engineering curricula in higher institutions to be re-designed in such a way as to expose engineering students to entrepreneurial skills through introduction of business-related courses.

All stakeholders must play their role with the commitment it deserves.

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THANK YOU