RELEVANCE

OF
ENGINEERING ENTREPRENEURSHIP

INTRODUCTION
Because of Globalisation:
Developed countries having a field day over
the developing countries both economically
and technologically
India becoming increasingly globalised
Industries are closing down due to:

high cost of production

ease with which finished products can be
imported rather than producing them locally

DEFINITION
To engineering graduates, entrepreneurship
(specifically) is
the integration of
business management
with engineering/technical skills
leading to the formation of
engineer-entrepreneurs
3

EXPECTATIONS FROM AN
ENTREPRENEUR
An entrepreneur should
be willing and able to convert a new idea or invention
into a success innovation,
be able to develop new markets of customers and
buyers,
discover new sources of materials,
mobilize capital resources (land, machines,
buildings, money, humans),
introduce new technologies, products and services.
4

DUAL ROLE OF AN
ENGINEER-ENTREPRENEUR

technological professional
with entrepreneurial skills
He must be able to integrate
business management skills with
technical skills.
5

Japans Statistics
Factories with less than 20 employees account
for
up to 87.3% of total number of factories,
20.1% of total workforce, and
12.6% of the total national output.
The Indian economy has its greatness in the
proper attention paid to engineering
entrepreneurship
6

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.

IMPERATIVE OF
ENGINEERING ENTREPRENEURSHIP IN INDIA
Developed

countries are continually

searching for markets for their products
Developing countries are becoming dumping
ground for goods produced in other parts of
the world because they are neck-deep in
solving

complex political crises and

socio-economic problems

IMPERATIVE OF
ENGINEERING ENTREPRENEURSHIP IN NIGERIA

Indian universities and polytechnics produce more

than 2,00.000 graduates yearly, less than 20% of
which are employed
A reasonable percentage not gainfully employed
because they are not found employable.
The industrial sector is operating at half of its
production capacity because of reasons like high
cost of production (from high energy cost, multiple
taxation, high import tariff on raw materials,
corruption, etc.)

SOURCES OF FUNDING

10

Personal savings
Loans from friends, relatives, relevant agencies/banks
Gratuity from retirement benefits
Security exchanges (e.g. buying/selling of shares and
bonds)
Profit plough-back
Trade credits
Hire purchase
Mortgages
Sale of securities

QUALITIES OF AN
ENGINEER-ENTREPRENEUR

11

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;

QUALITIES OF AN
ENGINEER-ENTREPRENEUR

12

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.);

QUALITIES OF AN
ENGINEER-ENTREPRENEUR

13

Good record keeping (of stocks, sales expenditures)

Understand market dynamics;
Good communication skills, both oral and written;
A psychologist;
People-oriented;
Have inquisitive mind;
Goal-oriented;
Good negotiating skills;
Understand state-of-the-art in related areas.

TRAINING IN
ENGINEERING ENTREPRENEURSHIP
Heartwarming

and a good beginning that

entrepreneurship courses have been
introduced into the curriculum of all tertiary
institutions
Growth of the enterprise depends on

14

ability to start-off,
Ability to manage effectively and efficiently the
resources at his/her disposal,
creativity to make something different from others

CONCLUSION

15

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 redesigned 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.

THANK YOU ALL

FOR YOUR ATTENTION

16