Professional Documents
Culture Documents
DEFINITION
Entrepreneurship is (generally) the practice of
starting new organisations or reactivating mature
ones
in response to major identified opportunities.
Can range from
solo projects to
major undertakings
leading to creation of many job opportunities and
creation of new products and business
DEFINITION
To engineering graduates, entrepreneurship
(specifically) is
the integration of
business management
with engineering/technical skills
leading to the formation of
engineer-entrepreneurs
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EXPECTATIONS
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.
DUAL ROLE OF AN
ENGINEER-ENTREPRENEUR
technological professional
with entrepreneurial skills
He must be able to integrate
business management skills with
technical skills.
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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.
Indian economy grew because of attention to
engineering entrepreneurship
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ADVANTAGES OF
ENGINEERING ENTREPRENEURSHIP
IMPORTANCE OF
ENGINEERING ENTREPRENEURSHIP
Developed
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)
Profit plough-back
Trade credits
Hire purchase
Mortgages
Sale of securities
QUALITIES OF AN
ENGINEER-ENTREPRENEUR
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QUALITIES OF AN
ENGINEER-ENTREPRENEUR
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QUALITIES OF AN
ENGINEER-ENTREPRENEUR
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TRAINING IN
ENGINEERING ENTREPRENEURSHIP
Some recommended courses:
Engineering Economics
Design of Business Plan
Leadership
Human Resources Management
Technological Entrepreneurship
Cost Control
Financial Accounting and Reporting
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TRAINING IN
ENGINEERING ENTREPRENEURSHIP
Some recommended courses (contd)
Engineering Management
Legal Aspects of Entrepreneurship
Financial Management
Production and Inventory Control
Maintenance Engineering
New Product Development
Marketing Management
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WAY FORWARD
Major stakeholders in the development of
entrepreneurship culture are
the various levels of government,
the professional bodies, and
the entrepreneur himself/herself
each with different, but complementing, roles
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WAY FORWARD
Local Government :
should provide the enabling environment that will
make it easy for the entrepreneur to set up and
operate
The entrepreneur should, for example,
have easy and cheap access to land, water,
electricity, etc.
not be stifled with unnecessary taxes and levies.
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WAY FORWARD
State Government:
should encourage local governments to assist
interested entrepreneurs
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WAY FORWARD
Federal Government
should set up a functional regulatory
framework to promote engineering
entrepreneurship
should harmonize all forms of taxes and
levies in order to prevent multiple taxations
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WAY FORWARD
Professional Bodies:
WAY FORWARD
The Entrepreneur should
ensure that the enterprise is located as close
as possible to the source of local materials;
focus on the needs of the populace for
acceptability and marketability;
operate in such a way as to encourage
others to emulate him.
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