Why do engineers have a better chance of entrepreneurship?
With the advent of the 21st century, the job market in India has grown by leaps and bounds. What was just a small sector two decades ago is a full-blown industry today and is expected to keep growing for a very long time. While all this is happening, surely startups and entrepreneurship are booming side by side. Indian investors have funded over 5000 startups nationally in just 2020, more are expected in the future. There is however a trend not many minds capture. Most of these startups are founded by engineers who turn up as entrepreneurs. This gives rise to a question, “Do engineers have a better chance of entrepreneurship?”
Let us take a deeper look and try to answer this question.
At least on the surface, it does appear that engineers do have what it takes to be successful business owners. But what is it that makes them capable? Is it the inherent individual talent or something engineers study during their degree course which sets them apart? The answer is, “No.” In fact, B.E./B.Tech and MBA are vastly different courses with very little in common, and yet there is an overwhelming number of engineers who opt for an MBA program post their degree. The reasons lie underneath what engineering teaches students.
The Skillset Required
The engineering academics do not impart any business knowledge. But the way engineering courses are designed, students learn other things like hustling, striving, and dedication towards the set goal. While these lessons are abstract and anyone can totally learn them in their lives, an engineer is more likely to learn all of this due to the sheer amount of study and preparation needed.
Every business needs serious efforts, in the right direction to become a success story. Engineering is no joke. Learning years’ worth of knowledge in 8 semesters demands seriousness towards it. A casual student simply falls behind with no comprehension. This quality of being serious about work is common to both, engineering students and entrepreneurs.
Every engineering project ever undertaken by mankind has gone through the process of planning and design. There are several parameters that need consideration, several factors to be calculated, and the sheer sample size of potential problems and their mitigation strategy is overwhelming. All of this needs detailed and well-chalked-out plans. This draws another essential parallel between engineers and entrepreneurs.
Engineers simply become habituated to think about every possibility before approaching a problem statement through their journey towards earning an engineering degree. When one looks at it this way, it doesn’t come as a surprise when engineers are able to showcase solid business planning abilities.
Problem Solving Ability
Most businesses are based upon solving a problem faced by people or by providing a solution to a previously unsolved issue. Let us consider an example. People wanted food home delivered and not all restaurants could afford to hire delivery boys. Zomato solved that problem for people and restaurant owners. That is a businessman’s solution for logistics.
Another example takes us to the early 19th century. Transportation of goods and services in bulk was a big issue in those times. The invention of the steam engine led to engineering the first locomotive which transformed the world completely. This was an engineering solution for logistics.
Upon taking a closer look at the two examples, it becomes clear that both engineering and business management essentially teach problem-solving. Their methods are different, but the core remains. Since this ability is yet another common trait to engineers and entrepreneurs, one can safely begin to assume that engineers have a better chance of entrepreneurship.
Vision for Innovation
Solving complex engineering problems breeds innovation. As they say, “need is the mother of invention,” it can also be said that, “Innovation is a product of the invention.” To understand this, let us go back to the locomotive example. As the need for more and more transportation arose, engineers had to devise better, faster, stronger, efficient engines. This drove them to think outside the box and many new designs, fuel, wheels, etc. came up over time. Today we even have trains that don’t use wheels. Naturally, the design and manufacturing part fell upon the shoulders of engineers. One can easily see countless examples of innovations becoming foundation stones for business success all around them.
It is not far-fetched to say most of the innovative solutions to improve existing solutions come from engineers who turn entrepreneurs.
It is true that becoming an engineer is not a pre-requisite for becoming a successful businessperson or a budding entrepreneur. Having said that, it is also equally true that the above points stand true to the test. You don’t have to become an engineer to become an entrepreneur, but it surely helps you develop the skills and abilities needed to succeed. Keeping up the quest for knowledge and a better life for people than what they already live is a great way to achieve success in life
We being one of the best engineering colleges in Telangana offers aspiring engineering to upscale in innovations and work on a wide range of project and gain vast knowledge on the same. Know more about us here.