An entrepreneur is a person who sets up a business and is willing to take financial risks to make more money. The brains behind the majority of well-known start-ups that have grown and became established names are engineering graduates and students.While entrepreneurship is gradually and steadily shaping up as a highly regarded trend, what are the reasons that engineering graduates make better entrepreneurs when compared to other entrepreneurs?
What are the methods that allow engineers to advance in the field of entrepreneurship?
What is the idea underlying the success of “engineers turned entrepreneurs” in the business world?
Traits of Engineers that make them Entrepreneurs
- Engineers have the ability to become successful entrepreneurs because they have the necessary skill set that have been developed of managing projects and resolving significant problems.
- An engineer always approaches problems with optimism and won’t give up until a solution is discovered. An entrepreneur, in a difficult scenario should not give up and should keep going forward.
- The never-ending quest for knowledge propels you forward in life. Engineers are naturally curious and open to learning new things, which is one of the reasons they make excellent entrepreneurs.
Engineers have a strong vision. They know exactly what they want. When it comes to determining what they need, they are very explicit. As a result, they can effectively envision their ideas.
Successful Indian Entrepreneurs: –
Founders of Sugar Cosmetics – Vineeta Singh and Kaushik Mukherjee
Vineeta Singh and her spouse, Kaushik Mukherjee, are graduates of the Indian Institute of Technology, Madras, having studied engineering. In order to cater to the Indian market and specialize in making cosmetics for Indian skin tones, they established Sugar Cosmetics in 2015.
Co-Founder of Infosys – NandanNilekani
An electrical engineer and co-founder of Infosys, one of India’s largest IT services companies. NandanNilekani also served as the chairman of the Unique Identification Authority of India (UIDAI), where he played a key role in the implementation of Aadhar, India’s biometric identity system.
Founder of BYJU’S – Byju Raveendran
The founder of BYJU’S, an edtech company that provides online learning programs. Byju is an engineer by training and started the company with the goal of revolutionizing the education system in India.
Zomato’s founders- Dipinder Goyal and Pankaj Chaddah
Pankaj Chaddah received his engineering degree from the Indian Institute of Technology, Delhi, while Deepinder Goyal obtained an Integrated Masters in Mathematics and Computing from the same institution. When Zomato was first formed, its primary purpose was to offer restaurant, menu, branch, and review information. They later expanded their services to include delivery.
Flipkart’s founders – Sachin and Binny Bansal
Both Sachin and Binny Bansal are Indian Institute of Technology, Delhi alumni with degrees in computer engineering. They started the online retailer Flipkart, which has developed into a well-known app for online shopping Today, Flipkart is the largest e-commerce company in India, taking global e-commerce giants like Amazon head-on.
Here are some strategies that may improve an engineer’s chances of becoming a successful entrepreneur:
- Validate Your Ideas :
Before fully committing to a business idea, validate it in the market. Talk to potential customers, gather feedback, and assess the feasibility of your concept. This validation process can help you refine your ideas and increase the likelihood of success.
- Acquire Business Skills:
While technical skills are important, entrepreneurs also need business acumen. Consider taking courses or workshops in areas such as finance, marketing, and project management to round out your skill set.
- Develop a Strong Technical Skill Set:
Leverage your engineering background to acquire solid technical skill set. This will not only enhance your problem-solving abilities but also give you a competitive edge when developing innovative products or solutions.
- Manage Risks:
Entrepreneurship involves inherent risks. Understand and manage these risks effectively. This may involve financial planning, contingency planning, and a willingness to pivot if necessary.
- Seek Mentorship:
Look for mentors who have experience in entrepreneurship, especially those who have successfully transitioned from an engineering background. They can provide guidance, share insights, and help you navigate the challenges of starting and growing a business.
Your success in the realm of entrepreneurship will be influenced by your commitment to lifelong learning and your readiness to take on obstacles.
Innovation Cell, The Ministry of Education, Govt. of India has bestowed a 4-star rating upon the Institute’s Innovation Council (IIC) established at Dronacharya Group of Institutions, Greater Noida for radiating excellence in the field of Innovation and Start-up in campus. This 4-Star rating has been conferred on the institute for its performance in the year 2022-23 which is truly commendable and adds on to the list of numerous awards already acclaimed by the Institute. The college supports its students in every aspect of learning, experimenting and mentoring and thus makes them achieve their dreams of becoming successful and attaining heights of success.
Innovation & Entrepreneurship Development Cell is established by the college to integrate a culture of innovation that will help budding entrepreneurs to perceive their skills and dream to start their own enterprises. The Cell offers a platform for students to develop an idea into a financially viable technological startup in addition to its goal of fostering an entrepreneurial ecosystem on campus. A lot of inspirational talks and awareness campaigns are held to help students develop a stronger sense of entrepreneurship. The entrepreneurial skills like business modeling, idea generation, cash flow, negotiation & sales skills are enhanced through hands on training, activities and events.
Do you want to be an engineer? One of the best Engineering College in Delhi NCR, Dronacharya Group of Institutions, Greater Noida provides high-quality education, a wide range of engineering courses, and excellent placement assistance.