8 Reasons why Engineers can become Good Entrepreneurs
As we know that some successful entrepreneurs are drop outs from various colleges, its definitely not a pre-requisite though. Many entrepreneurs have decent academic background, with some work experience as well. From various academic studies, Engineering provides a good framework to be an entrepreneur. For example, in entrepreneurship, you need:
1. Quick decision making
You are required to move fast and take quick decisions. Typically engineering and entrance preparation into engineering schools prepares you well for fast decision making objectively.
2. To make lots of decisions in shorter duration of time
Typically as an entrepreneur, you will need to make 10s to 100s of decisions every week. Having engineering education gives you a good training ground for that.
3. Quantifying uncertainties, risks and probabilities
You need to do the cost benefit analysis, minimize any risks, work with probabilities, maximize the outputs etc. Quantitative studies within engineering prepare you well for that.
4. Problem solving
As an entrepreneur, you will face several problems and many of them can be large and complex where you need to manage large number of variables. Differentiation and integration learnt within Applied Maths and Physics can help you deal with that.
5. Parallel processing
While being an entrepreneur, you will need to try several products or features or strategies at the same time. Understanding of parallel processing concepts help you multi-task better.
6. Working hard and long to reach get the desired outcome
Longer engineering studies (typically 4 years+) with various projects running over 6 months or so help you persevere longer duration targets
7. Ability to prove, create logic from facts and draw appropriate conclusions
In order to convince your clients, investors and various other stakeholders, you need to have good reasoning and logic building skills, that you enhance within Engineering.
8. Willingness to experiment, do RnD, stay out of the comfort zone, visit the paths less visited
In several projects within Engineering, its likely that you would have tried newer things (like in chemical compounds, or software development, or forging within mechanical laboratories etc.) with unknown combination of inputs leading to unexpected outputs. Learning from this kind of RnD also makes you a better entrepreneur who is willing to take risks and lead with innovation.