Taking the Leap from Engineering to Entrepreneurship

Every engineer who’s invented some new technology or is adept at coming up with innovative solutions believes that the hard part is over and the step to take that solution to market as an entrepreneur should be easy. And many engineers are in for a shock. In reality, that seemingly short step from engineer to entrepreneur means significantly more risk. In fact, a survey conducted by Duke and Harvard of over 500 technology companies found that only 37% of leaders had any background in engineering or computer science. Engineers should definitely think twice before they assume that they have an advantage when it comes to being an entrepreneur, no matter how great the product they’ve come up with is. The good news is that there are many great resources out there to help engineers make the transition to entrepreneurs. Krishna Uppuluuri’s book, ‘Engineer to Entrepreneur: The First Flight’ is a good start. The book identifies the main business perceptions most engineers have, along with providing a workbook approach to provide a quick start on various business lifecycle topics. Here’s what to keep in mind if you are considering making the transition from engineering to entrepreneurship. A Great Product Doesn’t Always Make a Great Entrepreneur: The old adage ‘if we built it, they will come’ tends to be a common misconception amongst engineers who are considering starting their own business to sell a product they developed. In reality, simply building a solution alone won’t magically make it connect with customers, manage the competition, or communicate the offering to the industry. Today, we’re definitely in an era of information overload. Selling and marketing skills are absolutely crucial to ensure your product takes off, no matter how awesome it is. Thinking that your product alone will act as a customer magnet is a dangerous mindset to have. So, before you make the leap from engineer to entrepreneur, it pays to develop some skills that you can use to put your product in front of the market, promote it, and connect with your target audience. How do you do this? Enroll in a relevant training program or degree: Online learning and online degree programs have made it easier than ever for you to gain the relevant skills you need before transitioning to entrepreneurship, without messing up your already busy schedule. If you want to keep things engineering-focussed then you can find degree programs that combine both engineering and management at Kettering University Online. Or you could opt for a learning program from Kettering University Online that walks you through the basics of business and building the skills necessary to become a successful entrepreneur. Network: As an engineer, you’re probably no stranger to networking; it’s just as crucial in this industry as it is in the business world. You probably already network to keep your engineering knowledge current and stay in the loop about new projects or job opportunities. Switch your networking focus to the business world and connect with people who can offer valuable advice and support. Even better if you can find a network of successful engineers turned entrepreneurs who you can learn from. Get a mentor: Business mentoring is a fantastic idea for anybody new to entrepreneurship, whether from an engineering background or not. Choose a mentor who is able to be honest with you and tell you how it is; you’re going to benefit a lot more from that compared to somebody who won’t stop you in your tracks when you’re on the brink of making a huge mistake. Don’t Rely On a Cool or New Idea to Sell Itself: Similar to the above, just because something is cool and...