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ENGINEERING ENTREPRENEURSHIP, farhad iqbal bin ahmad radzi ce170187 -…
ENGINEERING ENTREPRENEURSHIP
definition
Entrepreneur ship is (generally) the practice of starting new organisations or reactivating mature ones and in response to major identified opportunities
definition based on engineering is the integration of business management and with technical skills leading to the formation of engineering entrepreneurs
expectation
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
a technological professional with entrepreneurial skills
business management skills with technical skills
ADVANTAGES
Self-employment, leading to job satisfaction, flexibility in time and resource management;
Creation of job opportunities, the number depending on the size of, and available resources to, the entrepreneur;
Healthy competition, leading to higher product quality
Availability of more goods and services
Development of more industries, particularly in rural areas
Development of entrepreneurial qualities and attitudes
importance of engineering entrepreneurship
Developed countries are continually searching for markets for their products
Developing countries are becoming dumping ground for goods produced in other parts of the world.
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
Deal with uncertainty and ambiguity (risk taking);
Understand and speak the language of other professionals, especially accountants, economists and other social scientists);
Convincing speaker and attentive listener;
Creative and inquisitive mind;
Adequate computer skills;
Able to design sound business plan;
farhad iqbal bin ahmad radzi ce170187