10 Reasons Why Engineers Make Great Entrepreneurs
Engineering graduates are at an advantage (sometimes even over MBA graduates) when it comes to entrepreneurship. Wondering about the reasons why engineers make great entrepreneurs? We will discuss exactly this in the article! Let’s go!
As we know today, the start-up culture is running wild in the field of entrepreneurship, and engineering graduates with competitive ideas are looking to launch and run their own companies. Most of the popular start-ups that have become established names are a result of the mind work of engineering students and graduates. A few examples include Ola, Flipkart, Zomato, Housing.com, Quikr, Snapdeal, and more!
Are you wondering about the reasons why engineers make great entrepreneurs? There are more than just a few reasons for this, which we will discuss later in the article.
An engineering degree sure does offer a plethora of job opportunities, but a few characteristics that engineers develop during their 4-year course give them an upper hand in becoming successful entrepreneurs. It is safe to say that engineering courses and colleges have been subconsciously moulding their students to become successful entrepreneurs!
Famous engineer-turned-entrepreneurs in India!
As established in the previous sections, some of the best start-ups have sprung from the minds of engineers. As we discuss the reasons why engineers make great entrepreneurs, let us also see a few entrepreneurs from India who are from the field of engineering.
1. Sachin Bansal & Binny Bansal | Co-Founders, Flipkart
Co-founders of Flipkart, an online shopping portal that proved to be pathbreaking in India’s eCommerce Industry, both Sachin and Binny Bansal graduated in Computer Engineering from the Indian Institute of Technology, Delhi.
From being a small start-up in Bangalore, Flipkart is one of the most successful online shopping apps known for its wide range of products and quick delivery.
2. Vijay Shekhar Sharma | Founder, Paytm
Coming from a modest background and facing many difficulties, Vijay Shekhar Sharma graduated from the Delhi College of Engineering. He went on to establish One97, the company behind Paytm, which is known as the pioneer in payment gateway in India. He is one of the most successful entrepreneurs in India.
3. Bhavish Aggarwal & Ankit Bhati | Co-Founders, Ola Cabs
Ola cabs was founded to cut-short the time it takes to call and book cabs to commute. The whole idea behind the concept of booking a cab via an app was to simplify the process of booking a cab.
Both Bhavish and Ankit are engineering graduates – Bhavish holds a BTech in Computer Science and studied Engineering in IIT Bombay, while Ankit holds a BTech in Mechanical Engineering and MTech in CAD and Automation from the same institute.
4. Deepinder Goyal & Pankaj Chaddah | Co-Founders, Zomato
Zomato was initially founded to provide end-to-end information about restaurants, both small and large, including their cuisine, menu, maps, branches, reviews, the approximate cost for two people, and more.
The co-founders Deepinder and Pankaj later added delivery to their services. Deepinder holds an Integrated Masters in Mathematics and Computing from IIT Delhi, and Pankaj studied engineering at IIT Delhi.
These are a few famous engineers in India who have made it big as entrepreneurs in recent times. On an international scale, entrepreneurs like Bill Gates, Elon Musk, and more are from an engineering background.
Apart from the ability to bounce ideas off the top of their heads, there are more reasons why engineers make great entrepreneurs. Let us explore the same in the next section!
10 Reasons why engineers make great entrepreneurs
When we see that a lot of entrepreneurs are either engineering drop-outs (yes, you read that right!) or graduates, it makes us think about reasons why engineers make great entrepreneurs, right?
Starting a business is no mean task, but engineers possess a certain skill set that helps them become the best entrepreneurs out there. A study, carried out as early as 2012 by ‘Identified’, showed that there were 3 times the CEOs with degrees in advanced engineering than CEOs with an MBA degree. This was back in 2012! Today, in 2021, the start-up revolution is smarter, with many more engineering minds put into the field.
So, what is it that engineers have that makes them stand out as entrepreneurs? Let us look at the reasons why engineers make great entrepreneurs!
1. Engineers are great innovators
Innovation is one of the key skills that drive any business. Engineers possess the ability to create and hence, have killer ideas that would work out logically too! Innovation is one of the reasons why engineers make great entrepreneurs.
2. Engineers can effectively tap into opportunities
Engineers have the eye for opportunities and the ability to tap into them in the most effective way possible! They study in an extremely competitive environment which enables them to spot opportunities and tap into them, making full use of the said opportunity to succeed. This is one of the reasons why engineers make great entrepreneurs!
3. Engineers are resilient
Engineers also have the ‘never give up easily’ mindset, which gives them the power to endure hardships on the way! They are more resilient to failure than one can imagine and have the strength to bounce back in no time! Emotional strength is one of the main reasons why engineers make great entrepreneurs.
4. Engineers are excellent planners
With solid experience in working on projects, engineers are aware that planning is one of the most crucial elements that factor in the success of a project. Having worked on several projects at the college level and more, they are able planners with the ability to stick to a plan while also being ready with plans B and C, in case plan A does not work!
This ability to plan effectively and readiness with alternate plans are reasons why engineers make great entrepreneurs.
5. Engineers are great team players
Engineers spend most of their student life working on projects as a group. This moulds them to be team players. They thus, understand the essence of a team and the fact that a project requires diverse inputs that can be crucial to its success.
Engineers can easily mingle in a team and make sure that the project goes on smoothly. This is one of the main reasons why engineers make great entrepreneurs.
6. Engineers are trustworthy
Engineers have experience working with other teams and team members. They understand how trust is an integral part of any team. Thus, they are sensitive towards the emotions of their team members, which is also why they are such good team players.
Apart from this, they are truthful, often straightforward too, which helps them develop a good relationship with their customers and clients. This is one of the reasons why engineers make great entrepreneurs.
7. Engineers are rational
The ability to look at things from a practical perspective is extremely crucial for even a business idea to successfully see the light of day. They know to evaluate the scope of an idea and approach everything that pertains to it rationally. They can calculate the feasibility of every step in setting up a business and get things right from logistics to the setup right!
This is exactly what a business needs – a rational approach rather than an emotional one. And engineers are more rationally attached to their business than they are emotionally. This is another reason why engineers make great entrepreneurs.
8. Engineers are thirsty for knowledge
An unending thirst for knowledge keeps pushing you to greater heights in life. This is one of the reasons why engineers make great entrepreneurs – they yearn for more knowledge and are always open to learning new things. This quest for deeper knowledge is what makes them the best at what they do!
9. Engineers are great problem solvers
Their technical background and exposure to several tech projects make engineers some of the greatest problem solvers. They can rectify problems easily by approaching them with logic. This is a crucial skill when it comes to starting and running a business effectively. This is a reason why engineers make great entrepreneurs.
10. Engineers have a strong technical understanding
Technology is an engineer’s strong suit! As the world charges towards a more tech-savvy (present and) future, technical knowledge is becoming a prerequisite in most fields. Businesses have also become technologically advanced, and engineers have the upper hand at being better entrepreneurs with the technical skills they possess! This is one of the reasons why engineers make great entrepreneurs.
Engineering is a field that provides students with more skills than they require for just engineering jobs. Engineering courses equip them with all the skills needed to be successful entrepreneurs. College life is holistic, and the exposure they are provided with helps them readily take on entrepreneurship with confidence.
Are you an aspiring engineer? VIT is one of the top institutes in India that offers an array of competitive courses in the field of engineering, along with excellent placement support and quality education.
Let us know if you also want to be entrepreneurs in the comments below!