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RELEVANCE OF ENGINEERING ENTREPRENEURSHIP

RELEVANCE OF ENGINEERING ENTREPRENEURSHIP. Yinusa A. ADEDIRAN (FNSE, MIEEE) Department of Electrical & Electronics Engineering University of Ilorin, Ilorin, Nigeria Email: yinusaade@yahoo.com. INTRODUCTION. Because of Globalisation:

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RELEVANCE OF ENGINEERING ENTREPRENEURSHIP

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  1. RELEVANCE OF ENGINEERING ENTREPRENEURSHIP Yinusa A. ADEDIRAN (FNSE, MIEEE) Department of Electrical & Electronics Engineering University of Ilorin, Ilorin, Nigeria Email: yinusaade@yahoo.com NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  2. INTRODUCTION Because of Globalisation: • Developed countries having a ‘field day’ over the developing countries both economically and technologically • Nigeria becoming increasingly ‘globalised’ • Industries are closing down due to: • high cost of production • ease with which finished products can be imported rather than producing them locally NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  3. INTRODUCTION This paper • has adduced lack of entrepreneurship training in the curriculum of our tertiary institutions as the main cause • suggests introduction engineering entrepreneurship courses throughout the last three or four semesters in the universities and polytechnics NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  4. DEFINITION Entrepreneurship is (generally) the practice of • starting new organisations or reactivating mature ones • in response to major identified opportunities. • Can range from • solo projects to • major undertakings leading to creation of many job opportunities and creation of new products and business NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  5. DEFINITION To engineering graduates, entrepreneurship (specifically) is • the integration of • business management • with engineering/technical skills leading to the formation of engineer-entrepreneurs NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  6. EXPECTATIONS FROM AN ENTREPRENEUR An entrepreneur should • 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. NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  7. DUAL ROLE OF AN ENGINEER-ENTREPRENEUR • a technological professional • with entrepreneurial skills He must be able to integrate • business management skills with • technical skills. NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  8. Japan’s Statistics Factories with less than 20 employees account for • up to 87.3% of total number of factories, • 20.1% of total workforce, and • 12.6% of the total national output. Also, the Indian economy has its greatness in the proper attention paid to engineering entrepreneurship NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  9. ADVANTAGES OF ENGINEERING ENTREPRENEURSHIP • 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. NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  10. IMPERATIVE OF ENGINEERING ENTREPRENEURSHIP IN NIGERIA • 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 because they are neck-deep in solving • complex political crises and • socio-economic problems NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  11. IMPERATIVE OF ENGINEERING ENTREPRENEURSHIP IN NIGERIA • Nigerian universities and polytechnics produce more than 80.000 graduates yearly, less than 10% of which are employed • A reasonable percentage not gainfully employed because they are not found employable. • The industrial sector is operating at just about 33% production capacity because of high cost of production (from high energy cost, multiple taxation, high import tariff on raw materials, corruption, etc.) NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  12. CHALLENGES TO ENGINEERING ENTREPRENEURSHIP IN NIGERIA • Poorly Managed Pension Scheme • Poorly Operated Poverty Alleviation Programmes (NAPEP, NDE, etc.) • Minimum Academic Standard of Higher Institutions • Multiple Taxations • High Import Tariffs NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  13. 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 NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  14. QUALITIES OF AN ENGINEER-ENTREPRENEUR • Deal with uncertainty and ambiguity (risk taking); • Understand and speak the language of other professionals, especially accountants, economists and other social scientists); • Team player; • Convincing speaker and attentive listener; • Creative and inquisitive mind; • Adequate computer skills; • Understand economic and financial aspects of an engineering effort; • Able to design sound business plan; NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  15. QUALITIES OF AN ENGINEER-ENTREPRENEUR • Possess analytical and planning skills; • Work well in dynamic and rapidly changing environment; • Work under pressure and in short time frames; • Work effectively across multiple organizations, boards, companies, and departments; • Work with specialists of different mentalities, origins, and cultural backgrounds; • Be willing to learn and grasp new things (approaches, ideas); • Good manager of resources (money, materials, machines, etc.); NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  16. QUALITIES OF AN ENGINEER-ENTREPRENEUR • Good record keeping (of stocks, sales expenditures) • Understand market dynamics; • Good communication skills, both oral and written; • A psychologist; • People-oriented; • Have inquisitive mind; • Goal-oriented; • Good negotiating skills; • Understand state-of-the-art in related areas. NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  17. TRAINING IN ENGINEERING ENTREPRENEURSHIP • Heartwarming and a good beginning that entrepreneurship courses have been introduced into the curriculum of all tertiary institutions • Growth of the enterprise depends on • ability to start-off, • Ability to manage effectively and efficiently the resources at his/her disposal, • creativity to make something different from others NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  18. TRAINING IN ENGINEERING ENTREPRENEURSHIP Some recommended courses: • Engineering Economics • Design of Business Plan • Leadership • Human Resources Management • Technological Entrepreneurship • Cost Control • Financial Accounting and Reporting NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  19. TRAINING IN ENGINEERING ENTREPRENEURSHIP Some recommended courses (contd) • Engineering Management • Legal Aspects of Entrepreneurship • Financial Management • Production and Inventory Control • Maintenance Engineering • New Product Development • Marketing Management NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  20. RECOMMENDATIONS Major stakeholders in the development of entrepreneurship culture are • the various levels of government, • the professional bodies, and • the entrepreneur himself/herself each with different, but complementing, roles NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  21. RECOMMENDATIONS Local Government : • should provide the enabling environment that will make it easy for the entrepreneur to set up and operate The entrepreneur should, for example, • have easy and cheap access to land, water, electricity, etc. • not be stifled with unnecessary taxes and levies. NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  22. RECOMMENDATIONS State Government: should encourage local governments to assist interested entrepreneurs NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  23. RECOMMENDATIONS Federal Government • should set up a functional regulatory framework to promote engineering entrepreneurship • should harmonize all forms of taxes and levies in order to prevent multiple taxations NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  24. RECOMMENDATIONS Professional Bodies (COREN and NSE): should ensure that • adequate number of techno-entrepreneurship courses is introduced into the curriculum of polytechnics and universities; • continuing education courses/workshops are mounted by the professional bodies at least twice yearly. NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  25. RECOMMENDATIONS The Entrepreneur should • ensure that the enterprise is located as close as possible to the source of local materials; • focus on the needs of the populace for acceptability and marketability; • operate in such a way as to encourage others to emulate him. NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  26. CONCLUSION • An engineer-entrepreneur is one who combines his/her technical skills with business knowledge to see opportunities and convert such to create jobs for others • engineering curricula in higher institutions to be re-designed in such a way as to expose engineering students to entrepreneurial skills through introduction of business-related courses. • All stakeholders must play their role with the commitment it deserves. NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

  27. THANK YOU ALL FOR YOUR ATTENTION NSE Industrial Div. Intn'l Conf/AGM, Lagos, 4-6 Oct. 2011

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