ENTREPRENEURSHIP IN ENGINEERING BY WCTM

Engineering is the innovative use of science, mathematical techniques, and empirical evidence in the design, building, operation, and maintenance of structures, equipment, materials, devices, systems, processes, and organizations for the benefit of humanity. In essence, engineering has played a crucial role in human existence from time immemorial; the roles that engineering is playing in making life more comfortable for all and sundry should never be overlooked. Engineering is a course of knowledge that shall be learned from the  Best engineering college in Gurgaon which is WCTM. World College of Technology and Management

Entrepreneurship is the process of creating, establishing, and running a new firm. It is the ability and willingness to develop, organize, and manage a business venture, as well as the risks involved, in order to recognize the commercial potential of an invention and organize the capital, talent, and other resources that will transform an invention into innovation. 

Entrepreneurship affects every aspect of human existence, including the profession of engineering. Entrepreneurship is the process of seizing business possibilities in engineering and transforming them into profitable, commercially viable innovations.

There are countless engineering advances and commercial concepts that can generate money. An engineering entrepreneur must be able and motivated to harness, develop, organize, and manage a company enterprise imagined with an engineering idea, as well as manage the risk associated methodically in order to benefit. It is essential for an engineering entrepreneur to have the creative mentality and problem-solving abilities that the engineering sector is recognized for; this includes the learning of tools, methodologies, process expertise, and an organizational and managerial grasp of innovation. 

Being a successful engineering entrepreneur necessitates an extensive understanding of a marketable technical invention, as well as the following:

• Creation of a business plan: Every company endeavor necessitates the creation of a sound plan that will assess the commercial viability of the business concept. A business strategy, extensive market research, and the necessary client input will be reviewed.

• Human resources: Engineering entrepreneurs must surround themselves with the proper personnel to achieve greater resource use.

• Acquisition of financial and material resources: no firm can grow without finance; it is the primary driving factor behind any business concept, engineering included.

• Accountability: As an engineering entrepreneur, you must be responsible for your activities, and you must be accountable to yourself throughout your journey in engineering entrepreneurship.

• Risk Management: As an engineering entrepreneur, your ability to properly manage the risks connected with your firm is critical to your success. Engineering does, without a question, include a lot of risks, but with effective management, the risks may be avoided. This entails using the proper instruments to do certain jobs.