Engineering Entrepreneurship: Traits, Success Stories and Learning Outcomes
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This report discusses the common traits found in entrepreneurs, with inspiring evidence-based stories of two successful entrepreneurs, James chin Moody and Sundar Pichai. It also includes possible learning outcomes extracted from their life journey, which can be used as a trigger to motivate young generations.
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Running Head: ENGINEERING ENTREPRENEURSHIP Engineering Entrepreneurship Report Student Name [Pick the date]
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ENGINEERING ENTREPRENEURSHIP1 Abstract Entrepreneurs are commonly viewed as a power of alteration, invention and expansion in current economies. Entrepreneurs provide newandenhancedmerchandisesto marketplacesreinstateassigncompetence through re use their profits. This paper is all aboutthecommontraitsfoundin Entrepreneurs and their view for the world. It also includes inspiring evidence base story of two successful Entrepreneurs (James chin MoodyandSundarPichai);their background, their struggle, their inspiration models and finally their success outcome. It also includes the possible learning outcome extracted from their life journey which can beusedasatriggertomotivateyoung generation to see this world with different view. Introduction Entrepreneurs have shaken the whole world with their innovations, new processes and with new products. Over the last 50 years, theyhavetotallyreshapedtheworld economicsystemandcultural communications which have resulted change in go-politics. Their innovative creation has actually transformed the life of the common person [1]. The problems which seemed to be impossible to solve were converted into the use of the common person. It is these entrepreneurswhichhavebrought advancement in the technology, eliminated the barriers in the trade and enforced free movementofpeoplefromcountryto country to help them in developing them self withdiversityculturewhichsupportsin cross-culturelearning[2].Theslogan “Nothing is impossible” was given in old time and it had been reused by generations but real life was given to this slogan during theevaluationofentrepreneursAsnew worldisfullofyouthgenerationand entrepreneurs act as a role model for them andinspiresthemtotakethisastheir professionwhichwillhelpingenerating large scale for opportunities for this youth population [3]. Literature Review A new business progress and development do not occur naturally. It is actually the combinationoffactorslikeright environment,innovationand Entrepreneurship.Entrepreneurshipis basicallytheprocessofbeingenthused, audaciousandready.Entrepreneurshave brought substantial change to the business marketoftheworld.Entrepreneursare associated with technology and in most of the cases; technologies are associated with technical background [4]. Hence, engineers have decided that instead of spending their energyandtimeonthedevelopmentof others it is better to spend this time and energy in the development of our self. As per the study conducted by William Kerr on “traits that make entrepreneurs successful” focus that it is the personality traits of a person which decides growth of the person. William Kerr found that almost all of the entrepreneurshavethosetraitsthatare commonlyfoundinthemajorityofthe entrepreneurs. Not everyone is born with these traits but these traits can be built with
ENGINEERING ENTREPRENEURSHIP2 experience. Every entrepreneur is founded to bepassionateabouthiswork.Forthem passion is more important than money [5]. Another common trait is resilience; most of the entrepreneurs believe that failure is the key to the success because every time we fail we reach one step near towards success. Thisisthebasicdifferencebetweenthe thought process of a common man and the thought process of the entrepreneur. In this case,acommonpersonthinksthatitis impossible and gives up. An entrepreneur is always confident about his idea and never says that his idea is good. An entrepreneur knows that his idea is best. As time is changing quickly, nothing is fixed inthisbusinessworld.Hencean entrepreneuradoptsaflexiblenatureby which he changes the structure according to the needs of the situation. An entrepreneur has proven to be the most assets in the development of the economy of any country andcombinabletheyhaveimpactedthe world. In old-time entrepreneur were seen as the selfish person that exploits the need of the common man but today the entrepreneur is seen with respect in the society and many believe that it is the entrepreneur who is responsibleforthedevelopmentofany society.Eventhegovernmenthas announced a support hand in the form of favorable trade policies for the entrepreneur because they believe that only entrepreneurs can solve the problem of unemployment in the world [6]. More entrepreneurs' means more jobs because an entrepreneur always sees change as a source of opportunity and knows how to convert this opportunity into his passion which benefits the common man. Asperstudytheyouthofmostofthe developing countries are actually diverting towards the criminal activities because of lackofopportunityforjobs.Whilein developed countries the life of the youth is very comfortable they know that their life is being reshaped by these entrepreneurs and in many cases, they are creating motivation environmentwheretheyaremotivating other directly or indirectly to accept this profession [7]. Research and discussion on their life James chin Moody who is the founder and CEOofSendlebelongstothelong generation family of engineers. His father wasalsoanengineer.Havingafamily background of engineers, he was well aware that he is going to take electrical engineering ashisprofession.Atageof17,an opportunitywasgiventohimregarding cosmonaut training. In 2012 his experience withCSIROhadgrowntosevenyears where he decided to do something different. Thiswasthestartofhisentrepreneurial journey from satellites to Sendle. In 2014, Australiawashavingoneofthehuge marketsforlogisticwherepeoplewere ready to give their things for free but only has to pay for delivery [8]. James used space of trucks which used to come empty from its destinationatlowcost.Jamescreateda delivery company Sendle which was based on the green delivery. Green delivery means a process in which very less emission of carbon occurs. Some of the traits of James Moddy are he is very passionate about his work with a very clear vision in his mind
ENGINEERING ENTREPRENEURSHIP3 that he has to provide something different to the society. It is not that success comes directly into his hands; it took him almost many years to fulfill his dreams after facing failure in many attempts which shows sign of his confidence and self-motivation traits [9]. Another person isSundar Pichai who was engineer in Applied Materials and currently theCEOofGoogle.SundarPichaihas completedhisbachelor’sdegreein metallurgical engineering and then masters in material science [10]. In his study career, healwayshasapassionforsomething relatedtodesignaspect.Duringhis education career, while studying MBA and then worked as consultant for Mckinsey, he started developing love towards innovation products. After joining small team to work on Google search toolbar. He first started his growthwithre-engineeringthisGoogle search style and later developed the love for creatingGooglemappingapplication. Inspiration behind his dream was the road mapping for car. Almost same kind of model SundarPichaiusedforhispassion.Re- engineeringapproachofSundarPichai triggers towards his innovative traits. As he was well aware that nobody has yet thought about to providing a re change in the road mappingwhichisveryinclinedtowards innovation,this showsthe Sundar Pichai traitofconvertingopportunityintohis mission which other persons were not able toseeandwereinthebeliefthatitis impossible to such an incredible search tool with everyday doodling features. Actually, he had recognized the innovation sensitivity market of the world population. He first analyzed the market with the help of his workexperienceandthendecidedon entering into this re-engineering approach in applications[11].SundarPichaihasa uniquetraitthatheishavingavery energetic personality and always targets that project which is having high difficulty level. Different business approaches SundarPichaihasseenmarketinthe innovation-engineeringwhichwas connectedtohispassion.Duringhis working time, he was very eager to know thetechniquebywhichhecanbring innovation along with creativity which can be the most beautiful gift for any person on this planet. By taking inspiration from this changing world SundarPichaiimplemented this approach into his mission which proved to be very successful in his journey. He first applied this technique on search tool bar which proved to be a very successful project in his life and has given him the necessary confidence in his idea. On the basis of this streamline he became one of the successful entrepreneurs in this business [12]. More ever he has started working on policy in which they use techniques as a main tool which can make life of an ordinary person easy and comfortable. While James Moody which has chosen very different passion from his background has implemented a very different approach as compared toSundar Pichai. James Moody has used a strategy management approach to makeuseofemptycontainerswhile returningfromtheirdestination.This
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ENGINEERING ENTREPRENEURSHIP4 approachprovedtobeverysuccessful approach for James. As logistic was one of the largest business in Australia and he has takenadvantageofthishugemarket. Initially, he did not get success direct from hisfirstprojectascomparedtoSundar Pichaibuthisstartingfailurehas strengthened his passion and he rearranged hisstrategyandfinallyobtainssuccess. James is working on Green mission [13]. As James is in a business of logistics which use trucksandothertransportvehiclesthat produces emission which actually harms the environmentandnowthegovernmentis very strict on environmental control. Hence, this decision will help the organization in attractingthecustomerstowardsthe companyalongwithfullsupportfrom Australian government. Scope of improvement One of the drawbacks which I found in both these Entrepreneurs is that they both lack Quickapproachbecause theyhavespent more than enough time in following their passion. In case of time they seem to be a little bit lucky because if someone has got this idea at that time where market was already in existence for these things, the story would be different. There would have astrongcompetitionandtheremaybe chances that the companies which already existed in this market would have restricted their entry with their power. Also, there may be chances that they may be present in the market but their profit sharing would have very low which may have forced them out of the market. Hence they both to improve their quick selection approach. Instead of going for the market survey they can make use of datasciencebecausetodayeverythingis based on numbers [14]. Today is the time of numbers, we cannot say words like we have achieved this or we have improved a lot. Immediately the next question after giving this statement will arise “how much”. As per the study of neuroscience and behavioral economics,thestatisticaltechniquehas actuallygivenanewlargeplatformof knowledge. Inspiration from these Entrepreneurs and learning Both these Entrepreneurs are very inspiring because they inspired me that it is not that one should go for the passion which will relate to their background. They life journey hasmotivatedmethatiftheycanany middle-classpersoncanbecausebothof these entrepreneurs are not from business family and it has also removed my myth about the business world [16]. Earlier I was thinkingthatitisimpossibletoconvert oneself into the business world until we do not have business background or may have education related to business. As both are fromengineeringbackgroundbuthaving only one difference in them that is their passion. They taught me that education only buildsourfoundation,ittheexperience which reshapes our career and gives us an ideaabout outdirectionwhich willlead towards our passion. They also taught me thatitisgoodifwehaveknowledge, intelligence but both will not help us in achieving our dreams until we do not have passion [17]. One of the most important teachings from them is that a person should
ENGINEERING ENTREPRENEURSHIP5 never give up his dreams no matter what may be the situation because as per their life story failure is actually one step forward for the success of our passion. Dedication also plays very important role in the growth and development of a person because if we will not give enough time to our passion, vice versa time will not also give chance to have alookontheopportunitywhichafter recognizing can be converted into reality. Increasednumberofentrepreneurshas reshapedthestructureofwholesociety whichconsistsof values,believeswhich otherwisewasnotpossibletotransform [18].
ENGINEERING ENTREPRENEURSHIP6 References: [1]D.DeakinsandM.S. Freel,Entrepreneurship and small firms. New Yoke: US: McGraw-Hill College, 2009. [2]I.M.Kirzner,Competitionand entrepreneurship.Chicago,US: University of Chicago press, 2015. [3] J.A. Schumpeter,Theory of economic development.Abingdon,UK: Routledge. 2017. [4]E.Stam,“Entrepreneurial ecosystemsandregionalpolicy:a sympathetic critique.European Planning Studies,”vol23.ED-9,pp.1759-1769, Jan. 2015. [5]W.R.Kerr.,R.NandaandM. Rhodes-Kropf,“Entrepreneurshipas experimentation.JournalofEconomic Perspectives,”vol28.ED-3,pp.25- 48.March. 2014. [6] A.Chatterji., E.Glaeser and W.Ker, “Clustersofentrepreneurshipand innovation.InnovationPolicyandthe Economy,”vol14.DE-1,pp.129- 166.Sep. 2014. [7] E.L. Glaese., S.P. Kerr and W.R. Kerr,“Entrepreneurshipandurban growth: An empirical assessment with historicalmines.ReviewofEconomics andStatistics”,vol97.ED-2,pp.498- 520. Marc.2015. [8]T.Wadlow,“Interview:Sendles CEO&Co-Founder,JamesChin Moody,”Dec07,2017.[Online]. Available: https://www.supplychaindigital.com/dist ribution/interview-sendles-ceo-co- founder-james-chin-moody[Accessed 7July, 2018]. [9] Reatexpectation,“Dr Jameschin Moody,”Sept.01,2018.[Online]. Available: https://www.greatexpectation.com.au/pr esenter/entrepreneur-speakers/James- Chin-Moody [Accessed 7July, 2018]. [10]Yosuccess,“SundarPichailife journey,” Oct 14, 2015. [online]. Available: https://www.yosuccess.com/success- stories/sundar-pichai-google/[Accessed 7July, 2018]. [11] Startupstories, “Life lessons from Sundar Pichai,” Nov 4. 2017. [Online]. Available: https://www.startupstories.in/stories/insp irational-stories/life-lessons-from- sundar-pichai[Accessed 7July, 2018]. [12]E.Borger,“Approachesto modeling business processes: a critical analysis of BPMN, workflow patterns andYAWL.Software&Systems Modeling,”vol11.DE-3,pp.305-318. Dec.2015. [13]P.AndriesandK.Debackere, “Businessmodelinnovation: Propositions on the appropriateness of different learning approaches.Creativity andInnovation Management,”vol22.ED-4, pp.337-358. Aug.2013.
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ENGINEERING ENTREPRENEURSHIP7 [14] S.Warnakulasuriya., J. Reibel., J. BouquotandE.Dabelstee,“Oral epithelialdysplasiaclassification systems:predictivevalue,utility, weaknessesandscopefor improvement.Journal of Oral Pathology & Medicine,” vol37. ED-3, pp.127-133. Feb.2008. [15] E. Howard., C.Newman and F.Tarp, “Measuringindustrycoagglomeration andidentifyingthedriving forces.JournalofEconomic Geography,”vol16.ED-5,pp.1055- 1078. April. 2015. [16]J.Jackley,Claywaterbrick: Finding inspiration from entrepreneurs who do the most with the least. New Yoke,US:Spiegel & Grau, 2015. [17]A.Jolly,TheGrowingBusiness Handbook: Inspiration and Advice from SuccessfulEntrepreneursandFast Growing UK Companies. London, UK: Kogan Page Publishers, 2015. [18]S.Waddock,Thedifference makers:Howsocialandinstitutional entrepreneurscreatedthecorporate responsibility movement.Abingdon, UK: Routledge, 2017.