Research on Skills and Traits for Engineering Entrepreneurship

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Concept and Theories of Entrepreneurship

Entrepreneurs can be defined as individuals who are risk barriers and always ready to work under uncertainty. They have the potential to take risks for implementing new ideas to start up new ventures. Entrepreneurship refers to the process of developing, designing, launching as well as running a business with new ideas initially at a small level. This concept describes the capacity and willingness of entrepreneurs who are ready to take risks to launch and manage a business successfully (Huang Saad, Morton and Libarkin,  2018). The concept of entrepreneurship can be determined by various theories like innovation, need of achievement, behavioral theory, etc. As per innovation theory, entrepreneurs are born with a desire to launch a new venture with innovative ideas, where they desire to launch something unique. For this purpose, they utilize their creative skills and are willing to earn new experience and skills for launching a business successfully. Along with this, they also focus on finding new sources like production for the development of high-quality products, talented workers, new machinery, and more (Marques and et. al., 2018). Similarly, as per the theory of the need for achievement, entrepreneurs possess adequate capacity of thinking, imagination, and developing new ideas, for the achievement of success in business.

Traits of Entrepreneurship

According the article given by Kerr, Sari & Kerr, William & Xu, and Tina, (2018), it has been analyzed that baseline personality traits that every entrepreneur should have include the Big-5 model; locus of control;  self-efficacy, and innovativeness; the willingness for achievement. While considering the risk attitudes, they always focus on short-term goals to create a path to the achievement of long-term goals. Hereby, the Big 5 Model includes five five-factor models of personality traits Openness to experience, Conscientiousness, Extraversion, Agreeableness, and Neuroticism. Each trait helps in measuring the unique aspect of the personality of each entrepreneur and analyzing their risk attitudes as well (Kuratko, and Morris, 2018). Similarly, self-efficacy and innovativeness show the sense of competence, creative level of thinking, and decisive skills of entrepreneurs that enable them to successfully launch a new venture. In the field of engineering, the skills and traits of individuals that reflect their entrepreneurship are self-efficacy and innovativeness, with strong locus of control. This would show that by having self-control and efficacy, engineers possess the capabilities to become good entrepreneurs.

Considering the famous entrepreneurs in the field of engineering, Mark Zuckerberg is a famous internet entrepreneur known for co-founding Facebook. This social networking website is one of the biggest innovations in the internet in the year 2004, that has connected the entire world with each other. It gives opportunity to people to make connections with other people are live in nearby or distant regions on the internet and make chats, exchange photos, videos, and more (Frederick, O'Connor, and Kuratko, 2018). This American entrepreneur was born in 1984 and established a successful business in social media through entrepreneurial skills. When Mark Zuckerberg was at age of 12, then he innovated a messaging program that was implemented further as an inter-office communication system, under the guidance of his father. This reflects the early signs of entrepreneurial skills that enabled this person to become a computer programmer (software engineer) in college time (Mark Zuckerberg Biography: Success Story of Facebook Founder and CEO, 2018). Based on this aspect, Mark has partnered with colleagues to innovate the social networking site, which was officially launched in 2004 and just at the end of the year, more than 1 million users have used this site. So, this explosion has attracted many venture capitalists to make investment in Facebook (Holzmann, Hartlieb, and Roth, 2018). This innovation has inspired a number of software engineers to move to the corporate world and create innovations to start up a new venture. The key skills or psychological abilities that make Mark Zuckerberg a famous engineering entrepreneur, include equanimity, critical thinking, problem-solving, effective communication, and most important, mindfulness and vision. These abilities have helped Mark Zuckerberg reshape his global business landscape as well as encourage others who are engaging in the technology field to follow his suit and take risks to launch businesses with innovative engineering ideas (HuangSaad, Morton and Libarkin,  2018).

Another main entrepreneur is Ankiti Bose who has started her own start-up and grown it up within 4 years in an effective manner. The name of her startup was  Zilingo which worked as the base for Fashion Asian e-commerce site. The company mainly offers online Fashion service to its customers via e-commerce website. The respective site has around user base of approximately 7 million. The lady is considered the youngest entrepreneur as she is only 27 years old, and who born in Mumbai, India  (Holzmann, Hartlieb and Roth, 2018). At the current basis, she lives in Singapore and handles her own startup effectively. Ankiti Bose belongs to the engineering stream and was initially aiming to become an Astronaut (Ankiti Bose Wikipedia, Biography, Age, Net Worth, Education, Husband & More, 2019). If it is talked about the family background of Ankiti Bose, the father of the female entrepreneur is an engineer in a well-known oil company due to which they had to move to different countries when she was a child. This helps her in order to gain knowledge about different cultures as well as languages (Frederick, O'Connor and Kuratko, 2018). Her mother was a designated professor at a well-known university but later she resigned from her post and gave her all the time to give the best upbringing to her daughter. This is the result, she is one of the best students in her life and studied maths and economics. She has having strong command over academic subjects like Mathematics, Physics, and Economics (Mani, 2018).

Apart from their studies Ankiti Bose also has an interest in singing and dancing in order to follow her own hobby the lady has obtained various training for Indian Classical music. Later she worked with McKinsey & Co. which gave her opportunities to gain experience in the field of technology, telecom, and media sector (Kuratko, and Morris, 2018). At the starting age of her career, Ankita Bose began working with many companies among them maximum were belonging to internet users. Among them, she has further chosen to grab opportunities available on mobile platforms, especially E-commerce sites. In the year 2014, she met Dhruv Kapoor who is an IIT graduate and was working in a gaming studio Kiwi Inc. in Bangalore. Later they both decided to open their own venture and for this, they left their respective job. Both Dhruv & Ankiti invested their savings and increased funds with the help of investors in order to start their venture named Zilingo in the year 2015. After almost four years Zilingo became a well-known Unicorn business with an almost $1 billion start-up value, with a headquarters located in Singapore (Andalibi, M., 2019). All the functions are managed by CEO Ankiti Kapoor and on the other hand technical office is handled by Dhruv Kapoor. At current, she is handling all major activities of her own startup named Zilingo. The growth of the respective venture is so high which simply depicts that she has not only succeeded at 1%. In order to grow it in the clearer manner, Ankiti wants to execute her future operations in such a manner that will support her in enhancing her growth rate to 100% with negligible barrier factors or points (Marques and et. al., 2018).

Ankita Bose's childhood spend in Tripura and Himachal Pradesh. She wanted to become an Astronaut. She was good in mathematics, physics, and economics. This resulted in her completing her graduation in economics. Pursuing her interest she started working in Mckinsey company from 2012 to 2014. Afterward, she joins as an investment analyst in Sequoia Capital. In 2015, she started her own business and named Zilingo. The traits and skills that are depicted in her overall journey include effective communication skills, good management of money, knowledge of handling diversified portfolios along with a risk taker in nature. All these are considered the traits and skills that entrepreneurs too. All these mentioned above have a huge contribution to the formulation of new ventures along with the attainment of success in such a short period of time  (Frederick, O'Connor, and Kuratko, 2018).

Mark Zuckerberg and Ankiti Bose are the two entrepreneurs. The ideas of their business have huge success in the market. Lots of efforts are provided by both to build their enterprise and organization. Mark Zuckerberg is an American entrepreneur. Fame is ascertained by the entrepreneur after starting of the Facebook in 2004. Initially, the purpose of its development is different and it emerged over a period of time and became one of the most accessed or used social sites. At the time of the launch of this site, he was studying in college (Mani, 2018). To attain growth he shifted with their friends in Silicon Valley. At this place, he takes the house on lease to start its own office. There are many offers ascertained by Mark from very large corporations but he does not focus on the same. The main objective or idea behind he is work is about the development of a platform that allows open flow of information in between the people. The different traits that are depicted from the same in Mark include risk-taking, passion, knowledge, and focus. The trait of risk-taking of Mark has been justified in the form that at college age he succeeds in the formulation of his own venture along with a separate office in Silicon Valley. My passion characteristic is justified in nature as after getting many offers from large corporations not takes the decision to sell the business. The characteristic of focus is justified from the statement where he said that wants to develop a platform that allows open communication. In last, knowledgeable from trait is ascertained from the facts about the development of own online platform (Huang, Saad, Morton, and Libarkin,  2018).

Ankita Bose is an entrepreneur able to start their own business at a very early stage along with the attainment of success. The organization named Zilingo was founded by her in 2015. It is an online fashion marketplace along with e e-commerce website. At the initial level, the amount of funds ascertained by her is around $8million dollar from Sequoia India. The traits that are visible in her include risk-taking and honey. Risk-taking as the trait is justified from the point of starting a business in Singapore at the very early age of 27 without any financial support. The honesty of Ankiti Bose is justified as able to get a high amount of investment from the previous organization where she worked (Holzmann, Hartlieb, and Roth, 2018).

Mark Zuckerberg is an American internet entrepreneur. He has a huge interest in technology that results in usage of computers and writing software's in middle school. Also, contributed from his father's side where he learned Atari BASIC Programming. He started college and goes Harvard where get a good reputation in programming. The characteristics and skills depicted by its earlier story that good in academics which allows for the development of Facebook. Also, innovative in nature which is possible found in other successful entrepreneurs too. This helped in the emergence of working of Facebook along with growth in market  (Kuratko, and Morris, 2018).

Recommendations

Both entrepreneurs are good and successful in all respects. The way they operate their business depicts having all the ability to handle the business in a successful nature. The one aspect that can be recommended to both as focus on the deployment of CSR activities. This will help to gain more success in the market along with enhancement of profit. The impact of the brand is direct as further help in the future to grab a large market share (Marques and et. al., 2018). Lots more aspects that are inspiring in both of these entrepreneurs that have the passion to do something that allows them to attain success at a very early stage of life. Also, the focused nature of both is inspiring in nature as guides in the development of overall personality.

The aspects that are learned from the working of both entrepreneurs are hard work in nature along with the ability to handle difficult situations (Andalibi, 2019).

CONCLUSION

It has been concluded from the entire discussion that individuals who mainly belong to engineering backgrounds possess unique skills and knowledge. They have the potential to create innovative ideas for launching a new venture and become successful entrepreneurs in the future. Through the contribution of engineers, the living standards of people have more raised like the development of social apps gives benefits to people in easily connecting with each other.  

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