Process of becoming an entrepreneur (continued)

Till now I have written about the basic meaning of Entrepreneurship, its stages,its characteristic and its traits. Now all these things can be better understood and can easily be practically applied it is good to consider some real life examples. So here are the examples of some successful entrepreneurs who exhibited the mentioned traits:

Vision: Without having a vision to make mark on mobile industry Mr. Dhirubhai Ambani wouldn’t have made that big.

Knowledge: Without the knowledge of computers Mr. Narayan Murthy could not have made it big.

Desire to succeed: Without desire to succeed Mr. Mukesh Ambani would not have ventured into Biotech, Retail.

Need of Independence: Without a desire for Independence Mr. Sabeer Bhatia would not have quit his job to start his own enterprise & create Hotmail.com.

Value Addition: Without providing the facility of Lifetime Free Roaming “Tata Indicom” would not have been able to create space for itself in already saturated market.

Optimism:  Without being an optimist Mr. Narayan Murthy (who took loan from his wife) would not have created Infosys.

So, all these examples show that if you are creative and have the passion and guts to start your own enterprise then you are bound to succeed. You just need to remove the mind blockers like inertia, Personal doubts and Family & Friends. Yes it is true that initially you will face many problems and it may be also possible that you fail in your first attempt. But you must keep patience and continue your sincere efforts. Surely you will be successful.

All the five articles on Entrepreneurship for engineers are to provide motivation, confidence, skills and tools which will inspire and enable young people & engineers to start their working lives and achieve economic and social regeneration through enterprise.

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Process of becoming an Entrepreneur (continued)

Now till now I have written about the basic idea of becoming an entrepreneur. Before discussing about the process of becoming a successful entrepreneur one should know that no one can provide you a magic pill for this. It is a long journey that has many ups and downs and its completion depends on many factors. Before discussing further the traits, qualities and characteristics of an entrepreneur it is better to become aware about the problems that a young graduate might face:

Being young is a challenge in itself because you are not taken seriously by banks and accountants which means the problem of arranging money. Also the process of arranging money is tough as one has to also arrange for a guarantor.

Another problems are the self assessment problems: Some might initially think that what will happen if they will not succeed. Some will get afraid of the risks that are involved in the start-up.

Sometimes resistance of family and friends can come in the way .Another big question that can come in mind is the inertia factor that is Where and How to start?

Definitely these are the serious problems but they can be easily solved by adopting a sensible and creative approach. For doing this simply one must to know about the traits of an entrepreneur so that one can apply some of these . Traits are:

1. Entrepreneurs want high degree of achievement.
2. They pull their own strings.
3. They are ready to take moderate risks which help them in getting higher return on assets.
4. They have the ability to allow ambiguity.
5. They want to do more in less time.
6. Persistent problem solving.
7. They have positive energy levels.
8. They are high in self confidence and are optimistic.
9. They have internal locus of control.
10. They are driven to achieve.

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Process of becoming an Entrepreneur

Till now I have explained the basic meaning of entrepreneurship and the reasons why an engineer should also try and become an entrepreneur. So, now the process of becoming an entrepreneur is discussed.

Now once you have decided that now you want to become an entrepreneur then next step is first to think about the business that you want to start. This is definitely a challenging task because today you think of any new business you will find that someone else is already doing it. But definitely this is not impossible. If you do not have an idea of a completely unique field then try and think of a field that is not much explored. You can also merge two business ideas to create a new one. Once you have thought of a plan then you are ready to start.

Further steps are arranging the capital. This is the toughest part. Next you need to find the right people who can team up with you to grow the business. Next is the time to act that is to apply the plans you have made and see their result. If the result is positive then you are good to go otherwise you need to reconsider your plans. So, formally we can divide the whole process into three different stages which are:

1. Birth: This stage basically involves fighting for existence and survival.

Steps involved in this stage are establishing the company, finding customers and getting the money.

2. Breakthrough: It involves coping with growth and takeoff.

Components of this stage are growing the company’s finances and making profit.

3. Maturity: Maturity means to manage the success, to enjoy the fruit of your hard work.

At the same time it consists of investing wisely, staying flexible and continuously refining your strategy.

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Why should engineers become Entrepreneurs?

Once it is clear in the previous article that what is entrepreneurship so now it is appropriate to see why engineers should become entrepreneurs.

One reason is: it is a well known fact that in nearly all the engineering colleges in India 100% placements are not achieved. Most of the students either go for some courses so that they can get jobs or they have to sit idle. So, instead of doing these things they can think of starting their own enterprises. In simple words if you cannot get a Job then you should try and create jobs. This is one of the main motive of starting a new enterprise. Remember that it is not that only those who cannot get placement should go for entrepreneurship but others too should think of doing it.

Another reason is that it is easy to become an entrepreneur at such a young age. Reasons are:

Youth is invulnerable, Youth is resilient, Young people have more confidence, they have minimum responsibility, they have better physical and emotional strength, they can easily take moderate and some high risks too and they are better prepared. Hence they have better ability to burn the candle at both ends.To prove this one can see the examples from the history of some successful young entrepreneurs across the world. Some young innovators are: Frank Carney- Pizza Hut, Michael Dell-Dell Computers, Kristy Taylor-SkincareRx.com, and Fred DeLuca- Subway.

One another big reason is that engineers can solve problems. See new businesses are started whenever something is missing in the market. So problems arise in launching new businesses, engineers are educated to think logically and can easily solve the problems with standard procedures.

In the subsequent articles you will find more about the process of becoming an entrepreneur and also the characteristics of an entrepreneur.

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Today India needs large no. of entrepreneurs because of dearth of jobs. It is a common misconception that someone who has completed his MBA degree can only become an entrepreneur. I would say that even Engineers should try and setup their own enterprise and hence become successful entrepreneurs.

This article and its subsequent parts are mainly targeted for motivating the budding engineers to think creatively and start their own businesses because it is easy for engineers. Reason being engineers are eager for getting knowledge. Now whenever a person wants to learn new things then growth occurs and growth is an important factor for developing solid businesses. Before knowing about the process of starting a new business it is important to know that what is entrepreneurship?

What is Entrepreneurship?

Entrepreneurship is derived from French word “Entrependre” and German word “uternehmen” both referring to men taking endeavors. In simple words anyone who exhibits self development, creativity and risk taking characteristics can be called as an entrepreneur.

Economist defines an Entrepreneur as the one who brings together resources, labor, material and other assets and increasing their value and also he introduces changes, innovation and a new order. But the Psychologists define an entrepreneur as the one who is typically driven by a psychological force, which creates a desire to attain something.

According to someone: Entrepreneurship is spending some years of your life in a way that most people won’t to spend rest of your life like others can’t. According to Nolan Bushnell (entrepreneur) -“The true entrepreneur is a doer, not a dreamer.”

According to Praveenben-” Entrepreneurship is like giving birth to a child. The women’s love of child overcomes the risk of life. The entrepreneur’s passion overcomes the risk of loss.”

In the subsequent articles I will write that why engineers should try and become entrepreneurs and thee process of becoming an entrepreneur.

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Introduction and Basic Concept

Strategic Human Resource Management involves three components 🙁 a) Recognizing the need and importance of human capital (b) Knowing that the people implement the plan (c) Knowing that where the company wants to go and developing the strategies for reaching the goals.

By adopting Strategic Human Resource Management an organization can have committed, skilled and motivated employees so that it has competitive advantages over others. Strategic HRM is a concept that aims to fulfil the needs of the employees as well the organization by the application of coherent HR policies. Hence, Strategic HRM helps in the integration of all HR programs within a larger framework thus facilitating the organization’s mission and its objectives.

Results and Strategies of Strategic HRM

It leads to:

1. Increased Performance 2.Customer and employee satisfaction 3. Enhanced Shareholder Value

Strategies are:

• Effective management of staffing by selecting the employees that fit both the culture and strategy
• Investment in human capital identified with potential for high retention.
• Integrated HR policies that follow from corporate strategy.
• Main focus on customer needs and emerging markets.
• It also involves Human Resource Planning in which first Human Resource Requirement is calculated. If there is shortage of employees then recruitment should be done. If Surplus Human Resource is available then hiring should be restricted.

Conclusion

So, from all this it looks that Strategic HRM is a rational strategy based on the business policy but in reality it doesn’t translates into cooperatively supportive set of human resource practices or initiatives. Hence, Strategic HRM is an approach of mind that demonstrates a method of doing things. It is accomplished in the form of HR strategies.

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All the game lovers get ready because here are the games that will make you go crazy because of their high Tec graphics and latest technology that has been used to design them. Some of them are even free! So, let us start.

• YEAR WALK

This game is based on Årsgång, which is a Swedish tradition. This game is very challenging and is based on the story of love between Daniel Svensson and Stina. This seems interesting! Isn’t it? Now you have to solve many puzzles to get hints and images to complete this game. No, it is not that easy puzzles are uncanny and you can easily lose your way while walking.

• HUNDREDS

It is just a puzzle game. You have the floating bubbles with numbers on them. You have to tap on them to grow them till they reach 100. But remember the catch here; the bubbles are red when you touch them, if they collide then your game is over! So, it is a game of concentration, you have to grow one bubble without hampering growth of another.

• MINECRAFT-Mobile Edition

This is a game for those who like to build on their own and show their creative skills. It is a game in which you make your own structures using blocks and protect them from frightening creatures. You have to use your imaginative powers to make some interesting things.

• WARHAMMER QUEST

This is simply a game of role playing and strategy making. You have to consistently make your way through nocturnal creature to glory. There is no innovation in the game mechanics but actions are rhythmic. You have to get new weapons and armour by killing your enemies.

• ASPHALT 8 AIRBORNE

After talking so much about the strategy and action games it is time for a racing game. Asphalt is the best racing game available. For those who love fast cars, different locations and excellent graphics this is the best game. You earn points after winning each level through which you unlock new cars and levels. It has career mode as well as multiplayer modes both of which are fun to play. All this is absolutely free!

• AGRICOLA

Those who love Farmville will love this too, but this is different. It involves lot of planning since you have to manage your resources to feed your family and at same time earn profit. It is quite easy to understand and you can play in four different modes. This game was initially launched as a board game, the mobile variant being launched recently by Playdek.

• STREETFOOD TYCOON:WORLD TOUR

It is a free game! This game is very easy to play and addicting too. In this you have to sell fast food, refreshments to your customers in the streets of different locations which you yourself choose. You have to serve fast to earn more points through which you earn upgrades and can unlock celebrity customers too. Sounds interesting!

• RIDICULOUS FISHING

Launched by Vlambeer this is an interesting fishing game consisting of different fishing locations all over the world. One gets a very nice fishing gear to complete his objective of ruining the fish population in the sea. This cruel process looks adorable in this game. Graphics are great and level grades are also not tough.

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For some of you who could not get the meaning of the topic here we are discussing or rather scrutinizing the curved screens of electronic gadgets like televisions, home theatres and Smart phones. Oh yes! I know some of you might not be familiar with curved screens but it is truth that recently big brands like Sony, Samsung, and LG have launched gadgets that literally have curved screen. Some of devices are Samsung Galaxy Round, and Samsung ultra high definitions televisions. The image shown will give you a better idea as to what these curved screen gadgets look like. Now the big question that will bother you is why you should buy these and what are their advantages and flaws?

Now, the curved technology was introduced way back in 1952 with first screen known as Cinerama. It is important to understand that the correct position to watch anything on a screen is that your eye should be at the same height as that of screen’s central axis. Also one views the image on screen when light is thrown on it. Now in case of curved screens light will have to travel less distance to reach the corners of screen since they are curved so this produces a flat image free of disfigurement and it is also not bent as in case of flat screens. So, the image quality definitely improves. Let us look from perspective of our own screens, our eyes; they too are rounded and not flat to give us a fringe vision. Hence curved screens give us a wider view and they provide a captivating and entrancing experience thus giving us IMAX type of view. Definitely you will get a 3D feel since the images have more depth. Another thing that is improved by these curved screens is the aesthetics. One can also say that the sharpness of images will increase due to the similarity in shape of eyes with curved screens. If these benefits are enough to motivate you to buy one of these curved screen gadgets then you must be made aware of their cons.

It is clear that this curved screen technology is just not a contrivance. But their ongoing criticism is mainly due to the fact that their prices are extortionate. They are nearly priced 30 percent more than the flat ones. So, that’s definitely a big concern. Another major problem occurs when we view the curved screen television from sides because geometry of image will be disturbed. When we watch from an angle the nearer side of picture will look constricted than the farther side of it. This is a big drawback since we all know while watching television at home there will be only few who will be watching it from centre, the others will watch from sides. So, after spending so much if all of us can not watch a movie together then what’s the benefit? Another problem is the positioning of the TV since curved screen televisions will affect the images by reflecting light on a large portion of screen as compared to flat ones. Hence they need to be placed in a dark location where there is no light source. Some of you will also feel unpleasant when you will see it on the wall due to its shape.

Hence, one can say that curved screen have their pros as well as cons. But many top brands are claiming that sales of curved screen gadgets are 3 times more than flat ones. From all the above stated points conclusion is that wider sized curved screens are better than flat screens. These are good for those who are adventurous and want to experiment with new technology. Some people are also advising to buy larger flat screen ones than these curved screen gadgets. At last it is your prerogative but they are worth giving a try.

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Different companies, how to get selected in them, how to choose and what to do while undertaking training?

Now as I said earlier it is generally believed that one should take plant training in 2 Year and designing training in 3 Year. But it depends on the student’s interest too. According to me if you go for training in II^nd Year then do not go for top companies since they do not consider 2 Year students seriously because you do not know many core subjects, so try and go for smaller production companies where you have some kind of a source and the company is willing to give you some kind of knowledge.

Another important factor while deciding is your job preference. You must know that usually in most production companies’ jobs are tough because you have to work in long shifts and working environment is tough but you also get more salary as compared to designing companies. So, if do not want a hectic schedule and more bucks then production companies are not your cup of tea. Hence, it will be better for you to also take training in designing company.

Now remember try and take training in those production companies that give you a project to work upon. For this purpose students generally prefer private production companies. Some good production companies are RIL, Petronet LNG, IOCL, ONGC. Getting Training in these companies is an easy task. Now some excellent production companies are Halliburton, Cheveron, Shell, Exxon Mobil, Schlumberger, etc.

Getting training in them is very tough if you are not from IIT, you need to have a very good source to get training in them. But if you can get training in these companies then you also get Pre Placement Offer. Some other big Pharma companies also give PPO like GSK, Pfizer, Eli-Lilly, etc.

Some good designing companies where a Chemical Engineer can apply for training are Haldor Topsoe, Simon India, Petrofac, CB&I, GS Contruction & Engineering, Jacobs, Samsung Engineering, etc.

Once you get training in any company remember that you do not have to take it for the sake of certificate only instead you have to learn as much as you can, because questions are asked during the placement interviews regarding the training. Try and first take overview of the whole process and identify one particular section of that process and learn everything associated to that.

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What type of training one should undertake and how to apply for Summer Internship?

Now there are basically three domains in which a chemical engineer can undertake summer internship namely Research, Production and Designing.

First option is the research training. This field is good for the people who want to pursue higher studies and do research work in future. Research internship is provided by various government institutes like IITs, NITs, IISERs, IISC Bangalore and other institutes of national importance like JNCASR. Out of these selection for internship in JNCASR is very tough because seats are very few and applicants are very large. Internship program of JNCASR is a prestigious one, student gets the stipend for is work and top performers also get scholarships for further studies. Also you get the chance of getting your paper published in an International journal. Selection in many institutes is done through application forms which are out in the month of January. Another way of getting selected is that you can find out the name, e-mail id, and the field of research of the professor under whom you want to undertake internship from the Institute’s website. Then you can send your resume to that professor.

Other two options are summer training in Production companies and Designing companies. Now I will advise that a student takes production or plant training in II^nd Year itself so that he can go for training in designing company in III Year, thus getting training in both the domains. These options are preferable for those who want to do core jobs after completion of their graduation. Also every student should keep in mind that it is a wrong concept that if you do training in Production Company then you cannot get job in designing company or vice versa.

In my last article on Summer Internship I will tell about different production and designing companies and how to choose and apply for summer training in such companies.

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