Engineer Into The Workforce
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This document provides an overview of an engineering capstone lecture on entering the workforce. The lecturer, David Mayes, introduces himself and his background. He then discusses common misperceptions engineers have about business, including underestimating the importance of marketing, focusing too much on technology over customers, and avoiding risk. Mayes emphasizes the need for competitive advantage and assesses the organization, environment, and strategies to achieve it. Various entrepreneurship concepts are covered, including characteristics of different entrepreneur types and evaluating market opportunities.
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Engineer Into The Workforce
- 1. Engineer Into The Workforce Engineering 499 Capstone Project , Winter 2016 ©David Mayes 1
- 2. Engineer Into The Workforce David Mayes, Global Internet Group LLC ©David Mayes 2
- 3. Engineer Into The Workforce Engineer into any engineering role Large Firms all the way to Entrepreneurship ©David Mayes 3
- 4. Lecturer Introduction: ENGR 499, Engineering Capstone Project, Winter 2016 ©David Mayes 4
- 5. ENGR 499, Engineering Capstone Project, Winter 2016 Lecturer Introduction David Mayes: Global Internet Group, LLC Personal blog: http://mayo615.com/ LinkedIn Profile: http://www.linkedin.com/in/mayo615 Email: mayo0615@gmail.com Mobile: (250) 864-9552 Twitter: @mayo615 Experience: Adjunct Professor, UBC Faculty of Management Canada Foundation for Innovation Grant Reviewer 2012 to present Executive management, access to venture capital, International business development, sales & marketing, entrepreneurial mentorship, technology assessment, strategic planning, renewable energy technology. Engineering Capstone Judge, 2007-2015. Intel Corporation (US/Europe/Japan), 01 Computers Group (UK) Ltd, Mobile Data International (Canada/Intl.), Silicon Graphics (US), Sun Microsystems (US), Ascend Communications (US/Intl.), P-Cube (US/Israel/Intl.), Global Internet Group LLP (US/Intl.), New Zealand Trade & Enterprise ©David Mayes 5
- 6. Agenda • Introductions: You and Me • A Short “Who Is” Quiz • Engineer Into The Workforce: • Common Business Misperceptions • The need for Competitive Advantage • UBC Library “entrepreneurship” resources ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 6
- 7. Introductions: You and Me ENGR 499, Engineering Capstone Project, Winter 2016 ©David Mayes 7
- 8. About Me ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 8
- 9. What About You? ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 9
- 10. Toastmasters International ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 10 www.toastmasters.org
- 11. Agenda • Introductions: You and Me • A Short “Who Is” Quiz • Engineer Into The Workforce: • Common Business Misperceptions • The need for Competitive Advantage • UBC Library “entrepreneurship” resources ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 11
- 12. A Short “Who Is” Quiz ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 12
- 13. Who is Ada Lovelace? 1. Mathematician in WW2 whose discovery helped break the Nazi Enigma Code 2. 18th Century biologist who pioneered modern animal husbandry 3. 19th Century computer science pioneer who wrote the first computer program ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 13
- 14. Ada Lovelace ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 14 Born two centuries ago, Ada Lovelace was a pioneer of computing science. She took part in writing the first published program and was a computing visionary, recognizing for the first time that computers could do much more than just calculations. A programming language, “ADA,” is named in her honour.
- 15. Who is Grace Hopper? 1. U.S. Navy Admiral who developed the mainframe computer language COBOL 2. 20th Century mechanical engineer who helped Joseph Strauss design the Golden Gate Bridge 3. Civil engineer who designed the first U.S. interstate freeway system for President Eisenhower ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 15
- 16. Admiral Grace Hopper, US Navy ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 16 Computer programmer Grace Hopper helped develop a compiler that was a precursor to the widely used COBOL language and became a rear admiral in the U.S. Navy.
- 17. Who Is Meg Whitman? 1. Hydraulic engineer who led the design team of the California Water Project that delivers water > 500 miles to Los Angeles 2. Founder of Ebay and CEO of Hewlett-Packard 3. Astronautical engineer who helped Werner Von Braun build the Saturn V moon rocket ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 17
- 18. Meg Whitman ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 18 Founder of Ebay and CEO of Hewlett-Packard
- 19. Who is Jeanette Symons? 1. U.S. Olympic gymnast at UCLA in 1980 2. Founder of Ascend Communications, pioneering Internet connectivity company 3. Notorious Silicon Valley jerk 4. Executive jet pilot ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 19
- 20. Jeanette Symons ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 20 All of the above. I worked for Jeanette. Jeanette was a genius intellect and business visionary comparable with Steve Jobs. She and her adopted son were killed in the crash of her Citation jet in 2008. Jeanette Symons: Silicon Valley Conundrum
- 22. Agenda • Introductions: You and Me • A Short “Who Is” Quiz • Engineer Into The Workforce: • Common Business Misperceptions • The need for Competitive Advantage • UBC Library “entrepreneurship” resources ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 22
- 23. Engineer Into The Workforce: Common Misperceptions ENGR 499, Engineering Capstone Project, Winter 2016 ©David Mayes 23
- 24. ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce: Common Misperceptions Misconception # 1: “Everybody Loves “Cool New Technology” • Not exactly! • Assess commercial viability first! • Listen to potential customers • Validate with third party market research ©David Mayes 24
- 25. ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce: Common Misperceptions Misconception # 2: “I need to go-it-alone to insure quality & design elegance” • Working alone or only with other engineers sounds good, but… • You need a team with diverse skills to build a thriving business • Think “business management” from the outset ©David Mayes 25
- 26. ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce: Common Misperceptions Misconception # 3: “Marketing is fluff and selling is black magic” • If you build it, they will NOT necessarily come! • In reality, many “best designs” lose to competitors with better marketing • The legendary microprocessor, the Intel 8086 was a “DOG!” ©David Mayes b
- 27. ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce: Common Misperceptions Misconception # 3: “Marketing is fluff and selling is black magic*” *UBCO Library ©David Mayes 27 Davidow, William, (1986); Marketing High Technology: An Insider’s View, New York, The Free Press
- 28. ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce: Common Misperceptions Misconception # 4: “We need to maximize functionality before we focus on customers” • You can’t engineer the right functionality UNTIL you focus on listening to customers • Customers will buy only the functionality they need and want…nothing more ©David Mayes 13
- 29. ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce: Common Misperceptions Misconception # 5: “A good engineer hates unpredictability and risk” • A good entrepreneur embraces risk • Engineer driven solutions are often too little, too late…if they ever ship! • Managing risk is good; trying to eliminate risk is bad ©David Mayes 29
- 30. ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce: Common Misperceptions Misconception # 6: “We can’t worry about making money until we get it built” • If you can’t make money, it isn’t a business • Business and market constraints are key determinants of “getting it right” • Getting it right at the wrong cost = failure ©David Mayes 30
- 31. ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce: Common Misperceptions Misconception # 7 “Outside financing causes loss of control and undue pressure to deliver” • Funding turbocharges a startup company • “Smart money” adds management value • Canadian gov’t grants focus on pure R&D • “Grantsmanship” is bad business strategy • Angels and VC’s focus on making money ©David Mayes 31
- 32. ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce Suggested Reading* Uppuluri, Krishna (2011), Engineer Into The Workforce, The First Flight, self-published, Krishna Uppuluri * UBCO Library ©David Mayes 32
- 33. ©David Mayes 33 Mullins, John. (2010) 3rd Edition. The New Business Road Test. Harlow, UK: Prentice Hall, Financial Times Suggested Reading:
- 35. Thank You ©David Mayes 35
- 36. Agenda • What is Entrepreneurship? • Engineer Into The Workforce: • Common Business Misperceptions • The need for Competitive Advantage • UBC Library “entrepreneurship”resources • UBC Small Business Accelerator ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 36
- 37. What is Entrepreneurship? ENGR 499, Engineering Capstone Project ©David Mayes 37
- 38. ENGR 499, Engineering Capstone Project What is Entrepreneurship? Entrepreneurial Opportunity • An economically attractive and timely opportunity that creates value. • The best opportunities exists only for the entrepreneur who has the interest, resources, and capabilities required to succeed. ©David Mayes 38
- 39. ENGR 499, Engineering Capstone Project What is Entrepreneurship? The First Consideration: Your “Character” • Self-analysis: Do you have what it takes to be an entrepreneur? • Discuss your personality, capabilities, strengths and weaknesses with a mentor who knows you. • Listen! • Are you a visionary leader? • What about the chemistry with your team? • Investors will focus on three things: • “The team, the team, and the team.” ©David Mayes 39
- 40. Entrepreneurial Incentives ©David Mayes 40 ENGR 499, Engineering Capstone Project What is Entrepreneurship?
- 41. Drawbacks of Entrepreneurship • Hard work – Finding new customers and markets – Frustrations with financing, government, tax, technology, and employment issues • Long hours – 20% work more than 60 hours per week • Emotional loneliness • Strong possibility of failure • Disruptions to personal life ©David Mayes 41 ENGR 499, Engineering Capstone Project What is Entrepreneurship?
- 42. Causes of Business Failure • Lack of managerial and financial abilities • Fail to adapt to competitive environment • A broad based study found the following: – 32% inadequate research and development – 23% lacked competitive advantage – 14% uncontrolled costs – 13% poorly developed marketing strategies – 10% poor market timing – 8% succumbed to competitor activities ©David Mayes 42 ENGR 499, Engineering Capstone Project What is Entrepreneurship?
- 43. Characteristics of Artisan Entrepreneurs • A person with primarily technical skills and little business knowledge: – Paternalistic approach – Reluctance to delegate – Narrow view of strategy – Personal sales effort – Short planning horizon – Simple record keeping ©David Mayes 43 ENGR 499, Engineering Capstone Project What is Entrepreneurship?
- 44. Characteristics of Opportunistic Entrepreneurs • A person with both business skills and technical knowledge: – Scientific approach to problems – Willing to delegate – Broad view of strategy – Diversified marketing approach – Longer planning horizon – Sophisticated accounting and financial control ©David Mayes 44 ENGR 499, Engineering Capstone Project What is Entrepreneurship?
- 45. Four Routes to Entrepreneurship Entering a family business Opening a franchised business Starting a new business Buying an existing business ©David Mayes 45 ENGR 499, Engineering Capstone Project What is Entrepreneurship?
- 47. The Need for Competitive Advantage ENGR 499, Engineering Capstone Project ©David Mayes 47
- 48. ENGR 499, Engineering Capstone Project The Need for Competitive Advantage Creating a New Business Entrepreneurs may start a new business from scratch due to several reasons: • A new product or service • Favourable conditions such as location, equipment, employees, suppliers or bankers • To capitalize on competitors’ weaknesses ©David Mayes 48
- 49. ENGR 499, Engineering Capstone Project The Need for Competitive Advantage Evaluative Criteria – Market Factors ©David Mayes 49
- 50. ENGR 499, Engineering Capstone Project The Need for Competitive Advantage Evaluative Criteria – Competitive Advantage ©David Mayes 50
- 51. HMKNT 401, Introduction of Entrepreneurship The Need for Competitive Advantage Evaluative Criteria - Economics ©David Mayes 51
- 52. ENGR 499, Engineering Capstone Project The Need for Competitive Advantage Types of Ideas That Evolve Into Start-ups ©David Mayes 52
- 53. HMKNT, Introduction to Entrepreneurship The Need for Competitive Advantage Competitive Advantage • A firm offers a product or service that is perceived by customers to be superior to those of competitors, thereby promoting firm profitability • To establish competitive advantage, a business owner needs to understand the nature of the environment – External – what business potentials exist – Internal – what the firm is able to do ©David Mayes 53
- 54. ENGR 499, Engineering Capstone Project The Need for Competitive Advantage Sustaining Competitive Advantage • An established, value-creating industry position that is likely to endure over time • Markets are dynamic and in constant flux • Results include superior profitability, increased market share, and improved customer satisfaction ©David Mayes 54
- 55. ENGR 499, Engineering Capstone Project The Need for Competitive Advantage Assessing the Environment • The Macroenvironment – A broad environment with its multiple factors that affect most businesses in a society • STEEP – Sociocultural, Technological, Economic, Environmental, Political/Legal • Industry Environment – The combined forces that directly impact a given firm and its competitors ©David Mayes 55
- 56. ENGR 499, Engineering Capstone Project The Need for Competitive Advantage Strategies That Capture Opportunities • Broad-Based Strategy Options –Seek an advantage in cost or marketing • Cost-Advantage Strategy and Options Requires the firm to be the lowest-cost producer » WestJet began as a low-fare, no-frills airline • Marketing-Advantage Strategy Emphasizing the uniqueness of the firm’s product or service » WestJet is moving to differentiate based on quality service ©David Mayes 56
- 57. ENGR 499, Engineering Capstone Project The Need for Competitive Advantage Environmental and Organizational Impact on Opportunity Assessment ©David Mayes 57
- 58. ENGR 499, Engineering Capstone Project The Need for Competitive Advantage Core Competencies and Assessing the Organization • Core Competencies • Value-creating organizational capabilities that are unique to a firm • Resources versus Capabilities • Resources are basic inputs that a firm uses to conduct business (capital, technology, equipment, employees, etc.) • intangible and tangible resources • Capabilities are the integration of several resources which are deployed together to the firm’s advantage. ©David Mayes 58
- 59. HMKNT 401, Introduction to Entrepreneurship The Need for Competitive Advantage Venture Feasibility Assessment Model • Stage 1: Back-of-the-Envelope concept – Potential customers, technology available, match to entrepreneur, financial feasibility » Decision: go or no go • Stage 2: Research and Verification – Detailed analysis of customers, competition, HR required, technical and financial feasibility » Decision: go or no go • Stage 3: Refine the Concept – Detailed business plan » Decision: go or no go ©David Mayes 59
- 60. ENGR 499, Engineering Capstone Project The Need for Competitive Advantage Taking the Plunge • A Precipitating Event An event, such as losing a job, that moves an individual to become an entrepreneur. Job termination Job dissatisfaction Unexpected opportunity ©David Mayes 60
- 62. Agenda • What is Entrepreneurship? • Engineer Into The Workforce: • Common Business Misperceptions • The need for Competitive Advantage • UBC Library “entrepreneurship”resources • UBC Small Business Accelerator ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 62
- 63. UBC Entrepreneurship Resources HMKNT 401 Introduction to Entrepreneurship ©David Mayes 63
- 64. UBC Library “Entrepreneurship” Resources UBC-O Library Resources: • UBC Library, Industry Research Resource Guide: http://guides.library.ubc.ca/new_enterprise_development#tabs-6 • UBC, additional Industry and Market Research Resources: http://toby.library.ubc.ca/subjects/subjpage2.cfm?id=660 ©David Mayes 64
- 65. Agenda • What is Entrepreneurship? • Engineer Into The Workforce: • Common Business Misperceptions • The need for Competitive Advantage • UBC Library “entrepreneurship”resources • UBC Small Business Accelerator ENGR 499, Engineering Capstone Project, Winter 2016 Engineer Into The Workforce ©David Mayes 65
- 66. UBC Small Business Accelerator Human Kinetics 401, Introduction to Entrepreneurship ©David Mayes 66
- 68. Additional Entrepreneurial Resources ENGR 499, Engineering Capstone Project ©David Mayes 68
- 69. http://www.slideshare.net/mayo615/engineer-to-entrepreneur-070813 My Personal Blog http://mayo615.com Additional Reources Engineer Into The Workforce This lecture may be viewed & downloaded on SlideShare: ©David Mayes 69
- 70. • entrepreneurship@ubc • http://www.entrepreneurship.ubc.ca/ • UBC Industry Liasion Office (UILO) • http://www.uilo.ubc.ca/pages/entrepreneurship/voucher Additional UBC Resources ©David Mayes 70
- 71. ©David Mayes 71