Having an engineering degree may guarantee a job in a good company, but have you ever given it a thought as to why engineer entrepreneurs are wealthy? If you are still asking the questions about civil engineer salary or whether engineers are rich, read on.
Are Engineer Entrepreneurs Born Or Made?
Engineer entrepreneurs are made. You can learn to be one. The leadership skills you need to be an entrepreneur can be taught. You already have instilled leadership qualities, honesty, and dependability.
Engineer entrepreneurs can be made, but it’s the traits that start early on in life. If you don’t have those skills, it’ll be harder. Taking risks is a big part of entrepreneurship. I mean, if you don’t start your own company or you don’t leave a company that you’ve been working at for years, you may never become an entrepreneur.
Taking risks, financial risk or a career risk, is how the great entrepreneurs are made. Great engineer entrepreneurs take risks because they know that without the risk, there may not be rewards.
What Are The Key Steps To Take Before Starting Your Own Business
1. Be Informed
The first step is to know what you’re getting yourself into. There are so many things to learn to become an entrepreneur. There are so many legal implications, financial implications and insurance implications that you needed to be aware of. Learn everything you need to learn.
2. Find A Specialty
Becoming informed is one of the most important things. After being informed, you have to understand that you need to find a specialty. Find a specialty or niche that will make you an expert in the field and insulate you from a poor economy. That’s how I was able to survive the downturn of the economy. You have to consider becoming an expert in your field.
3. Understand Your Financial Means
You must see what your expenses are, what your income is and understand your net worth. Get all your assets and subtract your liabilities from them, that’s your net worth. After knowing your net worth, can you find a way to fund your startup company?
Becoming an entrepreneur may be difficult because you have to develop a support team. Without the spouse that’s supportive and without the team that can advise (your mentor possibly), it becomes hard.
If being an entrepreneur is not easy, then it’s not for everyone. It’s a mindset. You really have to live that mindset and have to have a team around you and then finally have to learn what the expectations are.
I would recommend that you incorporate your company several years before you actually start because most banks won’t lend or give credit to startup. They want at least three years of credit history.
So if you incorporate, start your own company and open a bank account. Get a couple of charge cards and start developing a credit history for your company and that will get you going when you’re ready to start. It’s essential to have good credit and to incorporate before opening your company.
At What Age Should You Start Your Company?
A young engineer is going to have a lot of time but maybe not that much experience. In contrast, an older engineer in their 50s is going to have probably a lot of experience but not that much time to develop their careers and become an expert.
So it’s a matter of understanding how to use your strengths if you want to become a successful engineer entrepreneur. As a young engineer, utilize your strengths at that time that you have to invest your 401k. To invest wisely as an older engineer, you’re going to utilize your experience in your context and your connections.
Becoming an engineer entrepreneur may be hard, but it’s what you have to do if you are to become a wealthy engineer in your field.