R & D in Engineering Entrepreneurship

Essay 6 : DELTA Essay Writing Competition Competition

SUBMITTED BY:
SAMVID PARAJULI
CIVIL ENGINEERING STUDENT, (3rd SEMESTER),
IOE PULCHOWK CAMPUS, LALITPUR, NEPAL

Entrepreneurial idea is any idea that takes oneself through multiple stages of building a sustainable customer pool based on innovation or invention of a product or a service likely to generate revenue. Any vision that answers the question of what business could I start, or how much revenue can I generate is an entrepreneurial idea. However, without a field of expertise, it becomes quite a hard job to estimate the outcome of the idea. In a real-life economic environment, the outcome plays a major role for any investors to invest upon. So, having a strong and reasonable outcome is always appreciable in building a sustainable entrepreneurship program. So, entrepreneurship, is all about taking risks and placing a sustainable business idea. And any expertise, to provide certainty, simulate and predict the outcome is always a plus when it comes to entrepreneurship.

Engineering is precise mathematical approach to solve any problems. So there always exists a co-relationship between engineering and entrepreneurial ideas. The engineering can be beneficial for almost every types of other entrepreneurships but it can as well be itself an entrepreneurial idea. For an example, a sugar factory can use the engineering techniques to increase its production and revenue as a whole, here engineering is applied to a non-engineering field. And contrary to that, the production of cements, or provision of IT services are quite adequate example for engineering itself being an entrepreneurship. However, in Nepal, the term agricultural country for its 65% population still engaged in agriculture has concealed the ideas on entrepreneurship specially in technological precinct.

So far, Nepal hasn’t accomplished its technological standards to be on par with the other countries of the world. Even the common and obvious business ideas are flourished for it being new to Nepal. So, there is a huge possibility for engineering entrepreneurship programs in Nepal. As an example: The concept of aerated autoclaved concrete (AAC) blocks was perfected in mid 1920s and since 1980s, its use has been increased tremendously worldwide. But this concept being new to Nepal, was brought recently by few companies of Nepal and it was certain to be burgeoned for its beneficial properties over generic bricks. Another example is, the company Daraz, the young entrepreneurship minds built this company with certainty. The concept of online shopping wasn’t new, but it was newly implemented in our country so it fortified the entire online market of Nepal. So, talking about the possibilities, Engineering techniques can either be simply brought in the country from other countries or a new concept targeting Nepal and its lifestyle can be potent entrepreneurial ideas. Besides, global approach would also be beneficial, but there are many challenges, that represses the ideas to be effective. Specially for a civil engineer, there are many entrepreneurship ideas such as civil contractor, structural consultant, project management consultant, quantity surveyor, billing consultant, material supplier, model maker, real estate marketing, equipment supplier etc.

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Today, the economic standard of Nepal is pretty weak. One of the most catastrophic challenge in engineering entrepreneurship in Nepal is that, the lack of investment and proper security of the investment. Specially in engineering entrepreneurship, people are insecure in Nepal. Investors are more vulnerable to lack of technologies and are insecure due to inappropriate planning. Also, since, engineering is recently emerging in the nation, the young mindsets are questionable in their own. So, it is the duty of an entrepreneur to win the trust of these investors through engineering knowledge, technologies and proper business proposals and plans. Besides, people when are engaged in business are mostly lured towards earning more rather than learning and investing more. Entrepreneurship in Nepal hence carries an economic burden. As Einstein said,” Strive not to be a success, but rather to be of value.”, success comes with ability. So, in Nepal the bright entrepreneurship minds are more likely to get inveigled by money rather than services before the business reaches its ultimate objective.

The research and development (R&D) of companies in Nepal is pretty low too. Companies are more likely to go for conventional generic methods rather than new approaches for it is less likely to predict the outcome and is less secure economically. For an engineering entrepreneurship, R&D is a most and should be parallelly held along with the business. Today, most of the engineering solutions are provided by the simulations conducted by the super computers. Even, structural and fluid analysis is completely done with computational modelling using super computers. R&D includes, these kinds of simulations, that increases the efficiency in engineering works. However, the availability of one super computer throughout the nation placed at IT Park in Banepa is quite obnoxious. Further, setting up laboratories for material enhancing and studying the material properties is equally important part of R&D. However, it is quite expensive. But, using the initial business earnings, this sector is to be invigorated. Many technologies such as linear programming can be used analyzing the previous market data to maximize in the given constraints at a given time. And in turn, it is quite sure that for a long run, the business would be sustainable, up to date and economically beneficial. As an example, the company Tesla run by Elon Musk, is a car business organization that uses the revenue for other scientific engineering researches so that new business ideas and business techniques can be formulated. Today, the company is one of the most likeable and its stock prices are sky rocketing every day. So, for engineering entrepreneurship program, research and development should always be in cohesion with the earnings.

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Another challenge that rumbles the business plan in Nepal is lack of platform for feedback. Most of the feedback are falsified and without true feedbacks, the company is unable to head towards the right direction. The entrepreneur should always acknowledge the secrecy and security of the respondent.

But ultimately, Nepal do carry quite a prospect for engineering entrepreneurship, for it being new and many basic services are yet to be met. Appropriate investment and re-investment on research and development can usher to structural growth of a business making the business quite futureproof. With identification of suitable source of capital, target audience, market research, good business ideas and proper R&D, the engineering entrepreneurship in Nepal is quite certain to bring positive economic changes. Besides, personal endeavor, and dedication of an entrepreneur is equally important. So, engineering entrepreneurship is what an engineer should look for because, entrepreneurship and engineering are both a self-created profit maximizer. The beauty of engineering lies in the fact that, it makes people creative, and people are encouraged to create working things from scratch that soothe and alleviate lifestyle of other people. So, this affinity of engineering and entrepreneurship in a bare yet prolific land of Nepal can be quite emboldening in person’s life and the overall nation.

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