engineer into the workforce

Engineer Into The WorkforceEngineering 499 Capstone Project , Winter 2016

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Engineer Into The WorkforceDavid Mayes, Global Internet Group LLC

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Engineer Into The Workforce

Engineer into any engineering role

Large Firms all the way to Entrepreneurship

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Lecturer Introduction:

ENGR 499, Engineering Capstone Project, Winter 2016

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ENGR 499, Engineering Capstone Project, Winter 2016Lecturer Introduction

David Mayes: Global Internet Group, LLCPersonal blog: http://mayo615.com/LinkedIn Profile: http://www.linkedin.com/in/mayo615

Email: [email protected]: (250) 864-9552Twitter: @mayo615

Experience:

Adjunct Professor, UBC Faculty of ManagementCanada Foundation for Innovation Grant Reviewer 2012 to presentExecutive 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

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http://mayo615.com/

http://www.linkedin.com/in/mayo615

mailto:[email protected]

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 2016Engineer Into The Workforce

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Introductions:

You and Me


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About Me


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What About You?


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Toastmasters International


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www.toastmasters.org

http://www.toastmasters.org/

Agenda • Introductions: You and Me

• A Short “Who Is” Quiz• Engineer Into The Workforce:

• Common Business Misperceptions




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A Short “Who Is” Quiz


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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


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Ada Lovelace


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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.

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


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Admiral Grace Hopper, US Navy


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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.

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


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Meg Whitman


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Founder of Ebay and CEO of Hewlett-Packard

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


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Jeanette Symons


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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

https://mayo615.com/2014/01/18/the-silicon-valley-jerk-conundrum/

Questions?

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Agenda • Introductions: You and Me

• A Short “Who Is” Quiz





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Engineer Into The Workforce:Common Misperceptions


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ENGR 499, Engineering Capstone Project, Winter 2016Engineer 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

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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

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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!”

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Misconception # 3:“Marketing is fluff and selling is black magic*”

*UBCO Library

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Davidow, William, (1986); Marketing High Technology: An Insider’s View, New York, The Free Press


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

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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

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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

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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

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Suggested Reading*

Uppuluri, Krishna (2011), Engineer Into The Workforce, The First Flight, self-published, Krishna Uppuluri

* UBCO Library

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Mullins, John. (2010) 3rd Edition. The New Business Road Test. Harlow, UK: Prentice Hall, Financial Times

Suggested Reading:

Questions?

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Thank You

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Agenda • What is Entrepreneurship?


• The need for Competitive Advantage• UBC Library “entrepreneurship”resources

• UBC Small Business Accelerator


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What is

Entrepreneurship?

ENGR 499, Engineering Capstone Project

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ENGR 499, Engineering Capstone ProjectWhat 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.

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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.”

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Entrepreneurial Incentives

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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

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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

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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

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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

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Four Routes to Entrepreneurship

Entering a family business

Opening a franchised business

Starting a new business

Buying an existing business

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Questions?

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The Need for Competitive Advantage


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ENGR 499, Engineering Capstone ProjectThe 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

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Evaluative Criteria – Market Factors

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HMKNT 401, Introduction of EntrepreneurshipThe Need for Competitive Advantage

Evaluative Criteria - Economics

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HMKNT, Introduction to EntrepreneurshipThe 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

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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

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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

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Strategies That Capture Opportunities

• Broad-Based Strategy Options–Seek an advantage in cost or marketing

• Cost-Advantage Strategy and OptionsRequires the firm to be the lowest-cost

producer» WestJet began as a low-fare, no-frills airline

• Marketing-Advantage StrategyEmphasizing the uniqueness of the firm’s

product or service» WestJet is moving to differentiate based on quality service

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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.

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HMKNT 401, Introduction to EntrepreneurshipThe 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

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Taking the Plunge• A Precipitating Event

An event, such as losing a job, that moves an individual to become an entrepreneur.Job terminationJob dissatisfactionUnexpected opportunity

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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

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http://guides.library.ubc.ca/new_enterprise_development

https://www.exchange.ok.ubc.ca/exchweb/bin/redir.asp?URL=http://toby.library.ubc.ca/subjects/subjpage2.cfm?id=660

http://www.slideshare.net/mayo615/engineer-to-entrepreneur-070813

My Personal Blog

http://mayo615.com

Additional ReourcesEngineer Into The Workforce

This lecture may be viewed & downloaded on SlideShare:

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http://mayo615.com/

• entrepreneurship@ubc

• http://www.entrepreneurship.ubc.ca/

• UBC Industry Liasion Office (UILO)

• http://www.uilo.ubc.ca/pages/entrepreneurship/voucher

Additional UBC Resources

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http://www.entrepreneurship.ubc.ca/

http://www.uilo.ubc.ca/pages/entrepreneurship/voucher

http://www.uilo.ubc.ca/pages/entrepreneurship/voucher

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