Entrepreneurship in engineering
An Institution of Engineering and Technology case study

Page 1: Introduction

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In an increasingly service-orientated world of work, it is easy to miss the vital role engineers play in transforming our lives. Engineering is the crucible in which scientific, mathematic and design skills come together. The engineering industry makes up nearly one-fifth of the UK economy and employs over 4.5 million people. The UK is still the world’s seventh biggest manufacturer...
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Page 2: Why people become entrepreneurs

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An entrepreneur is someone who is prepared to sacrifice their own time, effort and money to turn a good idea into a marketable product. For example, Charles Rolls and Frederick Royce were motor engineers. They showed enterprise by setting up the Rolls-Royce car manufacturing company. James Dyson is an example of a modern engineer entrepreneur. He invented the ball wheelbarrow and the Dyson Dual...
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Page 3: Characteristics of an entrepreneur

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There is no such thing as a typical entrepreneur. Some entrepreneurs are quiet and hard-working, while others are more outgoing and flamboyant. The key to being a successful entrepreneur lies in the ability to take an idea and then, through the process of innovation, develop it in such a way that it becomes a marketable product or service. Research indicates that there are a number of...
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Page 4: Starting up a business

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There are a number of legal requirements that must be met to form a business. A new business will adopt one of a number of possible structures. Many very small start-up businesses are in the form of a sole trader (one owner) or partnership (two or more owners). These forms of business give the owner/s more freedom to make decisions themselves and to keep the profits their hard work has earned. A...
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Page 5: A young entrepreneur's story

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Matt Wilson is an engineer, an entrepreneur and regards himself as a pioneer in cloud based communications. His tale is one of rags to riches. At sixteen years old he had no job and £100 in his pocket. Today at 34, he is a chartered engineer, an IET Fellow and Chief Executive of his own highly successful business: Crosby Communications PLC. Matt started a disco agency at the age of twelve...
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Page 6: Conclusion

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Engineers have been at the heart of the British economy and industry for a long time. Matt Wilson is part of a long line of British engineers going back to Brunel and more recently James Dyson. There are many different types of engineers ranging from mechanical and electrical engineers to software designers, bio-technology engineers and those working with nano-technology (on a minute scale). These...
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