Business for noobs? I want to learn some basics

[RESmonkey]

Anyone recommend anything? Engineering student wanting to learn the business/entrepreneurial stuff. Stuff that can make bank :awe:

 

[tokie]

Usually you just play with them, that is usually their only business.

If you want to spice things up you can try motorboatinn.

 

[silverpig]

My school has (at both the undergrad and graduate level) courses called something like "New Venture Creation" where they team up engineering students and BComs (undergrad) or engineering grad students and MBAs (grad) to put together an idea for a product/business. I'm doing it right now as an MBA and it's a great course.

The final exam is a pitch to a group of venture capitalists. If they like the idea, they fund it. The program has started several companies. Check to see if your school has something similar.

 

[her209]

The Internet

 

[JJChicken]

My school has (at both the undergrad and graduate level) courses called something like "New Venture Creation" where they team up engineering students and BComs (undergrad) or engineering grad students and MBAs (grad) to put together an idea for a product/business. I'm doing it right now as an MBA and it's a great course.

The final exam is a pitch to a group of venture capitalists. If they like the idea, they fund it. The program has started several companies. Check to see if your school has something similar.

That's a very good idea.

 

[RESmonkey]

bump?

 

[Vageetasjn]

Revenue > expenses = profit.

 

[Miramonti]

My school has (at both the undergrad and graduate level) courses called something like "New Venture Creation" where they team up engineering students and BComs (undergrad) or engineering grad students and MBAs (grad) to put together an idea for a product/business. I'm doing it right now as an MBA and it's a great course.

The final exam is a pitch to a group of venture capitalists. If they like the idea, they fund it. The program has started several companies. Check to see if your school has something similar.

Sounds like an awesome idea. Having ideas and putting them into motion are two completely different issues.

 

[Matthiasa]

Take a business class. Maybe take an micro econ class.
Usually engineers get forced to take basic business stuff.

 

[SlitheryDee]

Make sure it sells. Get more than you pay for it.

 

[RESmonkey]

How about things like getting incorporated, reporting taxes on business, etc?

 

[OILFIELDTRASH]

It's allz about te benjamins. Cash money fools. Fo reals.

 

[Crono]

How about things like getting incorporated, reporting taxes on business, etc?

States have websites providing information on steps to incorporate and necessary fees. You can fill lout the forms (online or by mail) yourself, or have a lawyer prepare them for you. It's better to consult a competent accountant for tax issues.

 

[her209]

It's allz about te benjamins. Cash money fools. Fo reals.

Fo sho.

 

[FleshLight]

Buy hi, sell lo

 

[Matthiasa]

Ohh real idea, make a fleshlight /robot that feels real?

 

[mmntech]

If you seriously want to start your own business, definitely take an accounting course. Just be forewarned that if you're trying to do something with engineering, construction is a cutthroat business.

 

[DanDaManJC]

if you could, id team up with another friend from the business school... but i think it all kinda boils down to having a good idea and then marketing your idea properly (like say selling the idea to venture capitalists)

 

[Babbles]

I will try to give you what advice I can. To give you context of where I am coming from, here is my quick bio: B.S. with ten years in the analytical chemistry industry and now I am a first year student in a full-time MBA program. So I am a technical person with around zero knowledge of academic and formal business topics prior to enrolling in my MBA program. Furthermore if you asked me six months ago I would not have called myself an entrepreneurial minded person. However now I am on a leadership team with other students starting an entrepreneurial club encompassing all academic departments (we have law students, medical, engineer, business, undergrads, and the art institute nearby).

First off, I do not think there is really any one class you could ever take so as to learn "entrepreneurial stuff." Personally I think if you want enough knowledge to be able to improve your chances of having a reasonably successful business you essentially should get a MBA. However I also think people who go get a MBA immediately after undergrad are doing themselves a great disservice. As an aside our university has a Masters in Engineering Management program that partners between the business and engineering schools - may be worthwhile to see if your university has something along those lines.

Anyhow, I say that you essentially need - or rather ideally the skills you want - may be found in a MBA program because you really should study various fields. I can see how marketing can be extremely valuable for an entrepreneurial type person. Somebody mentioned accounting, and being able to structure how you will do costs could literally make or break a start-up. Same thing with finance, if you sell out you need to determine the value of your company. Also managing cash flows is extremely important; to generalize a finance person could argue that cash flows are much more important than making a profit. Strategic analysis courses would be beneficial to analyze an industry - if you are going to make a product/service to compete in an industry, knowing how to analyze what's going on would be of great service. I do not think it is really possible to take a class on how to become an entrepreneurial, but you can take a mix of classes to give you the skills to better utilize your entrepreneurial spirit.

Now if you do not want to take a plethora of courses - and many people do not - then you may want to do what the above poster mentioned and partner up with people from the business school. As I mentioned previously we have started a student organization to reach out across multiple programs and your university may have something very similar. . . or hell be an entrepreneur and start that club!

 

[ebaycj]

Anyone recommend anything? Engineering student wanting to learn the business/entrepreneurial stuff. Stuff that can make bank :awe:

All you need to know:

Money in > Money out.
Pay financed stuff off quick.
Be discriminating (but not discriminatory) in your hiring practices. Get GOOD people.
Don't be too friendly with your staff.

 

[Babbles]

All you need to know:

Money in > Money out.
Pay financed stuff off quick.
Be discriminating (but not discriminatory) in your hiring practices. Get GOOD people.
Don't be too friendly with your staff.

If you want to look at this seriously, then you have to be careful with generic advice such as this. If you creating a start-up chances are you will be spending way more money the first year (or more) than you will receive. The typical company loses money for their first years in existence; hell I think 2009 was the first year that Facebook actually made money. Therefore if you judge your business plan only on the notion that you have to receive more money than you will spend, then you will never start a company. Nor would have most companies started.

Also always paying off financed items as quick as you can may be construed as terrible financial advice. It is a matter of the value and flow of your cash. If it is cheaper to finance some asset which can then free up cash so you can utilize it do other things (like hire an employee) then it is indeed not better to pay off as quick as you can. It so much depends on how your debt is structured. That is why firms hire financial people and not just play by some generic set of rules.