Why Aspiring Engineers need To Understand Monetization
If you’re not careful as an engineer entrepreneurs will make a lot of money with your skills and pay you little
I currently study mechanical engineering in covenant university Nigeria. I’m proud to say that every time I tell someone studying an art or commercial course that I study Mech they are like wow!!!, trust me that makes me feel good. But truth be told I love tech, came up with a lot of ideas, I do a lot of coding, developed variety of engineering skills, I also do CAD(computer aided drawing) and was even privileged to be part of a team that recently designed a formula style Race car, still I knew that I needed to understand how to make money from these numerous skills.
Most aspiring engineers either want to work for a prestigious manufacturing firm, Tech company, freelance, or even start their own company. The thing is it all comes down to using your engineering skill to bring to life machines that are meant to be sold for domestic users or companies. Some will like to work for a company that’s fine. Now for those who want to run an engineering firm you really need to understand monetization and how to run an business, that something you will never learn in your 4 or 5 years of studying engineering.
Anyways if you didn’t know monetization means making money from a skill or service.
What happens to an Engineer that can’t monetize or run a business
- Most times you get underpaid by people that studied Accounting, Economics or Business admin.
- You might find it hard to run Petty businesses that should support your monthly income.
- You could also find it hard to manage leadership duties at firms where monetization is required
Some equations to monetization that will go a long way to help your career are;
- Quality Services + Effective marketing = sales. This means firstly you have to be good at the service you render whether its designing, manufacturing, maintenance etc. Secondly you have to let people know about your services and finally you get customers to patronize your firm. Effective marketing is very important because its one of the major areas where firms are failing. Without effective marketing you can’t get customers to patronize your service which means money doesn’t come in to the firm.
- If you want people to patronize your service have a good brand, develop products that will be of value to them and will be convenient to use.
No body will buy your product but everybody will buy your brand
- Lastly develop your knowledge of the business world because no matter what field of life you are, they all revolve around trading. Remember money is the heartbeat of trading. So if you’re not business inclined you might get stuck on going with anything life throws at you. Engineering is awesome have fun aspiring engineers.
Conclusion
I got motivated to write on this topic because of the eye opening experience about the business world I got from working as an intern in a digital marketing company. After spending a month there I was wondering how my life would have turned out if I didn’t get such experience. This is actually what prompted me to share this with you guys.
