Will post graduation in industrial engineering be helpful if one wants to set up his own venture?

Question

I am an electrical engineering student.

Answer 1

no- it wont just be much help. IE deals with various aspects which are needed many many years after the business has reached a specific point where the pricing has to be reduced with minimizing the human error and working time. for many years after the start you will need more of simple production methods and marketing plans. once you establish yourself, then you may need this (IE) tool. at that point of time if you are successful- hire an engineer.
i m saying a bold "no" because- you intend to start a business with IE, which means you are starting at a very low level- maybe you will hire just 1-2 people more. hence with this work strength it will take you years to use the effective tools taught in IE. IE is suitable when you have a big employes strength.

Answer 2

I think that the answer really does not lie in your education but rather your ambition. Yes, an industrial engineering degree may be useful but there may be other degrees that may be even better. Maybe an MBA or better yet real world experience.

I would suggest finding a job in the venture area that you are thinking about and learn under someone else that already knows the market. This way you would be getting a practical education on what you are seeking. You would be making valuable contacts in your area and you would already have references and experience before striking out on your own. I think by that time you would be able to decide if an industrial engineering degree would be appropriate. Better yet, you may be able to hire an industrial engineer at that time and not worry about getting that education.

Answer 3

My undergraduate degree is IE. I have found it very useful and yes it does give a great overview of engineering as a whole. I've worked as a process engineer, industrial engineer, plant engineer, and a traffic engineer.

While IE does focus allot on the financial aspects I would recommend an MBA if your looking at you own venture.

Answer 4

It depends in what. But of course it does, if it is related to your topic. Make a business plan. In a way there are two things which are important for investors (banks, business angels, ...): what will it bring them? And how big is the risk...

One of the most important things to evaluate a business plan is to see if enough knowhow is present in the new venture. If you have the right knowhow, this will make it easier to attract investors. But it is not enough: plan everything thouroughfully, to filter out all weak points. Make shure you have realistic expectations about what you might sell. Benchmark. And don't forget that having a (technically) wonderfull product does not assure enough value creation for your customers. And you better look for some partners experienced in business as well...

There are lots of information about business plans on the internet. Have fun!

Answer 5

Are you talking about grad school?
Or after undergrad, working in industrial engineering?

Grad school is about narrowing your focus and becoming more specialized. IE is the opposite in general. IE gives you a broadness about different engineering disciplines. So they seem mutually exclusive. ... if that's what you're asking.

If it's the latter ... I don't really know.

Answer 6

Having own venture requires the good enterpreneural skills, strong desire and will to succeed. If you have these and outlook for this venture doing PG is not a must.