HOW MASTERS IN ENGINEERING MANAGEMENT CAN HELP YOU GROW YOUR SMALL BUSINESS AND MAKE YOU A SUCCESSFUL ENTREPRENEUR
Masters in Engineering Management, called MEM, is a specially designed degree for engineering graduates to build the link between engineering, technology, and management. With all new and varied challenges facing humanity globally at the technical level, it has become necessary for companies to integrate technical skills in the business arena to address problematic issues.
As the name suggests, engineering management integrates engineering concepts with management studies to develop a holistic approach towards the technical and business side of the process.
The core curriculum for MEM covers subjects in marketing, finance, management law, and intellectual management, to name a few. MEM degree helps the candidate to acquire the perfect blend of engineering and management skills. Certain problems require a good knowledge of engineering and management skills to be solved. For example, planning, scheduling, directing, organizing, staffing, and executing different processes require an efficient MEM to be solved. One requires managerial skills and complete knowledge of the process.
An Engineering Management (MEM) program is designed to enhance one’s leadership skills. Most engineering management students will have a scientific/engineering background but will lack management skills and experience. Therefore, preparing for the GRE exam and performing the best could easily help you achieve admission to your dream college, followed by securing your dream job.
This program is especially for engineers who want to merge their engineering skills with management skills in STEM-designated programs such as MEM. If we talk about business interests, engineers have the potential to look more valuable than their MBA counterparts for their innovative and technical skills. For several decades, entrepreneurship is inherently ingrained within the engineering trade.
That said, if you’re looking to succeed as an entrepreneur after completing your engineering degree, you need to take the first step by pursuing a MEM program that includes entrepreneurial teachings.
The MEM students need to go through several compulsory engineering management subjects related to the professional engineering stream. In addition, they also need to select some major subjects from their engineering stream as a part of postgraduate engineering studies.
Here’s the list of the electives you will have during your MEM course.
- Accounting for Managers
- Corporate Finance
- Organization Design and Behavior
- Operations Management
- Industrial Financial Decisions
- Leadership in a Global Environment
- Marketing Management
- Organization Information Systems
As you can see, all the above subjects look very familiar to the requirements (which are not said overtly) of starting a business. For example, operations management will let you dive deep into the operations of a business setup and handle them efficiently without having second thoughts about the business’s success. Will, the startup work or not, or is it worth the time you put in or not. Another subject, let’s say marketing management. It is a subject that needs proper study as in today’s world. Marketing has changed its shape and size, ranging from traditional marketing methods to digital marketing. So, all in all, MEM will help you find your inner entrepreneur and help you become a successful businessman.
As evident from the information provided in this article, a master’s in engineering management (MEM) is a feasible and promising career path for those who are interested in curating their own business in the technical field. Thus, the combination of engineering expertise, management, and entrepreneurship skills will help students create a success-oriented business structure in their future role as entrepreneurs.