I began reading several business publications when I was in graduate school in the 1960s. I had a hard time understanding them at first, but it became progressively easier, and over time, they gave me valuable insight into that world.
Whether you plan to start a company or not, I believe that every engineer can benefit from knowing something about business and management. You’ll have a better sense of how technology fits into real-world enterprises; become more effective on the job; learn how to interact with management; and lead people and projects, even when you make engineering decisions.
Moreover, as a practical matter, it is almost impossible to maintain an edge in a 40-year career as a pure technologist. Learning about business and management enables engineers to move into managerial positions and to remain vital and productive. It gives a technical person the opportunity to oversee projects that follow a product’s development from the idea stage to market application. Moreover, anyone who does want to start a business will embark on the process with less fear of the unknown and avoid fatal mistakes from the start.
Reading business magazines and newspapers is a good way to begin learning about the business world. There are four publications on my can’t-miss reading list: Bloomberg Businessweek, Forbes, Fortune and The Wall Street Journal. While some of these periodicals overlap in content, each one offers a different emphasis and perspective.
Bloomberg Businessweek (formerly Business Week)
If you only subscribe to one business magazine, this should be it. I like the section on “Global Economics,” which offers useful background information that helps drive decision-making in industry. I also like the “Technology” department, which keeps me abreast of what’s new with a wide range of products and businesses beyond optics and photonics.
This magazine zooms in on the business strategies of specific companies. The “Technology” section highlights interesting new products and innovative ideas. “Entrepreneurs” covers the process that entrepreneurs go through to start companies and explores how they deal with the challenges they encounter along the way. “Investing” provides valuable information that guides how to make wise investment choices.
Fortune gets into more specifics about successful, high-profile individuals. What do these people do and how do they live? I always find an interesting scoop in the “Scandals” section. It describes ill-gotten wealth and serves as a good reminder that we cannot always believe what we encounter.
The Wall Street Journal
Published six days a week, this is a great day-to-day resource that provides up-to-date information about what’s going on in business. It is a must-read for anyone who wants to optimize their investment in anything—whether it is in the stock market or real estate.
Through reading, you can open yourself up to a vast array of career options—and simply broaden your perspective on life. With that in mind, I also recommend reading a local newspaper every day and following the Economist to learn more about the rest of the world.
And, of course, I wish more people would read my book, Toward Entrepreneurship, Establishing a Successful Technology Business. It is an easy read, and it covers much of what you’ll learn in an MBA program, but it is customized for the individuals in our industry.
Yes, you are successful because you were focused enough to become an expert in your field. Broadening a bit to strike a balance can help you to accomplish even more. Reading these publications is a painless way to start!
Milton Chang (email@example.com) is the managing director of Incubic Management and an OSA Fellow. He was president of Newport and New Focus, and he took both companies public. He is the director of mBio Diagnostics and Aurrion. He is a trustee of Caltech and a member of the SEC Advisory Committee on Small and Emerging Companies.