Read to Succeed

20. May 2013

Milton Chang

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.

Forbes
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
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.

Other gems
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 (miltonchang@incubic.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.

Academic careers, Career, Communication skills, Nontraditional science careers, Small business and entrepreneurs , , , , , , ,

Career Advice from Top Entrepreneur Milton Chang

16. October 2012

Milton Chang

At this week’s Frontiers in Optics meeting, Milton Chang shared his advice about how to forge a path toward entrepreneurship at the OSA Student Leadership Conference. Here are highlights from his talk.

Many of you are already off to a good start toward constructing a fulfilling technical career: You have shown active involvement in your community and picked a technical field for your future. You will find your niche and do well.

I was once where you are: wondering what to do with my career. I immigrated from Hong Kong for college; worked my way through my undergraduate years; and was employed by an aerospace company for a few years. Then I joined a start-up as the 7th employee. Eventually I became president of that company—The Newport Corporation—and took it public.

You too can build a successful future. With your technical know-how, you can do anything you want, as long as you continue to broaden yourself, learn and study. Here’s how to ensure that your career will move in the right direction over the long term:

Gain as much expertise as possible to compete for opportunities. Hiring managers are looking for someone with expertise who can get the job done. Having a graduate degree is a great starting point—

but don’t stop there. Learn as many skills as possible to gain access to jobs that others will not have. Often having the combination of a few skills will lead you to many more opportunities than you would have with just one area of expertise: 1+1=10.

Having a breadth of knowledge enables you to make sound decisions. When choosing your career path, you don’t want to have blinders on—so make sure you learn about subjects beyond your technical area. In particular, having business acumen and an understanding of management can make you more effective on the job as an engineer and also provide you with more career options.

Your reputation and your network are your resources. There are two types of networking you can engage in as a professional: The “shoulder slapping” variety, in which you forge friendly connections with a wide range of others, and the stronger relationships you have with a few confidantes. Both types are important to your career.

For those interested in pursuing the entrepreneurial path, here’s how to get started:

Be really good at what you do and know your industry. This is the #1 requirement for being an entrepreneur. You need both technical expertise and knowledge of business and management. Avoid pursuing an idea that is outside of the industry you know intimately; instead go for a niche that capitalizes on your expertise and grow the business over time as you gain experience.

Start by joining a well managed company. Perish the thought of starting a company right out of school—you simply don’t know enough yet. Strive to succeed by first learning what it takes to succeed and by building your professional reputation and network.

Take on project management. You don’t want to just grind away at a narrow task or technology that could at some point become obsolete. Engaging in big-picture project management will help you gain well-rounded skills, build your network and learn how the world works. This is what will make you become more valuable over time. Volunteering for a professional society is a great way to start.

In summary, I recommend that you think broadly about your career first, and then decide later if entrepreneurship is right for you. For more specifics on starting a business, read my book Toward Entrepreneurship: Establishing a Successful Technology Business.

Milton Chang (miltonchang@incubic.com) is the director of Precision Photonics, mBio and Aurrion, a trustee of Caltech, and a member of the SEC Advisory Committee on Small and Emerging Companies.

Career, Job Search, Nontraditional science careers, Small business and entrepreneurs , , , , ,