The latest edition of DMET Club's Sunday Citadel brought together marine engineers, entrepreneurs, and professionals for an engaging discussion led by Prerna Dua, a seasoned psychologist and business coach. This session primarily focused on two critical areas: managing relationships in the demanding life of a marine engineer and navigating the entrepreneurial path.
Given the complexity and importance of both topics, Prerna chose to emphasise a deep dive into entrepreneurship, with the relationship segment being set aside for a dedicated future session.
Session Recording
Understanding the Unique Challenges Faced by Marine Engineers
Prerna began the session by acknowledging the unique lifestyle and challenges faced by marine engineers. The profession requires long periods away from home, which makes maintaining relationships and personal commitments exceptionally difficult. Additionally, the structured and technical nature of their work often contrasts starkly with the unpredictable and dynamic world of entrepreneurship. Transitioning from marine engineering to a business venture requires not only technical expertise but also a completely different mindset, skill set, and risk tolerance.
Defining the Purpose of Entrepreneurship: The Importance of a Strong 'Why'
Prerna emphasized that before stepping into entrepreneurship, individuals must have a clear purpose. She encouraged participants to ask themselves:
Is my primary goal financial stability and wealth generation?
Am I pursuing entrepreneurship due to a passion for innovation and problem-solving?
Do I want to create a meaningful impact in the industry or society?
Am I simply seeking an alternative career path due to dissatisfaction with my current role?
Without a well-defined "why," entrepreneurs often struggle to remain committed during the inevitable ups and downs of business ownership.
Laying the Foundation: Critical Aspects of Business Planning
A successful entrepreneurial journey requires thorough and structured planning. Prerna broke down the planning process into several essential components:
Financial Planning
Understanding capital investment requirements
Estimating operational costs and recurring expenses
Setting realistic revenue expectations and break-even points
Exploring funding options such as personal savings, investors, or loans
Resource Planning
Identifying the necessary equipment, tools, and technology
Determining whether to hire employees, outsource, or partner
Learning about regulatory and legal requirements
Market Research and Competitive Analysis
Evaluating demand, customer preferences, and market gaps
Understanding competitors and industry trends
Developing a Unique Selling Proposition (USP) to differentiate from the competition
She stressed that marine engineers should utilize their time offshore wisely—conducting research, networking, and slowly building the framework of their business before full-time commitment.
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Exploring Business Models: Opportunities for Marine Engineers
Prerna outlined three primary business models that marine engineers could explore:
Sole Proprietorship – Running an independent consultancy or small business.
Partnerships & Team-Based Ventures – Collaborating with partners to leverage collective strengths.
Product vs. Service-Based Businesses
Product-based businesses: Developing or selling maritime equipment, spare parts, or technology solutions.
Service-based businesses: Offering consulting, technical support, or specialized mental well-being services for seafarers.
She highlighted that choosing the right business model depends on individual expertise, financial capacity, and long-term aspirations.
Risk Management: Understanding and Mitigating Potential Pitfalls
One of the key aspects of the discussion was risk management. Entrepreneurship inherently involves uncertainty, and mitigating risks is crucial for long-term sustainability.
Prerna categorized risks into three main types:
Financial Risk – The possibility of losing initial investments or struggling with cash flow issues.
Time and Energy Risk – The significant time commitment required, which might not always yield immediate returns.
Emotional and Psychological Risk – The stress and mental burden associated with failures, competition, and setbacks.
She posed a thought-provoking question to the attendees: “If you invest $10,000 into your business and lose it all, would you be emotionally and financially prepared to handle that loss?”
The Disney Strategy: Balancing Optimism and Realism in Decision-Making
To help participants develop a structured thought process for making business decisions, Prerna introduced the Disney Strategy, which incorporates three distinct perspectives:
Dreamer: Envisioning ambitious goals and ideal scenarios.
Critic: Identifying potential flaws, weaknesses, and risks.
Realist: Developing practical, actionable steps to address challenges and achieve goals.
This method ensures that entrepreneurs take calculated risks rather than blind leaps of faith.
The Role of Leadership in Entrepreneurship
Strong leadership skills are essential for navigating the complexities of business. Prerna discussed two primary leadership styles:
Push Leadership – Actively motivating employees and guiding them through structured processes.
Pull Leadership – Creating an inspiring vision that naturally attracts talent and encourages innovation.
She highlighted that successful leaders must earn the trust of employees, customers, and stakeholders. Trust is built through consistency, transparency, and ethical decision-making.
Adapting to a Changing Workforce: Challenges in Managing Young Employees
A key concern raised during the discussion was the challenge of managing younger generations of marine engineers. Unlike earlier generations who had fewer career alternatives, today’s workforce is more self-confident, diverse, and less likely to feel "stuck" in one field.
Prerna suggested adopting a positive, mentoring-based approach:
Encourage growth by highlighting industry opportunities.
Recognize achievements to boost motivation.
Create a vision-oriented workplace where employees feel valued and engaged.
The Final Pillar: Adaptability and Continuous Learning
The session concluded with a discussion on adaptability as a fundamental trait of successful entrepreneurs. With rapid technological advancements, shifting market dynamics, and evolving industry regulations, adaptability ensures long-term sustainability.
Prerna emphasized that adaptability is not just about reacting to change, but about proactively driving innovation and improving processes. Entrepreneurs who embrace learning and flexibility are far more likely to overcome obstacles and seize new opportunities.
Conclusion: Key Takeaways and Next Steps
The session provided an extensive roadmap for marine engineers looking to transition into entrepreneurship. Prerna’s insights underscored the importance of:
Clarity of purpose and vision
Strategic planning and market research
Financial preparedness and risk assessment
Effective leadership and team-building
Adaptability in a dynamic business landscape
A follow-up session was announced, which will delve deeper into relationship management for marine engineers, ensuring a holistic approach to both professional and personal success.
Stay tuned for the next DMET Club Sunday Citadel session!