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The major challenges that have faced countries seeking to transform from centrally planned into market-based systems is the need to develop micro, small and medium enterprises (MSMEs), as wider process of social and economic restructuring. The development of entrepreneurship amongst engineers will be an effective mechanism of luminous renaissance in technology innovations, to remove the regional imbalance and sustainable growth of MSMEs. An engineer, through self-employment as a career, can bring about a technical revolution to meet the challenges of the emerging economies with competition. Initiatives like ED cells, STEPs, STED, to develop entrepreneurship in the young engineers will be effective in building interaction among entrepreneurs, students, academic experts to inculcate entrepreneurial culture. This paper discusses the strategies for developing entrepreneurial vision amongst engineers, the necessity of the engineer as entrepreneur in the growth of small and medium enterprises.