Learn more about what you can do with a degree in entrepreneurship. Find information on entrepreneurial based careers, salary, job outlook, and schools. View popular schools that prepare students for careers as entrepreneurs.
Have you ever dreamed of owning your own business? Does the thought of innovation and creativity excite you? If so you may be seeking a career in entrepreneurship. Entrepreneurs are individuals with broad visions for businesses. One notable example of an entrepreneur is Steve Jobs, co-founder of Apple, Inc. Although not all entrepreneurs will achieve the level of success experienced by Jobs, individuals that pursue careers in this field will often find their positions to be quite lucrative and their positions notably flexible.
Although entrepreneurship sounds like an ideal job for most, the reality is that not all individuals are suited for this profession. Entrepreneurs require a mix of personality traits, talents and education in order to successful. In addition to having an understanding of business operations and management entrepreneurs must be self-motivated, disciplined and able to work independently. Because entrepreneurship requires the development of a new business or product, those working on these projects must have a deep desire to succeed. Additionally, entrepreneurial activities often come with a substantial amount of risk. Professionals seeking these types of positions must have a clear understanding of these risks so that they are able to effectively manage their new ventures. Business planning and management skills will be vital for entrepreneurial success.
Careers for entrepreneurs are as diverse as the individuals that fill these positions. In their roles as entrepreneurs professionals provide a number of different services to their organizations. While some entrepreneurs may specialize in a specific area of operations, the specific duties of the entrepreneur will be dictated by the particular area of specialization for the new organization. For example, entrepreneurs seeking to develop new businesses in retail will be responsible for determining new locations and markets for their operations. Additionally, these professionals may be responsible for overseeing pertinent issues such as inventory and accounting. Entrepreneurs seeking positions in manufacturing may be responsible for managing and enhancing supply chains. These professionals may also be responsible for developing new technologies that can be used to provide the new company with a competitive advantage. Most careers in entrepreneurship will require the professional to have a broad understanding of the business environment and the management practices needed for successful business operations.
Industry Salary Info
Salaries for entrepreneurs will vary based on the type of entrepreneurial activity pursued by the professional and the success of entrepreneurial business. Successful entrepreneurs such as Bill Gates and Donald Trump earn millions of dollars each year which includes salaries, benefits and stock options. While there is considerable variation in the salaries commanded by entrepreneurs, median annual salaries for all professions in this discipline were $111,000 in 2010. These high salaries reflect the risks and challenges involved in the development of an entrepreneurial endeavor. Entrepreneurs typically work more than 40 hours per week in developing their enterprises. Additionally, many entrepreneurs must invest a significant amount of time and financial resources into their operations before they become successful. Further many, although not all, entrepreneurs seek some type of post-secondary education to help prepare them for their business roles. Education for entrepreneurs typically includes a Masters of Business Administration or MBA degree.
The job outlook for entrepreneurs will depend on the specific area in which the professional is seeking to launch a new business. Generally speaking new business ventures require a considerable amount of capital in order to establish operations. Positions for entrepreneurs may be limited due to a lack of funding or the inability to secure needed loans for capital. The recent economic downturn had implications for the ability of new businesses to acquire needed capital and funding. Entrepreneurs that have, in the past, established successful businesses will be more likely to have their projects funded. Entrepreneurs with experience will have the contacts and skills needed to be successful in other ventures. Although funding challenges exist for entrepreneurs, for individuals with truly innovative ideas, products or business ventures, the field of entrepreneurship will always provide a viable foundation for launching new professionals. Success in the field may require perseverance, determination and a considerable amount of self-discipline.