ENTREPRENEUR CAREER PATH
Entrepreneur careers tend to attract individuals who are interested in business but want to forge their paths rather than work for others. Entrepreneurs often start their own enterprises, launch their own products or offer personalized services to customers. However, they might also buy existing companies and commit to improving operations and sales.
HOW DOES SOMEONE BECOME AN ENTREPRENEUR?
There are no standardized education requirements or specific training programs for people interested in becoming entrepreneurs. Nearly everyone has heard the stories of multi-billionaires who started their businesses in high school and went on to achieve unparalleled success in life without any formal education or training. However attractive that idea may be, it’s important to note that those individuals are the outliers rather than the norm.
Pursuing a degree in business administration could prepare you to launch or acquire a business in any industry. If you are considering entrepreneurship, look for a business administration degree program that can provide a solid foundation of business acumen, accounting, ethics, finance, technology, human resources and marketing. These core subjects should help you improve communication and analytical skills.
WHAT ARE SOME TYPICAL ENTREPRENEUR RESPONSIBILITIES?
Just as there are no standard prerequisites to become an entrepreneur, there is also not a definitive entrepreneur job description. The specific tasks and responsibilities of an entrepreneur will depend largely on the industry you choose, as well as the specific products and services you offer.
In general, entrepreneurs should expect to:
- Set goals
- Write business plans
- Create policies and procedures
- Manage finances
- Handle regulatory matters such as business licensing (if applicable)
- Enter into contracts with vendors, service providers and others
- Establish and Implement marketing strategies
- Manage all aspects of the employer-employee relationship, including hiring, training, conducting performance evaluations and terminations.
WHY CONSIDER BECOMING AN ENTREPRENEUR?
Working as an entrepreneur typically requires a lot of time and energy, at least in the early stages of starting or acquiring a business. However, it can be incredibly rewarding too. Entrepreneurs get to see the results of their hard work in the form of increased customer activity and, ideally, growing sales.
While it is difficult to quantify expectations for entrepreneur salary, self-starters who commit to the success of their ventures theoretically do not have a ceiling for compensation. Of course, some entrepreneurs have more prosperity than others; business success or failure depends on a variety of factors — not all of them in the owner’s control. Nevertheless, as of May 2019, the median pay for top executives at U.S. companies was $104,690 annually.
Generations COLLEGE CAN PREPARE YOU FOR SUCCESS AS AN ENTREPRENEUR
If you are considering the entrepreneurial career path, earning a degree can help you learn valuable skills that can be put to use immediately after graduation. Generations College’s business administration degree program helps prospective entrepreneurs prepare for future success in any industry. Graduates of this program — offered both online and on our campus in the heart of Chicago — enter the working world prepared to make strategic decisions and handle the rigors that come with business ownership.