Entrepreneurship Careers

Entrepreneurship Career Overview

Entrepreneurs are flexible, innovative businessmen: they drive innovation by introducing new goods and services to the marketplace. Successful entrepreneurship requires intelligence, business savvy, and an ability to raise capital from investors. Entrepreneurs often shoulder a large portion of the financial risk themselves, so it is not a career for the faint of heart.

With that said, being an entrepreneur can be extremely lucrative—today’s multi-billion dollar companies were founded by yesterday’s entrepreneurs. However, entrepreneurs need more than an idea, and a large part of this career consists of having the skills and character traits needed to create a successful business.

Several different attributes define successful entrepreneurs, and these are often more important than formal education: self-reliance, competitiveness, confidence, good judgment, perseverance, patience, and independence. Moreover, entrepreneurs should also have excellent organizational, interpersonal, and communication skills, and strong trouble-shooting and problem-solving skills.

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Entrepreneurship Training & Education

A career in entrepreneurship does not necessarily require formal post-secondary education, although most successful businessmen attended university—if only for a short while. Contrary to popular wisdom, knowledge acquired in post-secondary classroom dramatically facilitates entrepreneurship by developing specialized skills at a high level.

Entrepreneurs come from all academic backgrounds, but Business Administration tends to be the choice of most budding businessmen. Indeed, some colleges now offer entrepreneurship courses as a specialization within business programs, recognizing the academic merit of entrepreneurship skills.

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Entrepreneurship Career Outlook & Salary

For those with the inclination and drive, a career in Entrepreneurship can be both personally and financially rewarding. Savvy entrepreneurs can start profitable businesses in virtually any economic conditions by identifying and entering expanding sectors of the economy. As with many high-reward scenarios, the choice to become an entrepreneur is not without risk—roughly 80% of small businesses fold within a year of opening.

Because Entrepreneurship vary immensely in their level of success, it is difficult to come up with an “average” salary range for this profession. While some of the most successful entrepreneurs make hundreds of thousands or even millions of dollars per year, the annual earnings of small business owners tend to be in the mid five-figure to low six-figure range.

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