In recent years, there has been a substantial rise in the number of people pursuing entrepreneurship careers rather than working for well-established organizations. This trend may be attributed to the fact that more and more people are interested in becoming company owners. Students may greatly improve their chances of success in this profession by enrolling in a program focusing on entrepreneurship, such as courses in a business administration degree. Such a program will provide students with the information and skills essential for working in this industry.
A degree program in entrepreneurship will cover a wide variety of subjects, including business planning, financial management, marketing, and innovation, to name just a few. Students acquire the knowledge necessary to recognize opportunities in the market, develop a business strategy, obtain capital, and start their very own businesses. They gain these basic skills and key soft skills such as leadership, communication, and collaboration, all of which are needed for success in any job. With over 70% of small business owners reporting satisfaction with their career paths, many are starting to shift toward entrepreneurship over working for a company (Guidant Financial, 2023).
The ability to concentrate on a particular area of interest is one of the benefits of earning a degree in entrepreneurship. A few examples of possible areas of concentration include social entrepreneurship, digital entrepreneurship, family business, innovation, and design thinking. Students are able to personalize their educational experience to better align with their individual professional objectives and interests as a result of this.
Our team has undertaken significant research on entrepreneurship careers, which gives important insights into the trends, problems, and possibilities in this subject of study. By reading this article, you will gain access to the research findings and learn about the advantages of pursuing a career in entrepreneurship. This article will provide you with valuable information and guidance that will assist you in succeeding in the exciting world of entrepreneurship.
It takes a certain kind of individual to be successful in the world of business and to pursue entrepreneurship careers. Daily responsibilities for entrepreneurs include searching for business prospects, conceiving new fresh ideas, locating sources of capital, and managing existing businesses. They need to have an in-depth knowledge of their market and the ability to swiftly adjust their strategies in response to shifting conditions. The incentives for entrepreneurs may be enormous, despite the fact that their tasks and duties are numerous and complicated.
The opportunity to achieve one’s goals in both personal and professional life is one of the most important advantages of choosing one of the entrepreneurship career paths. Entrepreneurs have the ability to follow their interests and build something that is authentically in line with their own values and beliefs, which is a significant advantage. They also have the chance to benefit the community by contributing to the local economy and producing employment, which is another way they may make an impact.
Many people who try their hand at entrepreneurship are surprised to discover that the potential for financial success is far higher than that of typical employment, despite the fact that the entrepreneurship salary, job prospects, and business opportunities may differ depending on the sector and area. Yet, starting a company is not a certain way to amass wealth overnight, and most first-time business owners face unclear financial prospects throughout the formative years of their ventures.
While there are difficulties associated with starting a business, experts say that entrepreneurs also enjoy high levels of well-being. According to a study published in Entrepreneurship Theory and Practice, autonomy significantly increases one’s satisfaction. “More so than employees, entrepreneurs can design their work (and business) in line with their skills and values, and they have ongoing autonomy in their work (i.e., they are able to choose how, on what, with whom, and when to work,” the researchers noted (Stephan et al., 2022).
However, it also introduces high levels of stressors. “Thus, compared to employees, being an entrepreneur likely is more satisfying and entails more positive affective experiences and feelings of thriving fueled by autonomy and meaningfulness, but it may also entail more negative affective experiences and stress-related mental health problems owing to the intense nature of their work, more stressors (especially high workload and high levels of uncertainty,” they added.
When it comes to entrepreneur careers, the environment is continuously shifting. New possibilities are constantly being created, even though certain fields may have a higher degree of competition than others. For example, according to the Census Bureau of the Department of Commerce, the total sales for the ecommerce industry in 2022 is about $1,034.1 billion, 7.7% higher than sales in 2021 (U.S. Department of Commerce, 2023).
In the end, the choice to pursue a career in entrepreneurship needs to be motivated by a person’s passion as well as a desire to make the world a better place. The path to success may be difficult, but the payoffs, both emotionally and professionally, may be great when achieved. If you are someone who is not afraid of hard work, is not afraid of taking chances, and is not afraid to learn from your mistakes, then a career in entrepreneurship could be the path for you to follow.
Source: DataUSA, 2023
The area of entrepreneurship is one that is dynamic and is always shifting, and entrepreneurship careers vary widely according to the sector in which they operate. In general, it is anticipated that the need for people willing to take risks and start their own businesses will continue to rise over the next several years. As a result, a credible business management degree is one of the more popular options for students looking to start their careers.
Entrepreneurs are not restricted to working in a single sector due to the availability of career options. Many people who want to establish their own companies choose to do so in fields they are very enthusiastic about, such as information technology, the food and beverage industry, the fashion industry, or the wellness industry. Yet, entrepreneurs may also find success in other fields by using the information and skills they’ve gained in one sector for another. For instance, a prospective company owner with previous expertise in marketing and branding may be able to launch a consultancy firm that caters to customers in various fields.
Currently, the average annual entrepreneur job salary in the United States is $70,849, equivalent to $34.06 per hour. The 10% of business owners who fall into the lowest income bracket earn around $42,000 annually, while those in the highest income bracket make approximately $118,000. The latter will continue to increase as the company grows (Zippia, 2023).
When it comes to the requirements of the market, there is no lack of options for business owners. The COVID-19 epidemic has accelerated the adoption of digital technology, which has opened up new entrepreneur career paths in the fields of ecommerce, digital marketing, and online education. The desire for creative solutions to social and environmental concerns is driving development in businesses such as sustainable agriculture, healthcare, and renewable energy, among others.
| Self-Employed Jobs | Average Annual Salary |
|---|---|
| Management analyst | $74,000 |
| Home stager/designer | $50,490 |
| Tutor | $33,000 |
| Painter | $31,000 |
| Home care specialist | $54,000 |
| Driver | $29,000 |
| Personal trainer | $38,000 |
| Artist | $72,000 |
| Developer | $84,000 |
| Finance advisor | $79,000 |
| Transcriptionist | $28,930 |
| Web designer | $61,000 |
| Photographer | $49,000 |
| Marketing specialist | $52,000 |
| Makeup artist | $80,297 |
| *Values are estimates. |
To succeed in the best entrepreneur jobs, one must possess a wide variety of abilities in addition to other desirable characteristics. Even if you have a fantastic business concept and a lot of love for what you’re doing, you still need to have a number of other important abilities if you want to develop and expand a successful company. Below are some of the skills that you should include in your career development plan in entrepreneurship.
Establishing and maintaining a profitable business involves a varied range of talents, all of which are necessary for entrepreneur career options. Some of the essential traits are:
On top of these essential skills, business owners should also possess characteristics and experiences specific to their industry. For example, an individual who owns a pet grooming business requires experience in working with animals, pet owners, and training in animal grooming.
Even before considering entrepreneurship careers, certain skills need to be developed. These characteristics will serve as a solid foundation for anyone looking to venture into setting up a business. Here are some of them:
Source: Data USA, 2020
Starting entrepreneurship jobs may be a thrilling and hard experience at the same time. There is no one set way to become an entrepreneur; nonetheless, there are some steps that you may follow to boost the likelihood of your business becoming successful. On the other hand, specializing in the field also opens entrepreneurship jobs in various industries. Whether you are a recent college graduate or an experienced professional searching for a career shift, you have numerous options for jobs with entrepreneurship degree. So, what can you do with an entrepreneurship degree?
| Type of Entrepreneur (by Size) | Description | Median Income | Examples |
|---|---|---|---|
| Small business entrepreneur | A small business entrepreneur is someone who establishes and runs a small company. In most cases, they are engaged in every facet of the enterprise, from marketing and sales to accounting and operations. | Around $63,560 per year | The proprietor of a neighborhood bakery who went into business for themselves by selling pastries and sweets to members of their community. |
| Large company entrepreneur | An individual who enters a big, well-established business with an entrepreneurial spirit and an innovative strategy is known as a large company entrepreneur. They could be responsible for coming up with new goods, researching new markets, or putting in place new procedures in order to propel the company's development and increase its profitability. | $161,361 and up | Elon Musk, the visionary entrepreneur who started SpaceX and Tesla and introduced a forward-thinking strategy to the automotive and aerospace sectors. |
| Social entrepreneur | A person who applies business strategies and ideas to the process of developing novel answers to challenges faced by society is known as a social entrepreneur. They may center their attention on topics such as economic inequality, education, healthcare, or the maintenance of a healthy natural environment. | $53,561 | Muhammad Yunus is credited for establishing the Grameen Bank in Bangladesh with the goal of providing microloans to economically disadvantaged people in that country. |
| Scalable entrepreneur | An entrepreneur who designs a company model that can simply and quickly be grown to meet increasing demand is said to have created a scalable business model. They place their primary emphasis on the development of a product or service that is capable of being duplicated and sold to a large customer base. | varies | Jeff Bezos, the founder of Amazon, is responsible for developing a scalable business plan that has allowed the company to grow into one of the most successful online retailers in the world. |
| Innovative entrepreneur | An innovative entrepreneur is someone who develops new markets or sectors by the introduction of new goods, services, or processes that disrupt current ones. They are often motivated by a thirst for invention and a need to test the limits of what is possible. | varies | Steve Jobs, who was noted for his inventive approach to product design and the development of technology, was one of the co-founders of Apple. |
| Imitator entrepreneur | An imitator entrepreneur is a person who launches a company with the intention of replicating an already established business model. They could concentrate on enhancing the already available model, modifying it so that it is suitable for a different market, or providing it at a cheaper price point. | varies | McDonald's, which was once a little hamburger shop but has now grown into one of the greatest fast-food chains in the world thanks to the successful replication of its business model. |
| Buyer entrepreneur | An individual who buys an existing company or franchise and then runs it in such a way as to increase both its growth and its profits is known as a buyer entrepreneur. They could concentrate on increasing the effectiveness of their operations, penetrating new markets, or establishing new product lines. | $72,292 and up | Warren Buffett has created a name for himself in the business world by purchasing and successfully managing a variety of firms, including GEICO, Dairy Queen, and Fruit of the Loom, amongst others. |
| Researcher entrepreneur | A person who utilizes their knowledge and experience in a specific sector to create new technologies, goods, or services is known as a researcher entrepreneur. They may concentrate on developing new ideas that have the potential to be sold commercially or licensed out to other businesses. | varies | Nathan Myhrvold, the founder of Intellectual Ventures and the man responsible for the development of new technologies, such as a nuclear reactor that can run on nuclear waste and a device that can detect counterfeit drugs, has used his background in physics and computer science to create these innovations. |
| *Values are estimates. |
Small Business Owner/Operator
An entrepreneur who launches and manages his or her own small company is referred to as an owner/operator of a small business. They are in charge of all facets of the company, including the finances, marketing, operations, and providing excellent service to customers.
Median salary: $71,240
Sales Representative
One of the most common entrepreneur degree jobs in the market, sales representatives focus on customers and their needs. They often become experts when it comes to the products and services offered by the company. They might also be employed in a wide range of fields, including the medical or financial sectors.
Median salary: $63,420
Marketing Coordinator
When it comes to promoting a company’s goods or services, it is up to the marketing coordinator to devise new marketing strategies and put those strategies into action. They could find employment in the retail sector, the hotel industry, or even the medical field.
Median salary: $55,130
Business Analyst
A business analyst’s responsibility is to examine data pertaining to a company to spot patterns and provide suggestions on ways the company might be improved or new business prospects. They might be employed in a wide range of fields, including healthcare, technology, or the financial sector.
Median salary: $87,660
Customer Service Representative
In the customer service representative role, one’s responsibilities include answering customer complaints and offering help. They could find employment in the retail sector, the hotel industry, or even the medical field.
Median salary: $35,850
Administrative Assistant
A company’s executives and managers often rely on administrative assistants’ assistance for support. It is possible that they will be accountable for responsibilities such as organizing files, handling mail, and arranging appointments.
Median salary: $41,030
Marketing Manager
A marketing manager’s primary duties include formulating and implementing marketing plans to promote a company’s goods or services. This might entail managing advertising campaigns, doing market research, and working together with other departments to ensure the brand is consistent.
Median salary: $77,511
Entrepreneurial Consultant
A new company or a small firm that is aiming to expand may seek the assistance of an entrepreneurial consultant to get advice and direction. This might involve assisting with business planning, marketing strategy, financial management, and other areas essential to the organization’s success.
Median salary: $72,195
Sales Manager
A sales manager’s primary duty is to steer a team of sales reps toward achieving or exceeding certain sales quotas. Developing sales strategy, training sales employees, and reviewing sales data to discover areas for development are all examples of things that fall under this category.
Median salary: $80,115
Operations Manager
A corporation or organization’s day-to-day operations are the purview of the operations manager, who is accountable for their supervision. This may entail defining rules and procedures, managing finances, and ensuring that company operations are both efficient and successful.
Median salary: $66,913
Project Manager
A project manager’s job is to guide a group of people through the completion of a particular project while adhering to a predetermined budget and schedule. This might involve establishing the goals and objectives of the project, developing a strategy for the project, and monitoring its progress to ensure that it is successfully completed. You can also use your entrepreneurship background to pursue a traditional or online master’s degree in project management or a related program.
Median salary: $76,409
Financial Analyst
A financial analyst’s primary duty is to provide financial data analysis to assist companies in making educated choices about their businesses. This might involve making predictions about future trends, evaluating potential financial risks, and generating financial reports to convey insights to various stakeholders.
Median salary: $64,188
If you have already begun a career in entrepreneurship and would like to take it to the next level, you may be curious as to what steps you need to take in order to progress in your position. Suppose you are interested in developing your company, moving past the entrepreneur starting salary, or exploring new job prospects, fortunately, there are several ways to go ahead in this interesting industry. Advanced degrees in entrepreneurship can open numerous opportunities, from higher positions to international business careers.
Venture Capitalist
A professional investor who gives financial assistance to startups or enterprises in their early stages is known as a venture capitalist. In most cases, they examine potential prospects for investment and provide advice to assist new businesses to flourish.
Median salary: $146,057
Chief Executive Officer (CEO)
A company’s Chief Executive Officer (CEO) is the highest-ranking executive in the company and is accountable for making important decisions, establishing strategic direction, and overseeing the organization’s day-to-day operations.
Median salary: $140,589
Chief Operating Officer (COO)
It is the duty of the COO to monitor a firm’s day-to-day operations and ensure that all business procedures are carried out in an effective and productive manner. Also, they could be engaged in the process of decision-making and strategic planning.
Median salary: $131,134
Chief Financial Officer (CFO)
Managing a company’s financial operations, including budgeting, accounting, and financial reporting, falls under the purview of the chief financial officer (CFO). Also, they could be engaged in the process of decision-making and strategic planning.
Median salary: $133,223
Business Development Director
A business development director’s primary responsibilities include the pursuit of new commercial ventures and the formulation of expansion plans for an existing organization. In certain cases, they are also accountable for developing connections with customers or business partners.
Median salary: $117,364
Startup Consultant or Advisor
A startup consultant or advisor is someone who works to give early-stage businesses guidance and advice. They could be able to provide assistance with company planning, fundraising, marketing, and other aspects of business operations.
Median salary: $81,621
Innovation Manager
An innovation manager’s primary duty is to investigate the company’s current state and search of unexplored possibilities for future expansion and improvement. He or she could be responsible for managing relationships with external partners in addition to overseeing research and development initiatives.
Median salary: $98,746
Strategic Planner
A strategic planner’s job is to devise and implement plans that will assist an organization in accomplishing its objectives. It is possible for one to carry out market research, do data analysis, and work in conjunction with other executives to make strategic judgments.
Median salary: $84,958
Business Incubator Director
A director of a business incubator is the person in charge of monitoring a facility that provides assistance to new and burgeoning small enterprises. They may make resources available to businesses, such as office space, cash, mentoring, and the opportunity to network with other business owners.
Median salary: $78,600
Entrepreneurship Professor or Academic
Teaching and doing research on entrepreneurship are the primary responsibilities of an academic or professor of entrepreneurship. One could instruct students in areas like business strategy, innovation, and fundraising, and might also add to the body of knowledge on the subject by doing research.
Median salary: $84,334
Business Researcher or Analyst
Those who have earned a doctorate in Entrepreneurship have the opportunity to pursue careers in research or analysis in the business world. The position involves them carrying out research, gathering and analyzing data, and preparing reports in order to provide assistance to organizations in making informed choices about their operations and strategy.
Median salary: $101,321
Strategic Planning Consultant
Working as a consultant in strategic planning is another viable option for people who have earned a Ph.D. in the field of entrepreneurship. Consultants collaborate with businesses to assist such organizations in formulating long-term plans, establishing objectives, and implementing techniques to attain those objectives.
Median salary: $122,740
Government Policy Advisor or Consultant
Obtaining a Ph.D. in business administration or entrepreneurship may also pave the way for a successful career in public policy. Individuals who have earned the degree are in a position to provide government agencies or policymakers with competent advice on problems relating to challenges connected to the growth of businesses, economic development, and entrepreneurship.
Median salary: $71,244
Non-profit Director or Executive
Those who have completed their doctoral studies in the field of entrepreneurship may be eligible for executive roles in charitable or non-profit organizations. As a director or executives, they would be responsible for managing the group’s operations, developing strategies for fundraising, and ensuring that the organization is meeting its goals and objectives.
Median salary: $86,619
Those who desire to establish careers in this industry or develop their existing employees in this field may find that having a certification in the subject of entrepreneurship may offer them various chances and benefits. It has the potential to help them improve their knowledge and abilities, show their dedication and competence, and strengthen their credibility and competitiveness in the job market. In addition, certifications may be necessary or requested by customers or employers as confirmation of a candidate’s skills and level of expertise in a particular field. For example, PMP Certification is a popular credential among budding business executives.
There are many different certificate programs that are offered to entrepreneurs, and these programs may assist them in acquiring the information and abilities essential to be successful in their chosen profession. These programs may be provided by educational establishments, professional organizations, or private businesses, and they can differ in terms of the restrictions they impose, as well as the emphasis they place on, their length, and how long they last. The following are examples of certificate programs that may be available to entrepreneurs:
Source: Payscale, n.d.
One of the most interesting and gratifying professional options that a person may pursue is entrepreneurship, which has garnered a lot of attention in recent years. It is the opportunity to start a successful company from scratch by taking an idea, developing it into a product or service, and selling it to customers. Nevertheless, not everyone has what it takes to follow the conventional route of establishing one’s own company and operating it successfully.
Maybe you don’t have a particular concept that you’re passionate about, or maybe you’re not ready to take on the financial risk and uncertainty that comes with starting your own business. Both of these are valid reasons not to start a business. Regardless of the motivation, aspiring business owners must be aware that other options are available to professional pathways,
Business Development Manager
A business development manager’s primary responsibilities include exploring and cultivating new business prospects on behalf of their firm. Developing connections with prospective customers, analyzing market trends and rivals, and formulating plans to boost income and profitability are all examples of things that fall under this category.
Median salary: $75,482
Product Manager
A new product or service’s creation and introduction into the market are two of the primary responsibilities of a product manager. This might entail performing market research, drafting product specifications, and working with other departments to ensure the launch goes well, and providing continuous product support.
Median salary: $96,026
Freelancer
Working as a freelancer allows you to choose the kind of customers you collaborate with and the kinds of projects you take on, all according to how well they fit your interests and abilities. Working as a freelancer may also be an excellent opportunity to expand your professional network and get valuable experience working with a variety of companies and sectors. Freelancing in the areas of graphic design, writing, web development, social media management, and digital marketing are some of the most common vocations chosen by aspiring business owners.
Median salary: Varies depending on specialization
Creativity, tenacity, and a willingness to take chances are all necessary qualities for anybody interested in pursuing a career in entrepreneurship, which is a path that is both exciting and rewarding. Nevertheless, not everyone has what it takes to follow the conventional route of establishing their own company and operating it successfully. Because of this, those who are interested in starting their own businesses need to give some thought to alternate job options. You may choose a professional path that is congruent with your interests and ambitions by capitalizing on the abilities and experience you gain when taking a traditional or a credible online business degree program.
Getting yourself ready for a career as an entrepreneur may be beneficial in many different ways. Even if you don’t wind up establishing your own company, the abilities you gain as an entrepreneur, such as problem-solving, strategic thinking, and flexibility, may be useful for various other jobs. For example, in today’s unpredictable work environment, having various career possibilities gives both a sense of stability and a degree of flexibility, both of which are desirable qualities.
At Research.com, our staff has put in a lot of effort to give insights into the dynamic world of several career paths available in the realm of entrepreneurship. We hope you’ve been motivated to investigate the many opportunities open to you and that our blog has provided you with the resources and information you need to succeed. It doesn’t matter if you are a recent college graduate, a professional in the middle of your career, or simply someone interested in making a change; there is a path to entrepreneurship ideal for you. Thus, make sure you give yourself enough time to investigate the many possibilities, improve your abilities, and adopt an entrepreneurial mindset.
References:
by Imed Bouchrika, Phd
by Imed Bouchrika, Phd
by Imed Bouchrika, Phd
by Imed Bouchrika, Phd
by Imed Bouchrika, Phd
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