Entrepreneurs are those who can think of new ideas and turn them into viable business solutions. According to the U.S. Census Bureau, 4.3 million new entrepreneurs registered their businesses in 2022, which is a 2.6% increase from 2021. But will they all survive? After all, journeying down this road isn’t without its challenges. According to the U.S. Small Business Administration Office of Advocacy report, 67.6% of new businesses fail during their first two years, 48.9% within their fifth year, and 33.6% within their 10th year.
However, the fear of possible difficulties shouldn’t stop anyone from pursuing their entrepreneurial dream. A strong will, well-honed skills, a robust plan, and a good idea can be the foundation for a career in entrepreneurship. In this article, you will explore why this is an important career choice, the skills you need, and the career paths (along with the salary) that will get you to your goal.
Why Pursue an Entrepreneurial Career
Many reasons could drive someone to pursue a career in entrepreneurship. Here are some of the important ones:
- To have complete control over your career path
- To enjoy the option of working from anywhere in the world with flexibility and your decision-making power
- To have allows you to express yourself innovatively and productively
- To establish a healthy work-life balance
Why is Entrepreneurship Important
By choosing a career in entrepreneurship, you can be at the forefront of industry innovation, create market opportunities, and support the development of communities. Besides this, several other advantages aspiring entrepreneurs should know about.
Enhances Nations’ Economy
Entrepreneurs introduce new products, technologies, and services to the market, thus increasing competition.
The primary responsibility of entrepreneurs is the commercialization of new ideas, especially radical innovations that create wholly new markets or significantly disrupt current markets.
That it plays an important role in driving the nation’s overall job growth is undeniable. According to the Statista report published in 2022, entrepreneurship created almost three million jobs in the U.S. in 2021.
What Skills do Entrepreneurs Need?
Establishing a successful career in entrepreneurship includes managing end-to-end tasks, from operations to production to customer service. This requires you to possess the following skills:
- Communication skills: Entrepreneurs need to communicate flawlessly. This helps them to convince investors to back their ideas, delegate effectively, motivate their team, and successfully negotiate with customers and suppliers.
- Effective time management: Entrepreneurs need to be good at time management if they’re going to come up with a business plan, put it into action, attract investors and staff, and expand their company.
- Delegation skills: One of the most important but underrated skills for entrepreneurs is the ability to delegate tasks well. They should know how to clearly explain what needs to be done to their team members and direct them to achieve their goals.
- Networking skills: If business owners can network effectively, they can find investors and partners to support their businesses and help them grow.
- Financial intelligence: Entrepreneurs must understand accounting, financial reporting and analysis, taxes, and other financial operations.
- Leadership skills: A good business owner must also be a strong leader. Entrepreneurs must be able to persuade others to share their vision and dedicate their resources, time, and expertise to making it a reality.
The Best Career Path for an Entrepreneur
The right way to choose the best career path to entrepreneurship is to explore your interest and develop skills in that specific area. You can start working in an industry or area in which you want to eventually start your own business. This will enable you to learn different methods that may work when launching your own business. Furthermore, you can enhance your leadership skills and create a broad network of potential investors or customers that may be useful for your future business.
Let’s look at some of the best career paths an entrepreneur can navigate, along with job roles and salaries.
|Career Path||Job Title||Average Annual Salary|
|Management||Chief Executive Officer||$159,046|
|Business Development||Business Manager||$64,895|
The Requirements for a Career in Entrepreneurship
- Either bachelor’s, master’s, or doctorate degrees
- A strong understanding of business fundamentals such as financial accounting, marketing, and management
- Excellent communication skills
- Ability to sell the idea or product
- Strong focus on the plan
- Willingness to learn and adapt to any environment
- A well-thought-out business strategy
How Much Can You Make with a Career in Entrepreneurship
There is no foolproof way to predict how much money you can make if you decide to pursue a career in entrepreneurship. Some can make six figures in a year or less while others may have to struggle for years before they get what they want.
However, on average, the salary that a small business owner can make in the U.S. is between $68,000 and $72,000 per year.
Boost Your Career in Entrepreneurship with Emeritus
If you want to start a career in entrepreneurship, you need to be creative, patient, and not averse to risk. You should also develop skills and competencies in areas such as business administration, finance, marketing, sales, and strategic planning. This is where enrolling in online entrepreneurship courses with Emeritus will be the move to give your entrepreneurship career a positive start.
By Riku Ghosh
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