When creating a business idea, entrepreneurs need to be aware of what the market wants. Before ever launching a concept, take time to conduct market research and identify if the product/service is needed or designed by potential clients. If not, it’s time to go back to the drawing board.
How To Become an Entrepreneur in 7 Steps
Erin Wike is a career coach and lecturer at The University of Texas at Austin and owner of Cafe Con Resume. Erin has over 14 years of experience in corporate marketing, advertising, PR, non-profit and higher education as well as recruiting for many well-known brands and small businesses
(also known as “entrepreneurs”) in the United States. You may have interacted with an entrepreneur and not really understood what that meant or if that may be something that might interest you in your own career growth and development.
As we grow and learn, we tend to gravitate to careers that are exciting or interesting. Think back to your childhood. Was there someone that you always loved hearing talk about what they did for work? Did they own their own business? The unique ideas of entrepreneurs can address a variety of needs in business, technology, social, economic, community or other problems. They tend to solve an issue while providing job opportunities for others to help them give back to the community.
Becoming an entrepreneur may not have a degree requirement nor specific professional requirements, but it takes lots of knowledge, passion and a drive to achieve. It’s also the type of venture that requires someone who is risk-averse and has support to handle failure or acceptance if the idea doesn’t match the exact need and timing in the market. In this article, we share what an entrepreneur is, things to consider and address some common questions about the career opportunity.
How to Know if You Would Enjoy a Job in Entrepreneurship
It takes a special person to shoulder the weight of starting a new business from the ground up while putting their all into making sure it succeeds. Before diving into a career as a business owner, think about whether your personality traits fit within this path.
Entrepreneurs are known for being tenacious go-getters who don’t get discouraged when they hit a dead end; rather, they just look for an alternate route. They also demonstrate flexibility to make things work, rarely taking a my-way-or-the-highway approach — unless they feel it weakens their business. Entrepreneurs are self-motivated, possessing the determination and focus to put in hundreds of hours of work to see their vision through.
Lastly, entrepreneurs are persuasive. Whether convincing a potential client to use their product or service, or making sure they hire only the best employees, entrepreneurs know how to convince others to believe in their vision.
FAQ on Becoming a Entrepreneur
Business licenses might be required for your field of work. Different states and counties have different requirements for licensure. Also, some industries will require other types of licenses as well. A restaurant may require a license for food handling and selling alcohol on top of the normal business license.
Yes, anyone can be an entrepreneur, but not everybody is going to have the same level of success. Entrepreneurship takes a lot of experience, determination and sometimes education. There are no prerequisites to becoming an entrepreneur, though, and there are successful entrepreneurs from every demographic.
No, but it certainly helps. If you’re opening a marketing agency, then you should have plenty of experience with marketing. Customers won’t want to spend their money if they don’t think you can provide a high quality product, and experience and a solid track record is a good way to prove you’re fit for the job.
There is no best way to become an entrepreneur. Every entrepreneur has a different experience, and even the best business ideas have the possibility of failing. However, you can mitigate your chances of failure. Education, experience and proper planning can all give your business a better chance of succeeding.
Entrepreneur Salary & Job Growth
With tons of tech millionaires and billionaires, many people have wild expectations when it comes to entrepreneur salaries. But the reality is that entrepreneurs’ annual salary varies wildly – perhaps more than any other field. There’s also the very real possibility of a business failing, and that can mean a low salary or no salary at all.
All that being said, plenty of entrepreneurs find success and make well above the national median salary of around $60,000 a year. Successful businesses can also grow, and that means more money each year. This can take a year or two, so there is the possibility of losing money over the first few years before a business becomes successful.
| State | Annual Salary |
|---|---|
| Alabama | $57,360 |
| Alaska | $57,360 |
| Arizona | $40,436 |
| Arkansas | $57,360 |
| California | $64,117 |
| Colorado | $72,022 |
| Connecticut | $57,360 |
| Delaware | $57,360 |
| Florida | $62,204 |
| Georgia | $70,750 |
| Hawaii | $57,360 |
| Idaho | $57,360 |
| Illinois | $52,616 |
| Indiana | $40,978 |
| Iowa | $57,360 |
| Kansas | $57,360 |
| Kentucky | $57,360 |
| Louisiana | $57,360 |
| Maine | $57,360 |
| Maryland | $57,360 |
| Massachusetts | $42,000 |
| Michigan | $61,106 |
| Minnesota | $71,031 |
| Mississippi | $57,360 |
| Missouri | $48,867 |
| Montana | $57,360 |
| Nebraska | $57,360 |
| Nevada | $57,360 |
| New Hampshire | $57,360 |
| New Jersey | $69,858 |
| New Mexico | $57,360 |
| New York | $56,643 |
| North Carolina | $51,372 |
| North Dakota | $57,360 |
| Ohio | $44,727 |
| Oklahoma | $57,360 |
| Oregon | $52,920 |
| Pennsylvania | $47,533 |
| Rhode Island | $57,360 |
| South Carolina | $57,360 |
| South Dakota | $57,360 |
| Tennessee | $40,327 |
| Texas | $55,920 |
| Utah | $65,918 |
| Vermont | $57,360 |
| Virginia | $58,391 |
| Washington | $56,813 |
| West Virginia | $57,360 |
| Wisconsin | $57,360 |
| Wyoming | $57,360 |
With population increasing across the country, there will always be a demand for newer and better businesses. Not all fields are the same, though – a restaurant in a dense urban area could see success while the same restaurant in a less populated area could fail. Also, more and more people become entrepreneurs each year. The field that you end up picking to be an entrepreneur in is going to play a large role in both the money you make and the security you have in your position.
Some schools offer bachelor’s degrees in entrepreneurship, or a general business degree with an emphasis on entrepreneurship. This degree is not required to become an entrepreneur, though. If you have a business you’d like to start, consider what type of degree might help (bachelor’s, associate, master’s, etc.) and what field you should study in.
Sources:
https://www.indeed.com/career-advice/finding-a-job/how-to-become-an-entrepreneur
https://www.universities.com/learn/business/how-to-become-an-entrepreneur/#:~:text=Because%20no%20clear%20cut%20path%20to%20becoming%20an,pursue%20a%20marketing%20degree%20with%20a%20business%20minor.
https://www.learnhowtobecome.org/entrepreneur/