What do entrepreneurs do?
Entrepreneurs have many options: they can be business owners and managers, venture capitalists, or small business consultants. In addition, some become intrapreneurs within established companies.
What is intrapreneurship?
Intrapreneurs work within corporations to develop new products, increase innovation, and build employee morale. Intrapreneurship appeals to some because it allows them to pursue creative business ideas with the support of a large company’s resources.
What degree options are available in this area?
Some schools offer undergraduate degrees in Entrepreneurship. In addition, graduate students can earn an MBA with an entrepreneurship concentration.
What subjects will I study?
Entrepreneurship MBAs are encouraged to draw upon their creative potential as they learn to build ventures. They are prepared to manage different stages of growth for business enterprises. Entrepreneurship programs allow you to focus on the specific business skills needed to bring an early stage company or small business to life. In addition to the core MBA course, you may take classes in entrepreneurial management, growth strategies, venture financing, cash flow management, and market research.
Many MBA programs offer students chances to work with small businesses; some also give top MBA students opportunities to launch their own ventures in the second year of study.
What skills will I need?
In addition to an overall comprehension of business administration, entrepreneurs should have:
Business savvy: You must understand business theories and practices to build a successful venture. Although some entrepreneurs have not attended graduate school, others believe that an MBA provides small business managers with invaluable administration skills.
Innovation and creativity: Creativity is imperative to entrepreneurs. How will your business stand out from its competition? Your venture may benefit from the introduction of new products, public relations techniques, or even new management practices. It will be up to you to determine what is best for your business.
People skills: As an entrepreneur, you will be the one who pitches products to potential investors or assists customers during sales. Understanding the needs of clients is crucial to your success, as is the ability to communicate with your partners and supporters.
The ability to multitask: Even if you start a business with other partners, you will probably have to tackle a range of tasks in different areas before the venture returns enough capital to hire additional employees. You may meet with potential clients in the morning, then design advertisements at the office during the evening.
The ability to take risks: Starting your own venture always entails uncertainty. You will put your own business reputation on the line, donating personal time and effort to build a customer base. Moreover, a new business requires sizeable financial investments – a start-up is not easy, but the opportunity to manage business operations is probably worth the risk.
What’s the overall career outlook for this field?Entrepreneurs have always been the backbone of the American economy. Today’s corporate conglomerates were started by men and women with innovative – even outlandish – ideas who had the dedication to make their new ventures thrive. As an entrepreneur, you will be a leader in the business community, whether you take over the family business, purchase or start your own venture, or work within a larger company to revitalize its practices.