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What Entrepreneurs Do
Entrepreneurs are people who come up with novel ideas and run with them. Their ideas can be related to the business world, inspire social change, or enhance the lives of others. At the onset of the venture, an entrepreneur will handle planning and may assemble a team to help get the idea off the ground. He or she will lead the team, raise any capital needed to start the venture, and carry out or oversee the various activities needed to launch and keep momentum going.
Who would enjoy a career in Entrepreneurship?
As the leader and person ultimately responsible for the success or failure of the venture, an entrepreneur must bring a lot to the table, ranging from business acumen, to managerial, organizational, and financial skills. Moreover, the entrepreneur should be a leading expert in the venture, in order to ensure it gets the best start possible. Resilience is also essential, as there are many roadblocks to overcome when bringing a new concept or product to the public.
Who mightn't like the career?
Many entrepreneurs have the tendency to try to do everything on their own, but the model doesn’t work. Those who are successful are humble enough to recognize their own weaknesses and align themselves with people who have strengths opposite themselves. It’s also not a good career choice for someone who is more comfortable going with the status quo. Interestingly, research has shown that “social butterflies” and people who feel they get along well with everyone aren’t generally cut out for entrepreneurship, as successful entrepreneurs tend to be those who sit outside social norms and shake things up.
The internet is rife with stories of dropouts who became successful entrepreneurs, ranging from Frank Lloyd Wright to Steve Jobs and Bill Gates. These are the lucky few. Most have some kind of educational background that helps them excel, be it business, computer science, communications, or something related to their venture. Those with no training or education may still succeed, but will improve their odds by taking courses or obtaining certifications related to entrepreneurship. Various training sessions, workshops, or formal classes are offered by vocational schools, colleges, and universities. There are often even free programs for budding entrepreneurs put on by government agencies.
Naturally, interviews aren’t necessary for those who want to be their own bosses. However, it’s helpful to do some soul-searching and research to identify if you have what it takes to become an entrepreneur before investing time, energy, and money into a new venture.
- Should I Become an Entrepreneur?
- So You Want to Be Your Own Boss... 8 tips to get you going, even if you don't know where to start
- How To Become An Entrepreneur In 12 Weeks: A Case Study
- How to Become an Entrepreneur With No Money or Experience
- How do I become an entrepreneur?
Moving into Entrepreneurship from another career
Anyone can become in entrepreneur, regardless of previous work history.
Role: There isn’t a standard career path for entrepreneurs. Because they’re founders of their ventures, they start out on top. However, because of this, they also often have a hand in very function of the venture, from strategic planning, to development of the product or service, through finance, hiring/ training employees, marketing, and more.
Some entrepreneurs travel a lot for business, while others work from their homes every day.
Entrepreneur: It’s difficult to identify realistic salaries for entrepreneurs because there are many factors involved. Some invest their own savings into a venture, don’t collect any pay, expecting to earn when the venture grows, and then fail, meaning they collect nothing at all for their time and effort. However, other studies suggest that entrepreneurs earn roughly 50% more than they would have if they’d gone the corporate route. Of course, there are also many stories of people becoming millionaires, if not billionaires, from their savvy ventures. For further reading, see “Does It Pay to Become an Entrepreneur?” and “And, the Average Entrepreneur's Salary Is ...”
Why Entrepreneurs move on
Successful entrepreneurs often go on to become serial entrepreneurs. In other words, they grow one venture and then either sell it or delegate responsibilities and start something new. Others become coaches, trainers, and consultants for budding entrepreneurs. They may give speeches, write books, or provide training courses. However, the road to being a successful entrepreneur is not easy. Between the long hours worked, the personal investment, and other factors, most new ventures fail. In these cases, the individuals often go back to the drawing board, identify why they failed, and try again. Others may return to the corporate world or take a job in their area of expertise.
- 8 Successful Entrepreneurs Give Their Younger Selves Lessons They Wish They’d Known Then
- 6 Truths About Failure Every Entrepreneur Should Embrace
- All Entrepreneurs Fail: How to Use Failure to Your Advantage
- 90% Of Startups Fail: Here's What You Need To Know About The 10%
- Richard Branson: Advice for Entrepreneurs (YouTube Video)