What Is Entrepreneurship?
Entrepreneurship as a field involves the conception, development and sale of a new product or service. To learn more about the education and skills of entrepreneurs, keep reading.
Becoming an Entrepreneur
Entrepreneurs are creative, business-minded people who come up with ideas and develop them into products or services. They make a business model and assume all risk for the business's success or failure. Although there are no educational requirements to become an entrepreneur, many colleges and universities offer undergraduate and graduate business degrees with specializations in entrepreneurship.
Some schools have clubs for entrepreneurial-minded students and business institutes for studying entrepreneurship. Additionally, some schools conduct entrepreneurship competitions, which may result in a cash award that can be used for seed money to start a business.
Important Facts About Self-Employment
|Possible Careers||Farming; Supervising; Childcare; Housekeeping; Law; Real Estate|
|Entry-Level Education||None required, though a degree can provide advanced opportunity|
|Key Skills||Time management; people skills; passion; creativity; flexibility|
|Median Salary (2018)||$32,020 (for all self-employed workers)*|
|Job Outlook (2016-26)||7.9% (for all self-employed workers)*|
Source: *U.S. Bureau of Labor Statistics
Qualities of an Entrepreneur
Entrepreneurship requires creativity, innovation and determination. Additionally, entrepreneurs must be willing to take personal and financial risks to start their businesses. Entrepreneurship requires making many decisions and thus, those interested in starting a business must be decisive and persuasive. An ability to negotiate is also helpful.
Entrepreneurship and the Economy
Entrepreneurship and the creation of small businesses drive the national economy; without new businesses and new ideas, the economy slows down because nothing is making it grow. Entrepreneurship leads to new products, new ideas and new businesses, which can lead to more jobs and economic opportunity. Sometimes, one idea can make a business succeed for years, but, according to the Small Business Administration, only about half of small businesses survive more than five years.
Additionally, the survival of new businesses can depend on industry. For example, the U.S. Bureau of Labor Statistics (BLS) reports that from 2000 to 2010, new businesses in the health care and social assistance industry had a 25% higher survival rate than those in the construction industry.