Entrepreneurship allows you to put your ideas to work. You are the owner of your business and do not have to work for anyone. However, this also means that you are the sole bearer of all the risks as well as rewards that generate from your business. The best thing about being an entrepreneur is the huge range of opportunities and a variety of possibilities that come your way. Most of the big businesses that exist in today's age, started out as an entrepreneurial structure. This means it started with nothing but a highly ambitious individual and his set of business ideas.
Eligibility and Requirements
To work as an entrepreneur, you don't need a set of qualifications or certifications per se. However, there are many institutions that provide courses to youngsters to kick start their career in entrepreneurship. These courses range from Bachelors to Masters to Doctorates. There are many institutes that even offer an online degree. Students can specialize in areas such as industrial management, venture capital, international business, finance, marketing, technological innovation, etc. The core of these courses, however, lies in economics as well as entrepreneurship theory.
Apart from these qualifications, there is a certain skill set that every entrepreneur should possess.
- The ability to identify business opportunities
- Solving problems in a creative and resourceful way
- The ability to take risks
- Self-confident and persuasive
- The ability to maintain good business relationships
- The knowledge of executing a plan effectively
- Great multitasking skills
- Strong interpersonal skills
- Excellent written as well as verbal skills
- Exceptional understanding of business and marketing economics
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Scope of Entrepreneurship
Gone are the days when entrepreneurs only focused on opening their own companies and businesses. These days entrepreneurs are busy playing progressive roles in various sectors including government, not for profit, social, education, etc. While a career in entrepreneurship is all about owning a business, the opportunities in this field are not limited to it. You can go above and beyond to build a work-life that suits you.
As a graduate with a degree in entrepreneurship, you don't have to be under the pressure of diving into the deep end. You can utilize your degree to work in other industries and organizations. This will help you in gaining the practical knowledge that is necessary before you start your own business. Some of the areas to explore are:
- Office Administration
- Sales Manager
- Business Consultant
- Business Reporter
- Financial Analyst
- Marketing Manager
Perks & Pitfalls
Starting your own business is an exciting venture. However, just like any other job, it comes with a set of challenges as well as rewards. The key difference is that when you are the owner of a business, you have to deal with all the risks alone. But at the same time, you get to enjoy the rewards alone as well.
It is up to you to decide if the risks are worth the rewards or not. To put things into perspective, let's take a look at the perks as well as the possible pitfalls of building a career in entrepreneurship:
Flexible Work Schedule
One of the best things about working as an entrepreneur is that you have a flexible work schedule, both in terms of location, as well as time. You can work from home, work in an office, or even work while traveling the world! Moreover, you get to wake up when you want. You can wake up early, or late, it doesn't matter. No fixed shift timings where you have to commute through heavy traffic every day and reach on a fixed time.
Endless Learning Opportunities
Being the sole owner of a business means you have to be responsible for multiple things. As a result, you gain a lot of practical knowledge of how a business works. And this knowledge is not limited to your field only. You learn about marketing, accounting, networking, how to take risks, delegating, etc.
Working as an entrepreneur means each day is different. There are no fixed routines, or procedures that you have to follow every day. In fact, experts believe that if you have two similar days in a row then you should probably reevaluate your business model. Entrepreneurs are always hungry for the next opportunity and do not get stuck behind a desk with a fixed schedule, functioning on the same pattern every day.
Making tough decisions is part of your job. However, that doesn't have to be a bad thing. You don't have to wait for a senior's approval before you pitch in your ideas to the table. Since you are the decision-maker, you get to implement whatever idea pops into your head. Your word is the last word.
While all of these points show the advantages of being an entrepreneur, let's take a look at some of the drawbacks in this business as well:
As an entrepreneur, if your company makes no money, you make no money. The advantage of working for a company and getting a stable paycheck each month does not apply here. You could work for 40 hours a week and make no money or work for 30 hours and earn huge amounts. This lack of stability can be terrifying and one of the major reasons why people may hesitate to open their own business.
Having a work-life balance might get tricky as a business owner. When you are working from home, drawing a line between work and home can be challenging. It can be especially difficult when your office is in your bedroom or in your living room. Or when your personal number is also your work number. The same goes for email. As a result, you feel like you are always at work.
The opportunities in entrepreneurship are infinite. The rewards can be extraordinary. And, at the same time, the risks are unquestionably huge too. However, if you have the ambition, creativity as well as the passion to build your own business, this may very well be the career for you.