essay on entrepreneurship as a career

Essay on Entrepreneurship As A Career

Students are often asked to write an essay on Entrepreneurship As A Career in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Entrepreneurship As A Career

What is entrepreneurship.

Entrepreneurship means starting your own business. It’s like planting a tiny seed and nurturing it to grow into a big tree. Entrepreneurs create new things and solve problems by selling products or services. They are their own bosses.

Benefits of Being an Entrepreneur

When you’re an entrepreneur, you can follow your passion. You decide what to do and when to do it. The success of your business depends on your hard work and ideas. This can be very rewarding.

Challenges Entrepreneurs Face

Starting a business is tough. You might fail before you succeed. It takes time, money, and lots of effort. You’ll need to learn from mistakes and keep trying.

Skills Needed for Entrepreneurship

Entrepreneurs need to be brave, creative, and good with people. They must also know how to manage money and make good decisions. Learning never stops for an entrepreneur.

Is Entrepreneurship for You?

If you like taking risks and being creative, entrepreneurship could be a great career. It’s exciting because you get to make your own path and possibly change the world!

250 Words Essay on Entrepreneurship As A Career

Entrepreneurship means starting your own business. It’s like being the captain of a ship, but the ship is a company. You make all the big decisions and try to make your business successful.

Being Your Own Boss

One big part of entrepreneurship is that you get to be your own boss. This means you decide when to work and what to work on. You don’t have to follow orders from someone else. This can be fun because you can follow your own ideas and passions.

Risks and Rewards

Starting a business can be risky. Sometimes businesses succeed, but sometimes they don’t. When they do well, the person who started the business, called an entrepreneur, can make a lot of money and feel proud of what they’ve built. But if the business doesn’t do well, they might lose money.

Learning and Growing

Even if an entrepreneur’s business doesn’t work out, they learn a lot. They gain skills like planning, talking to customers, and solving problems. These skills are useful for any job they might want to do in the future.

If you like making your own choices and are okay with taking risks, entrepreneurship could be a good career for you. It’s important to be ready to work hard and learn from mistakes. Being an entrepreneur can be exciting and can help you grow in many ways.

500 Words Essay on Entrepreneurship As A Career

Entrepreneurship means starting your own business and being your own boss. It’s like planting a tiny seed and taking care of it every day until it grows into a big, strong tree. An entrepreneur is someone who comes up with an idea for a product or service and then works hard to turn that idea into a real business.

When you choose entrepreneurship as a career, you get to make all the important decisions. This can be very exciting because you can choose what you want to sell and how you want to sell it. You also get to set your own work hours, which means you can decide when to start and end your workday. But it’s not all fun and games; being the boss also means you are responsible for everything that happens with your business, good or bad.

Creating Something from Nothing

One of the coolest parts about being an entrepreneur is that you get to create something new. It’s like drawing a picture or building a model airplane. You start with an idea, and then you use your creativity and hard work to make it real. This can be a very rewarding experience because you get to see your ideas come to life and help people in some way.

Learning All the Time

Entrepreneurs are always learning. You might need to learn how to make a website, talk to customers, or keep track of money. Every day might bring a new challenge, and you’ll have to learn how to solve it. This is great if you like solving puzzles and learning new things. Plus, the more you learn, the better you can make your business.

Starting a business can be risky. Sometimes, even with a great idea and a lot of hard work, things don’t go as planned. You might lose money or have to close the business. But there are also big rewards. If your business is successful, you might make more money than you would working for someone else. You also get a sense of pride knowing that you built something on your own.

Helping Others

Entrepreneurs can also make a difference in the world. Your business might create jobs for other people. Or, the product or service you offer could help people in some way. Imagine inventing a new game that makes kids happy or opening a bakery that brings the neighborhood together. That’s a special feeling that you don’t always get from other jobs.

Choosing entrepreneurship as a career can be a big adventure. It’s not easy, and it takes a lot of courage and hard work. But for those who are willing to take the chance, it can be a way to make a living by doing something you love. You get to be creative, learn a lot, and maybe even make the world a little bit better. If you have a great idea and a passion for making it happen, entrepreneurship could be the perfect path for you.

That’s it! I hope the essay helped you.

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Personal Narrative Essay on Entrepreneurship as a Career

Entrepreneurship is a long and tedious journey for those who wish to be successful and have the life they dream of; the tedious journey is one that I have always known I am up for. I have searched for the perfect occupation that would encompass all of my passions and views that I have for my future. However, when I learned that my passion was learning, I knew entrepreneurship was preeminent for me. Through my search for the ideal occupation, I found myself searching for jobs in which had no boundaries in how much one could improve. The career field allows an individual to acquire knowledge daily and never be bounded by limitations on autonomy. Along with my passion for learning, I found myself fascinated with business and the broad spectrum it provides. Entrepreneurship will provide me the freedom I strive for. I have worked tirelessly to guarantee I am prepared by possessing all of the important skills that an entrepreneur must have to succeed; I have worked hard to ensure I am currently prepared for entrepreneurship, along with setting specific goals for mid-career and what I hope to accomplish by retirement. 

Currently, there are many things I am doing to ensure I am successful in this career field. The field requires many personal skills and I work hard to strengthen these specific skills daily. Perhaps, the most important skill that an entrepreneur must possess is motivation. Becca Pike, a business coach and entrepreneur, explains that she became successful because she, “read a lot of books, listened to a lot of podcasts, became ‘obsessed’ with business, and then applied it to a real business.” Every entrepreneur I have questioned always gives me the advice to start learning about business now. Because of this advice and my avid motivation, I listen to business podcasts daily and read entrepreneur books in my free time. The more I read about and listen to business, the more I love it. Additionally, when I asked my grandmother, an entrepreneur, what the most important quality is for succeeding was, she stated, “The most important quality to succeed in a business is to always remain patient and always be on top of things. Success won’t come overnight. There will be countless problems that arise, and when they do, treat giving up as if it is not even an option” (Harper). I know that I will be prepared when problems arise because of my excellent troubleshooting skills. When working on a project, before I even start, I am usually already aware of all the possible problems that could occur; I try to always have solutions figured out so I am never caught off guard. Because I am prepared for the start of my career, I am confident that I will reach my mid-career goals.

By mid-career, I hope to be doing podcasts, working on a book, and coaching other aspiring entrepreneurs. At this point, I will have all the complications of my business figured out and have expanded my businesses in multiple areas. Because of all the knowledge that I will have acquired from my businesses, I will be prepared to give others advice. According to thebalancecareers.com, to increase your chances of reaching your long-term goals, one must have specific goals, have measurable goals, remain positive, be realistic, and be flexible (How to Set Short- and Long-Term Career Goals). By having these specific goals in place, I am already more likely to succeed. The best way to pursue these goals is to first open a business coaching business, then once I have proven myself successful in business coaching and have built a somewhat large clientele, I will begin working on my podcast and book. The biggest obstacle in this plan is that I will be basing my business coaching in Kentucky. Many people in Kentucky are not aware of business coaching, but in large states, business coaching is a nonnegotiable for entrepreneurship. Pike, who is also a business coach in Kentucky, discussed this issue and stated “Managing my mind and knowing that all beliefs start with my thoughts has helped a lot. If I think that no one in Kentucky understands life coaching, I will have a much harder time signing clients. If I think that the two percent of Kentucky residents that do know about life coaching are plenty of people to help my business succeed, then I will attract that energy and those clients.” The key to achieving these goals is to have a positive mindset. The reality is that two percent of Kentucky’s population is more than enough to start a business coaching platform. Then once my business grows in Kentucky, I will start working and marketing towards clients all over the nation. A drawback in entrepreneurship is only a drawback if I allow it to be. By being successful in these goals mid-career, I will achieve all that I wish to achieve by retirement.

By retirement, I hope I have paved the way for other entrepreneurs with my tried and true methods. Looking back on my career after I have retired, I want to know I encouraged others to take the entrepreneurship path so they can also have the life they dreamed of. According to Careeronestop.org, the benefits of being self-employed consist of having the opportunity to do what you love, having more flexibility, and being able to cut certain expenses (Self Employment). The flexibility that comes along with entrepreneurship will allow me to make time for my family while still having plenty of money to supply our wants and needs. I hope to have inspired thousands of aspiring entrepreneurs and know that I truly made an impact on their lives. Today, many young adults are told that they cannot make a living out of what they love to do. My main goal is to not only show them it is possible but guide them through the process of becoming wealthy from it. Through my businesses, podcast, book, and business coaching platform, I will look back and know I inspired thousands of individuals to make a living out of what they love, all while making a living out of what I love: entrepreneurship.

Overall, entrepreneurship is the ideal path for me. I have always been passionate about it and I will only grow more passionate about it. From a young age, I knew what it would take to become successful in the career field and have worked towards it ever since. Entrepreneurship requires specific skills such as motivation and troubleshooting skills, which I currently have. By mid-career, I will have a successful business coaching platform; I will be tirelessly working on books, podcasts, and my businesses. Because of that hard work, I will look back after retirement and know I never allowed any obstacle to hold me back. The entrepreneurship lifestyle will allow me to do what I love while inspiring others and supporting my family.

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Is Entrepreneurship a Good Career Path? A Comprehensive Guide

Considering a career in entrepreneurship? Discover the pros and cons of becoming an entrepreneur and decide if it's the right career path for you!

Think of entrepreneurship, and what do you think of it? An inventor burning the midnight oil and pouring over his new idea that they believe will set the world of business alight and make them millions of dollars? Someone is pitching their idea to a panel of investors in the hope of getting angel funding to keep the dream alive. Or how about Bill Gates, founder of Microsoft, standing in front of an audience of hundreds and giving a Ted talk on the future of technology?

Whatever you think, the common vision that people have of entrepreneurs and business owners is that they wish they were in their shoes, possessing the business plan and the drive to become entrepreneurs themselves. That said, when it comes to entrepreneurial flare, we always think of the winners, rarely the losers. That said, is entrepreneurship then a good career path? Those looking at the glass half full will say that entrepreneurship can be a rewarding career path for those with a passion for innovation, immense dedication, and a willingness to take risks. Moreover, successful entrepreneurs often enjoy financial rewards and the satisfaction of seeing their ideas come to fruition.

On the flip side, the naysayers will say that entrepreneurship is not for everyone. It requires a high tolerance for uncertainty, as ventures may face challenges and setbacks. Long working hours, financial instability, and the pressure to make critical decisions can be stressful, but ultimately, whether entrepreneurship is a good career path in the business world depends on your mindset, skills, and appetite for risk.

Is Entrepreneurship a good career choice?

The answer is, it depends! There are a few different factors, pros and cons that you should consider. Let's firstly begin with the pros:

Pros of being an Entrepreneur

There's no denying that there are many pros to being an entrepreneur as a career option, and these may include the fact that you're working in an environment that allows you to make decisions independently that can shape the direction of your business, which means you have the potential to reap the financial benefits of your hard work. A career in entrepreneurship may also bring with it a sense of ownership and control over one's destiny, which is empowering, and the ability to build a unique brand or product can be personally fulfilling. But generally, experts maintain that there are 10 reasons why becoming an entrepreneur can be very beneficial:: 

1. You are the boss

No more taking orders and being micro-managed. As an entrepreneur you have the freedom to make decisions independently, allowing you to shape the direction of your business and build a successful business without having to navigate through layers of hierarchy. As your own boss, you have full ownership and control over your business. This sense of ownership can be personally fulfilling and allows you to implement your vision without external interference. Plus, and this is a major plus, initially you don't have to share the profits with others, especially shareholders. 

2. You can work at your own pace

No more 9 to 5 punching the clock and being clock-watched. As an entrepreneur, running a business means that you will have greater flexibility in setting your schedules and work hours. This flexibility enables a better balance between work and your personal life. Although, initially, until the idea gains traction in the marketplace and the new business takes off, you will more often than not find yourself burning the midnight oil. But this won't be forever.

3. Work Without Fear

As an entrepreneur, the ability to work without fear is often associated with the sense of control and ownership that comes with managing one's own startup. As an entrepreneur, you will have a direct impact on the decision-making processes and the overall direction of your ventures, fostering a level of autonomy that is not always present in traditional employment. This autonomy instills confidence, as entrepreneurs have the authority to shape strategies, innovate, and adapt to challenges. The combination of autonomy, purpose, and the capacity to adapt fosters an environment where you can approach your work with a greater sense of fearlessness.

4. Achieve personal satisfaction

As an entrepreneur you will often have the opportunity to pursue ventures aligned with your passions and interests. The ability to work on something personally meaningful contributes significantly to a sense of satisfaction. Also, the process of developing and bringing a unique idea to the market can be inherently satisfying, especially when it contributes to solving problems or meeting needs in new and creative ways. Last but not least, while not guaranteed, successful entrepreneurship can lead to financial rewards. The ability to build wealth and achieve financial independence is a significant source of satisfaction for many entrepreneurs. Ultimately, While entrepreneurship comes with its challenges, the combination of pursuing passions, owning the process, making a positive impact, and achieving personal and financial goals contributes to the overall personal satisfaction that many entrepreneurs experience.

5. You can design your life your way

Frank Sinatra sang about doing things his way. As many entrepreneurs have nobody to answer to other than themselves, they're able to design their life their way according to their preferences and priorities. They have the flexibility to set their own work hours and schedules. This flexibility enables a better balance between work and personal life, allowing for greater control over how time is allocated. They have the freedom to design your work environment, whether it's a physical space, a remote setup, or a collaborative workspace. Creating a conducive work environment enhances overall well-being. And, rather than conforming to a traditional 9-to-5 schedule, entrepreneurs can design their work around their preferred lifestyle, accommodating personal needs and preferences. 

6. You can free yourself from the cubicle

If you've ever seen the movie '9 to 5', you'll know all about the dreaded work cubicle. With about the same dimensions as a jail cell, it's a place that can stifle people's creativity and lead to them feeling like robots. Entrepreneurship allows people the freedom to select their workspace, whether it's a home office, a co-working space, or a location that inspires creativity and productivity. Entrepreneurship can also liberate individuals from the daily commute to and from a cubicle. This not only saves time but also reduces the stress associated with transportation, offering a more flexible and convenient lifestyle. Plus, entrepreneurship allows people to quickly adapt to changes in their work environment or business needs without the constraints of cubicle-based structures. This adaptability is crucial in dynamic markets and evolving industries.

7. You can create something that will live on

Because entrepreneurship allows people the opportunity to leave an indelible mark on society, it provides a unique opportunity to create something that will endure and potentially leave a lasting legacy. A thriving company can continue to operate long after the founder has moved on, providing value to customers, contributing to the economy, and supporting the livelihoods of employees. If it's a family businesses, founded by entrepreneurs, it can be passed down through generations. This transfer of ownership allows the entrepreneurial spirit and the business itself to live on within the family, creating a legacy that extends across multiple generations. Plus, entrepreneurs who shape and lead their industries can leave a lasting mark on the business landscape. Their influence may extend beyond their specific ventures, impacting how industries operate and inspiring others to follow in their footsteps.

8. Freedom to choose people you want to work with

We've all been there. The nagging boss, annoying co-workers who won't stop talking, bad communicators, or, people that show no passion for what they are doing. As an entrepreneur you can handpick team members who share your enthusiasm, resulting in a more dedicated and motivated workforce who are passionate about the business and committed to its success. Choosing the right people facilitates effective communication within the team, as entrepreneurs can build a team where communication styles are complementary, leading to clearer understanding and more efficient collaboration. Plus, entrepreneurs get to choose to work with individuals who possess an entrepreneurial mindset. This can be beneficial for problem-solving and creative thinking that will ultimately contribute to the business's growth.

Do you have the skills to be a successful entrepreneur?

Take our free quiz to measure your entrepreneurial skills and see if you have what it takes to run your own successful business.

Your results will help you identify key skill gaps you may have! Up for the challenge?

9. Sense of pride and fulfillment

Taking pride in and being able to enjoy your work is half the battle won when it comes to building a better company with great products and services that will ultimately help grow the bottom line. This certainly rings true when it comes to entrepreneurship.

The act of bringing an idea to life, developing a product or service, and establishing a business can be deeply rewarding financially and emotionally, instilling a sense of pride in the accomplishment. Like Bill Gates, successful entrepreneurs often receive recognition for their achievements. Whether through awards, media coverage, or industry acknowledgment, this external validation can boost self-esteem and contribute to a sense of pride in one's work. And, being part of an entrepreneurial community provides a sense of camaraderie and shared experiences. Networking with other entrepreneurs, learning from peers, and contributing to the collective success of the entrepreneurial ecosystem contributes to a sense of pride and fulfillment.

10. Develop your managerial skills

Entrepreneurship provides a unique platform for the development and honing of managerial skills through hands-on experiences and challenges and there are several ways in which entrepreneurship contributes to the enhancement of managerial skills some of which include: Improved decision making as entrepreneurs often face critical decisions that can impact the success of their ventures. The need to make strategic and timely decisions sharpens decision-making skills, a crucial aspect of effective management. Improved leadership skills as leading a team, setting a vision, and motivating others are integral aspects of entrepreneurship that contribute to the development of those vital skills. Plus, if you are at the early stages of your business, you'll have to efficiently manage limited resources, including time, finances, and personnel. Learning to optimize and allocate resources effectively develops valuable resource management skills.

Cons of being an Entrepreneur

Sadly, of course, as with all things in life as in business, there are always cons that have to go with the pros. Besides having to take the risk of failure, there are the 10 cons to being an entrepreneur.

1. You do not have a guaranteed paycheck

They say that in life there are two things that you can be certain of and that is death and taxes. However, in the world of entrepreneurship, there is risk and uncertainty and not many guarantees, and one of those relates to not being able to draw down a PAYE paycheck every month.

The lack of a guaranteed paycheck as an entrepreneur is daunting and introduces several financial uncertainties and challenges that may be considered drawbacks. The absence of a guaranteed paycheck can result in financial instability, meaning that entrepreneurs may face periods of low or no income, making it challenging to cover personal and business expenses. The absence of a consistent paycheck can also mean that entrepreneurs may not have access to benefits such as health insurance, retirement plans, or paid time off, which are typically provided in traditional employment. In addition, not having a guaranteed paycheck can affect an entrepreneur's ability to access credit. Banks and financial institutions may be cautious about lending to individuals without a stable income.

2. New business' aren't always profitable at first

Rome wasn't built in a day and likewise there is hardly any chance that your new venture as an entrepreneur will turn a profit after month one. It takes immense dedication to launch a business, and many don't become profitable especially in the early stages until at least a year in operation.

A lack of profitability means that the business may struggle to cover its operational expenses, leading to financial strain which can impact the ability to pay bills, salaries, and invest in necessary resources for growth. Unprofitable businesses often face cash flow challenges, as revenue may not be sufficient to cover immediate expenses. This can lead to difficulties in meeting short-term financial obligations, such as supplier payments and rent. And, there is a risk of a business going bust, as the inability to generate profits may lead to insolvency, forcing the business to shut down if sustainable solutions are not implemented.

3. Constant competition

No man or woman is an island and just because you think you've though if an innovative idea yourself, chances are that someone else might have too, or failing that, if the idea takes off, you will soon see competition from others keen to get a piece of the action. This can be damaging as fierce competition often triggers price wars as businesses attempt to undercut each other to attract customers.

While this may benefit consumers in the short term, it can erode profit margins and hinder the financial sustainability of businesses. With numerous options available, customer loyalty becomes harder to secure, as consumers may switch between competitors based on pricing, promotions, or other factors, making it challenging for entrepreneurs to build a loyal customer base.

In addition, intense competition can squeeze profit margins, especially if businesses engage in aggressive pricing strategies. This can impact the overall financial health of the business, making it challenging to reinvest in growth or withstand economic downturns.

4. Financial risk

As has been denoted before, until the venture really takes off, entrepreneurs are constantly on the ragged edge of bankruptcy because of their risk-taking. Sure owning your own business has loads of perks to it, but the financial risk of failure is something that can be constantly looming over your head.

You may be lucky enough to have venture capitalists pump money into the business, but most entrepreneurs often invest personal savings or secure loans to fund their ventures. The inherent uncertainty of business success introduces the risk of losing invested capital, leading to financial setbacks and personal financial strain. Taking on debt to finance a business comes with the responsibility of repaying loans, regardless of the business's success. If the business faces challenges, servicing debt can become burdensome and impact the entrepreneur's financial stability. And, some business structures, such as sole proprietorships and general partnerships, expose entrepreneurs to personal liability for business debts. This means personal assets may be at risk if the business faces financial difficulties.

5. You need to be resilient under pressure

If you thought there was pressure on you to succeed working a normal job, that pressure can be magnified several fold as a self-motivated entrepreneur.

While resilience under pressure is generally considered a valuable trait for entrepreneurs, there can be potential drawbacks or challenges associated with this requirement and these include: The risk of burnout, as entrepreneurs may find themselves consistently working long hours, dealing with stress, and facing multiple challenges simultaneously, which can take a toll on their mental and physical well-being. Continual pressure and resilience can have an emotional toll on entrepreneurs. Dealing with setbacks, uncertainty, and the weight of responsibility may lead to heightened stress, anxiety, or feelings of isolation. And, continuous pressure can stifle creativity. Entrepreneurs may find it challenging to think outside the box or explore innovative solutions when they are constantly focused on overcoming immediate challenges.

6. Can entrepreneurship be taught?

Whilst many may tell you that entrepreneurship is something that is innate in you and can't be taught, opinion on that is shifting as can be witnessed by educational institutions offering courses on entrepreneurship. Many successful entrepreneurs have thrived without formal business education, however, a lack of learning or unwillingness to acquire essential knowledge and skills can pose challenges and increase the likelihood of failure in the entrepreneurial journey.

7. Long working hours

You can't continue to burn the candle at both ends without a disaster becoming imminent. In any job you need downtime to smell the roses and take time out for necessary rest and recuperation. And herein lies the rub for entrepreneurs who may find themselves working long hours. Working excessively long hours can lead to burnout, negatively impacting physical and mental well-being. Burnout may result in decreased productivity, creativity, and overall job satisfaction.

Prolonged working hours can lead to decision fatigue, diminishing the quality of decision-making. Entrepreneurs may find it challenging to maintain focus and make strategic decisions effectively. And, fatigue and stress resulting from long hours can hinder creativity. This is a big con, as entrepreneurial success often requires innovative thinking, and a lack of mental space and rest can impede the generation of fresh ideas.

8. Need for diverse skills

While having diverse skills as an entrepreneur is generally advantageous, there can be potential drawbacks or challenges associated with this need. Learning and mastering various skills require time and effort, hence entrepreneurs may face time constraints when trying to acquire expertise in diverse areas, impacting their ability to focus on core business activities or strategic planning.

While entrepreneurs strive to possess diverse skills, they may not excel in every area. Skill gaps can emerge, and certain aspects of the business may suffer if there is insufficient expertise in critical areas. In some industries, specialization is valued. Also, entrepreneurs with diverse skills may struggle to position themselves as specialists in a specific niche, potentially limiting their competitiveness in markets where specialized expertise is highly sought after. 

9. Lack of job security

The lack of job security is often considered a potential drawback for entrepreneurs. While entrepreneurship offers various benefits, including autonomy and the potential for financial success, the absence of job security presents certain challenges. Unlike employees who receive regular paychecks, entrepreneurs do not have a guaranteed income, which means that the success of their business is directly tied to factors such as market demand, competition, and the ability to generate revenue.

There's also the risk of business failure. Entrepreneurship inherently involves risk, and not all ventures succeed. The lack of job security means that if a business fails, the entrepreneur may face financial losses and the need to transition to a new career or venture. And, entrepreneurs may face financial uncertainty, especially during the early stages of their ventures. In contrast to traditional employment with a fixed salary, entrepreneurs rely on the success of their businesses for income, and revenue can be unpredictable.

10. Need to find funding

Venture capitalists and angel investors don't just grow on trees. There is a finite amount of money circulating in the entrepreneurial world and an entrepreneur's business success and longevity all boils down to securing funding and in the early years, continuing to have access to funding.

Constantly having to be on the hunt for a cash injection can have quite a few cons attached to it which can include: The fundraising process can distract entrepreneurs from focusing on their core business activities. While seeking funding is necessary for growth, it may divert attention from day-to-day operations, product development, and customer engagement. There's no guarantee of success in fundraising.

Entrepreneurs may invest considerable time and effort in pitching to investors or applying for grants, only to face rejection. The uncertainty of securing funding can add stress and anxiety to the entrepreneurial journey. And, if entrepreneurs opt for equity funding, such as venture capital, they may face equity dilution. Giving up a portion of ownership in the company can impact decision-making control and limit the entrepreneur's share of future profits.

Conclusion - Is Entrepreneurship a good career path

The decision to pursue entrepreneurship is subjective and depends on your goals, risk tolerance, and passion for creating and managing a business.

For some, the rewards of entrepreneurship, such as autonomy, the potential for financial success, and the opportunity to bring innovative ideas to life, make the journey worthwhile. However, it comes with inherent challenges, including the lack of job security, financial risks, and the need for diverse skills.

Ultimately, whether pursuing entrepreneurship is worth it depends on your willingness to embrace uncertainty, learn from failures, and stay committed to the vision and mission of your business.

If you'd like to take the first step toward an entrepreneurial career, or are already on the journey and need the skills to take your business to the next level, a great place to start is with Nexford's BBA in Entrepreneurship and our MS in Entrepreneurship .

FAQs on Entrepreneurship as a Career

Do entrepreneurs make a lot of money.

The income of entrepreneurs can vary widely and is influenced by factors such as the industry, the success of the business, market conditions, and the entrepreneur's skills and strategies. While some entrepreneurs achieve significant financial success, others may face challenges and experience varying levels of profitability.

It's essential to recognize that entrepreneurship involves inherent risks, and not all ventures result in substantial financial gains. That said, successful entrepreneurs who create innovative products or services, effectively manage their businesses, and capitalize on market opportunities can generate significant wealth. These individuals may benefit from the growth and success of their ventures, potentially leading to substantial financial rewards.

What 10 businesses can be started with minimal upfront costs?

Starting a business with minimal upfront costs can be an attractive option, especially for aspiring entrepreneurs with limited resources. Here are ten business ideas that typically require minimal initial investment: Offer your skills as a freelance service provider. This could include writing, graphic design, social media management, virtual assistance, or other specialized services. Leverage your expertise in a specific industry or field to provide consulting services. Many consultants operate their businesses remotely, offering advice on areas such as marketing, business strategy, or career development.

Start an e-commerce business without the need to invest in inventory. Build a website or blog around a niche and earn commissions by promoting other companies' products. Create and sell digital content such as e-books, online courses, or stock photos. Offer social media management services to businesses looking to enhance their online presence. Start a residential or commercial cleaning service. Launch an event planning business where you assist clients in organizing events.

If you have expertise in fitness, offer personal training services. Or, provide digital marketing services such as SEO, social media marketing, or email marketing. While these business ideas can be launched with minimal upfront costs, it's essential to consider ongoing expenses, marketing efforts, and regulatory requirements specific to your location and industry. 

Am I alone if my new business venture has failed?

No, you are not alone if your new business venture has failed. Entrepreneurship involves inherent risks, and many entrepreneurs experience setbacks and failures along the way. It's important to recognize that failure in a business venture does not define your worth or potential for future success. Entrepreneurial journeys are often characterized by a series of learning experiences, and setbacks can provide valuable lessons that contribute to personal and professional growth. Many successful entrepreneurs have faced failures before achieving their goals. Understanding what went wrong, adapting strategies, and applying lessons learned can be crucial for future endeavors.

Can I learn to be an entrepreneur?

Yes, you can learn to be an entrepreneur. Entrepreneurship is not solely an innate trait but a set of skills, knowledge, and mindset that can be cultivated and developed over time.

Many successful entrepreneurs have honed their abilities through education, experience, and continuous learning. There are many ways to be an entrepreneur: Consider pursuing formal education in business, entrepreneurship, or related fields. Many universities and institutions offer degree programs, courses, or workshops specifically focused on entrepreneurship. Read books, articles, and online resources that provide insights into entrepreneurship, business strategy, and success stories. Seek guidance from experienced entrepreneurs who can share their knowledge, offer advice, and provide insights based on their own experiences. Or, you can always seek guidance from experienced entrepreneurs who can share their knowledge, offer advice, and provide insights based on their own experiences. Mentorship can be a powerful way to accelerate your learning curve.

Is entrepreneurship a good career choice?

Whether entrepreneurship is a good career choice depends on individual preferences, goals, and the ability to navigate the challenges that come with starting and running a business.

But overall there is a resounding amount of people who would say yes due to the following reasons: A large degree of autonomy that allows them to make their own decisions and shape the direction of their businesses. The ability to make good money, as successful entrepreneurs can achieve financial success and build wealth through the growth and profitability of their ventures. The flexibility of being able to work comfortable hours in any location as compared to traditional employment. And, continuous learning, as entrepreneurship offers opportunities to develop a wide range of skills and adapt to changing market conditions.

Are there ways to become a successful entrepreneur?

Yes, there are various ways to increase your chances of becoming a successful entrepreneur. Success in entrepreneurship is often a result of a combination of skills, mindset, and strategies, but generally experts maintain that there are some key ways to enhance your journey as an entrepreneur.

These include: Acquiring knowledge about entrepreneurship, business management, and the specific industry you are entering. Formal education, online courses, and continuous learning from relevant resources can be valuable. Finding a niche or market gap in the market that others have not thought of and exploit it till it closes. Developing a comprehensive business plan that outlines your goals, target market, competitive landscape, marketing strategy, and financial projections.

Connecting with other entrepreneurs, mentors, industry professionals, and potential collaborators for learning, support, and to develop partnerships that can contribute to your success. Performing market research which allows you to understand your target customers and their needs as this approach ensures that your products or services align with market demand and contributes to customer satisfaction.

Staying innovative and open to new ideas to improve your products, services, or business processes to stay competitive in the market. Developing a strong understanding of financial management, including budgeting, cash flow management, and financial forecasting, as sound financial practices contributes to the sustainability of your business. And, developing a robust marketing strategy to promote your brand and reach your target audience, as effective marketing efforts contributes to brand awareness, customer acquisition, and business growth.

Mark is a college graduate with Honours in Copywriting. He is the Content Marketing Manager at Nexford, creating engaging, thought-provoking, and action-oriented content.

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Entrepreneurship as a Career: Navigating the Path of Innovation

Table of contents, the allure of entrepreneurship, advantages of entrepreneurship as a career, challenges and uncertainties, attributes of successful entrepreneurs, support and resources, conclusion: forging a unique path.

• Independence: Entrepreneurs have the autonomy to make decisions, set their own schedule, and chart their course.
• Potential for High Rewards: Successful entrepreneurship can lead to substantial financial rewards and unlimited earning potential.
• Creative Freedom: Entrepreneurs have the freedom to bring their unique ideas to life, fostering innovation and creativity.
• Flexibility: Entrepreneurship offers the flexibility to balance work with personal life and adapt to changing circumstances.
• Impact: Entrepreneurs have the opportunity to solve problems, address unmet needs, and make a positive impact on society.
• Financial Risk: Entrepreneurship often requires personal financial investment, and success is not guaranteed.
• Uncertain Income: Income may be irregular, especially in the early stages of a venture.
• Work-Life Balance: The pursuit of entrepreneurship can blur the lines between work and personal life.
• Decision Fatigue: Entrepreneurs are responsible for all decisions, which can lead to decision fatigue and stress.
• Market Competition: The competitive landscape can be fierce, requiring constant innovation to stay ahead.
• Resilience: The ability to bounce back from setbacks and maintain a positive attitude is crucial.
• Adaptability: Entrepreneurs must be open to change and willing to pivot when necessary.
• Risk-Taking: Calculated risk-taking is essential for seizing opportunities and driving growth.
• Problem-Solving: Effective problem-solving skills enable entrepreneurs to address challenges creatively.
• Networking: Building a strong network of contacts can provide support, mentorship, and business opportunities.
• Passion: A deep passion for the venture drives motivation and sustains entrepreneurs during tough times.
• Incubators and Accelerators: These programs offer resources, funding, and mentorship to help startups grow.
• Networking Events: Entrepreneurial communities host events that facilitate networking and collaboration.
• Mentorship Programs: Experienced entrepreneurs can provide valuable guidance and insights to newcomers.
• Online Learning Platforms: Online courses and resources can help aspiring entrepreneurs develop essential skills.

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Essay on Entrepreneurship as a Career

I want to be an entrepreneur. I want to have my own business. I want to be my own boss. These phrases are so easy to say, but for many it ends there. More often than not, entrepreneurial dreams remain just that, a dream. There are entire college courses taught on the topic of entrepreneurship . You can even earn a bachelor’s degree in it, but do you really need one to become an entrepreneur. As so many successful people around can attest to, the answer is no. It is just about developing the right approach, the right attitude and the willingness to execute.

The dreams of many would be entrepreneurs or want-a-preneurs are usually cut short almost immediately due to a seeming lack of one vital ingredient, a business idea. Coming up with one may seem like a no-brainer to some, but for the vast majority of first-timers out there it might as well be the result of some long lost arcane art. However, certain exercises do exist which have the potential to flush out that business idea, passion project or certain itch that just has to be scratched.

Focusing on the low hanging fruit may not have the excitement or pizzazz that a revolutionary idea might have but it may still yield the desired effect. Pick a field of interest and determine where customers like yourself are spending their time, money and attention. Then it is a simple matter of creating a pivot product within the same category.

Then there’s the personal approach. Search deep within the recesses of your mind and gut and ask yourself this question, “Is there an itch that I need scratched?”Do you have a need or see a need that just isn’t being met by anyone else? Then this may be something worth investigating and pursuing.

The phrase, “Just follow you passion” is often thrown around when discussing entrepreneurial ventures. As nice and inspirational as this may sound it can be misleading at worst and nebulous at best. What it leads to is a lot of waiting around as people try to quantify their “passions”. A better way to say this phrase would be to do something that doesn’t feel like work . The following months and years will require an entrepreneur to pour a ridiculous amount of time and resources into their project, to make it into reality, to get it off the ground and, hopefully, into profitability. They might as well enjoy what they are working so hard for.

Unsurprisingly, the idea for the business will not gain fans or make money. After settling on an idea, the entrepreneur-to be must strike while the iron is hot. They should do all the legwork to get it up and running, whether that means building a prototype, creating a website, laying down the preliminary lines of code or formally registering the business. Gaining momentum is key to jump starting a business venture, but gaining traction and vectoring for growth requires some forethought.

It may be tempting for a person to get caught up in the excitement of starting a business and to start dreaming of the day when they make their exit, when their company makes it big, when they hit the cover of Forbes and when their bank account swells. They must avoid this at all costs, for it takes away their focus, or even worse it makes them focus on all the wrong things. Instead of keeping their nose to the grindstone and doing the tedious things that need be done to get the business out of the crawling to the walking stages of life, they may end up focusing on things like marketing, social media presence, scaling and fine details. Essentially they are focusing on the icing without having first baked the cake.

Yes those things may be important, but they come later, much later. While working, building, grinding and hustling entrepreneurs should always have their customers, clients and users in mind. Speaking of the audience, it is best to remember the adage, “if everyone is your audience, then no one is your audience.”So, it is best to identify the niche, that particular group of people which your product or service will have the most impact on. Work for them, build for them, grow for them, for they will be your biggest fans, your best users and many will become your most ardent advocates. Growth at this stage will not be defined by profit margins and quarterly returns, but by adoption rates and count growth.

Choosing career in entrepreneurship cannot be made lightly. The individual must come to the realization that the light is at the end of a long and at times arduous tunnel. However, there is a light and it is one made of passion, desire for change and is fueled by the need to provide others with a solution to their needs.

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Essay on entrepreneurship (100, 200, 300, & 500 Words)

Essay on entrepreneurship (100 words), essay on entrepreneurship (200 words), essay on entrepreneurship (300 words), the importance of entrepreneurship.

• Economic Growth : Entrepreneurship plays a crucial role in driving economic growth by creating new businesses, products, and services. It fosters competition and encourages innovation, leading to increased productivity and efficiency in the economy.
• Job Creation : Entrepreneurs are job creators. They not only create jobs for themselves but also generate employment opportunities for others. Startups and small businesses are known to be significant contributors to job creation, especially in developing economies.
• Innovation and Technology : Entrepreneurs are at the forefront of innovation and technological advancements. They constantly challenge the status quo and introduce new ideas, products, and processes, driving progress in various industries.
• Societal Development : Entrepreneurship has a positive impact on society by addressing social problems and meeting unmet needs. Social entrepreneurs focus on creating ventures that tackle issues like poverty, education, healthcare, and environmental sustainability.

Qualities of Successful Entrepreneurs

• Passion and Motivation : Successful entrepreneurs are driven by a strong passion for their ideas, products, or services. They are motivated to overcome challenges and persevere through setbacks, fueling their determination to succeed.
• Creativity and Innovation : Entrepreneurs possess a high degree of creativity and are constantly seeking new and innovative solutions. They think outside the box, challenge conventions, and find unique ways to add value to the market.
• Risk-taking and Resilience : Entrepreneurs are willing to take calculated risks and step out of their comfort zones. They understand that failure is a part of the journey and are resilient enough to bounce back from setbacks and learn from their mistakes.
• Adaptability and Flexibility : The business landscape is ever-evolving, and successful entrepreneurs are adaptable and flexible. They embrace change, pivot when necessary, and stay ahead of market trends and customer demands.
• Leadership and Vision : Entrepreneurs are visionaries who can inspire and lead their teams. They have a clear vision of what they want to achieve and possess the ability to communicate and align their goals with others, turning their vision into reality.

Key Steps in the Entrepreneurial Journey

• Identifying Opportunities : Successful entrepreneurs have a keen eye for identifying market gaps, unsolved problems, and emerging trends. They conduct thorough market research to understand customer needs and assess the viability of their ideas.
• Business Planning : Once an opportunity is identified, entrepreneurs develop a comprehensive business plan. This includes defining their target market, analyzing competitors, outlining their value proposition, and formulating a strategic roadmap.
• Securing Funding : Entrepreneurs often require financial resources to launch and grow their ventures. They explore different funding options such as bootstrapping, seeking loans, attracting investors, or crowdfunding to secure the necessary capital.
• Building a Team : Entrepreneurship is rarely a solo journey. Successful entrepreneurs build a team of skilled individuals who complement their strengths and contribute towards achieving the company’s goals. They understand the importance of delegation and collaboration.
• Execution and Iteration : Entrepreneurs turn their ideas into action by executing their plans and continuously iterating their products or services based on customer feedback. They are agile and adaptable, making changes and improvements as they learn from the market.
• Scaling and Growth : As the venture gains traction, entrepreneurs focus on scaling their operations. They explore opportunities for expansion, enter new markets, and invest in resources to support growth while maintaining a strong customer-centric approach.

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Is Entrepreneurship a Good Career Choice?

Neda Ali (Editor)

Entrepreneurship as a Career

With an increase in population, demand for jobs is increasing. However, unfortunately, the limited job opportunities are not sufficing the demands leaving many unemployed. 

This pandemic has become an eye-opener for everyone and especially for the people working in smaller firms. The sudden dip in the economy has made many people lose their jobs. This created a space for people to come up with their businesses. 

Owning an enterprise gives us a sense of being financially independent, job security, and the opportunity to choose the role of our own choices. 

Some of the prominent ‘pull factors’ that attract individuals towards entrepreneurship as a career option are a high need for independence. Some people like to have freedom at work: with whom to work, when to work, with whom to do business, on what terms, etc. It is this instinct in them that pushes them to start something of their own.

And all these are indeed very luring and that is why a large number of youth are more focused on starting their own business rather than job hunting.

In this competitive world, where people are trying to acquire a variety of skills to fulfill the demand of the employer, it is not hidden from anyone. And even after learning a myriad of skills, more than 50 people are fighting for one or two positions. And job hunting soon becomes job haunting.

The desire of people to leave a long-lasting mark is also a reason to adopt entrepreneurship as a career. Entrepreneurship creates an opportunity to make a definite contribution to society by lifting people in and around the venture. A continuous zeal to innovate helps in touching the heads and hearts of people at large.

Is Entrepreneurship a good career choice?

Every coin has two sides and entrepreneurship is not different. When we see the benefits one gets by owning a business we quickly choose entrepreneurship as our career. But is entrepreneurship a good career choice? It is a question, everyone is looking for an answer. 

Good or bad can be determined by several factors.

Pros of Entrepreneurship as a career:

1. You are the boss

It is as simple as it looks. You don't have to take orders from anyone or report to anyone. It's all about your thoughts, potential, actions, and plans. This feeling is indeed amazing.

2. You can work at your own pace

You don't have to meet any deadline, you can work whenever you wish to work. You can manage your time accordingly.

3. Work Without Fear

When you are working under somebody else, there is a fear of being fired if you fail. This fear is not there when you have your enterprise. You can take the risk you want without any fear of losing your job.

4. Achieve personal satisfaction

When you work for yourself, you don't work on the things you don't feel passionate about. And when you enjoy your work there is very little chance of failing.

Running our businesses also allows us to follow our passions as well as empower us enough to do so. Here are a few reasons why becoming an entrepreneur could be one of the biggest favors you ever did for yourself.

Read more about the good aspect of entrepreneurship as a career choice:

9 Reasons Why Being an Entrepreneur Is the Best Job

There’s no denying that it takes immense dedication, discipline, and hard work to just survive, let alone make it big, in the business world.  Read More . 

Cons of Entrepreneurship as a career:

1. you do not have a guaranteed paycheck.

You don't have a guaranteed paycheck waiting for you at the end of every month. You have to chase your money by putting action on your ideas and plans. 

2. Constant risk

An enterprise demands lots of risks and there is no surety of being successful when you take risks. In the entrepreneurship world, risk-taking leads you to success, but it is not always the success you get.

Pros and cons of being an employee vs. being an entrepreneur

Entrepreneurs are often portrayed as happy and free, risk-takers that have the benefits of controlling their own time and income.  Read More . 

Read the book Unapologetically Ambitious: Take Risks, Break Barriers, and Create Success on Your Terms by Shelly Archambeau to know more about risk-taking and success.

Get your book here -  Click here 

Grab your copy:  Click here 

We at,  OpenGrowth , are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. So, do share them in the comment section below.

The Editorial Team at OpenGrowth is working to provide you with the perfect place to know everything about startups. Feel free to connect to us.

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A Roadmap for Today’s Entrepreneurs

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Many people aspire to entrepreneurship but we all know it’s a high-risk endeavor. Bill Aulet, the Ethernet Inventors Professor of Entrepreneurship at the MIT Sloan School of Management, has for decades studied what it takes for start-ups to succeed and advises the next generation of founders on how to do it. He discusses the key trends and changes he’s seen over the past few years, and outlines concrete steps anyone can take to get a new venture — including those within larger organizations — off the ground. Aulet is the author of the newly updated book Disciplined Entrepreneurship: 24 Steps to a Successful Startup.

ALISON BEARD: Welcome to the HBR IdeaCast from Harvard Business Review. I’m Alison Beard.

So many people in business today aspire to entrepreneurship. Whether you have an idea for a start-up or want to launch something new within a larger organization, it’s seen as a path to a more fulfilling career – and financial gains. At the same time, we know that entrepreneurship is really hard. We’ve all heard the stats on how many new ventures fail, and we’ve seen entrepreneurial efforts quashed by the corporate machine.

But our guest today says that we can de-risk the process and create companies that don’t just make a lot of money, but also have a positive impact on the world. He’s helped thousands of students and executives map out paths to successful businesses, and we wanted to speak with him about where he sees entrepreneurship today.

Bill Aulet is the Ethernet Inventors Professor of Entrepreneurship at the MIT Sloan School of Management. He’s managing director of the Martin Trust Center for MIT Entrepreneurship, and he’s the author of Disciplined Entrepreneurship: 24 Steps to A Successful Startup , newly updated and expanded. Bill, thanks for being on the show.

BILL AULET: Thank you very much. It’s an honor to be here.

ALISON BEARD: So you’ve been focused on innovation-based entrepreneurship for decades. What feels new or different right now compared to previous eras?

BILL AULET: I think if you look at the highest level, entrepreneurship is now accepted in society at a level that it was not nearly when I first started. When I graduated from college, which was back in 1980, they had just invented electricity. But no one thought of entrepreneurship as a serious field of study or a career.

I – God rest my mother’s soul, she was fantastic, but she never understood the difference between entrepreneurship and unemployment. She thought I was unemployed. But today people understand entrepreneurship. It’s accepted by society. And not only is it accepted by society, it is one thing that unites us. No matter whether you’re on the far right, far left, everybody loves entrepreneurship. One of the big differences that’s often overlooked is just the acceptance of entrepreneurship as a serious career path and a positive thing from all perspectives.

When we look at the more micro level, the numbers start to show you the people who want to come out of college, 20% or more of at almost every university, see entrepreneurship as a career path that they want to pursue. Some of them want to do it for money, but what we see is most of them want to do it because they feel like it’s a way to have impact. It’s a way to control their own destiny.

And then even at a more micro level, when you look at what’s going on now, not just the acceptance of entrepreneurship, the barriers to become an entrepreneur have really gone down. Let me give you one example. Just when I wrote the initial version of this book 10 years ago, it took you millions of dollars and at least six months, if not a year, to put an e-commerce company up, to get an e-commerce website going today. You can literally do that in two hours or possibly even one hour or less using Shopify. And that’s just one example of what’s going on with AWS.

All the technology that’s come out has made it much easier to create new products to start companies, which has actually shifted the game from, “You need to make a product to be an entrepreneur,” to “How do we go to market with a product?” Because products are becoming more and more, I don’t want to say commoditized, but it’s easier to produce products. And so of course you have to have a product at the end of the day, you have to get product market fit. That’s table stakes. But the actual game has shifted to be more of a, how do you come up with a go-to-market fit that is a channel market fit? How do you sell the product?

ALISON BEARD: MIT is obviously a hub for science and tech-based startups. So is the path from high-tech research lab to business getting easier also?

BILL AULET: This is a really interesting question because I just presented to the MIT board on this, and they were very interested in how do we accelerate that pipeline of lab to market? And there’s two approaches to that. The first approach is why don’t we make our technical people, our academics… Or researchers, they don’t have to be academics, researchers, more entrepreneurial. How do we teach them the entrepreneurial process? And we do that. We have a program called the Faculty Founders Program where we teach them how to do that. That’s one way to do it.

The other way to do it is to basically flood the zone with high-quality entrepreneurs who aren’t necessarily the inventors. Because entrepreneurship has many misperceptions about it and one of them is it’s an individual sport. It is definitively not by research. Entrepreneurship is not an individual sport, it’s a team sport. And the question is, how do you build a team that can take a technology, a new invention to market? And to do that, you have to have someone who knows how to commercialize it. Those people aren’t necessarily the same as the inventor. And so if you have great inventors and they understand the process to some degree, what we want to do is produce more high-quality entrepreneurs to kind of be around them. And then they will take that technology and that new invention and bring it to market.

I mean, people believe MIT is this faunt of entrepreneurship because of the tremendous research we have here, and we do. We have enormous research, but so does Caltech, so do other places. What really makes a difference is how much of that research can you commercialize? And that’s where the entrepreneurial process comes into play. And even if you look at MIT, less than 6% of the patents that we create are actually commercialized. Let me repeat that. Of all the patents we get, less than 6% of them actually get to the market, and that includes licensing to other companies. So if we could just increase that number somewhat, the pipeline of the billions of dollars that are spent on research here at MIT to get that to market would create a lot more impact.

ALISON BEARD: You note that entrepreneurship is not limited to startups. It can come from within large organizations too, especially ones with deep pockets like an Amazon or Alphabet or Meta. Have you seen any shift in where students and executives think that they’re best positioned to be entrepreneurial?

BILL AULET: I wish I could tell you that there’s more of that, but entrepreneurship is such a complicated thing. You mentioned this at the front. It’s really hard. And still, the best way to teach entrepreneurship is to go to the blank canvas of a startup. And that’s what we do in our programs for the most part. We start off with a blank canvas and then we teach people how to come up with ideas and then how to take those ideas and then figure out what’s a product to get product market fit, channel market fit, and then come up with a scalable business model that’s profitable – economically sustaining.

But if we stay at that level of just seeing entrepreneurship in startups, we as a society are going to be really underperforming against some of the big challenges we have like climate, because startups can only get you so far. They don’t have the strong balance sheets that can think for long periods of time. They don’t have the infrastructure. And when you think about challenges like climate and energy, we need to have big companies involved. And so we really do focus a lot on how do you take those skills. We teach you in startups and apply them in large companies.

We really encourage people to not just be entrepreneurs and startups, but to do it in government, in academic institutions and large organizations and medium-sized organizations and faith-based organizations or nonprofits and even in their personal lives. And I would like to see more of that. But it’s a hard sell because you got to build up the skills first before you go into that. But we’ve had huge successes.

I’ll give one example. Andrea Ippolito went through us – she’s a Cornell undergraduate, came here and was getting her graduate degree and then going for a PhD, and she went through our entrepreneurship programs. She was doing a company called Smart Scheduling to help healthcare organizations do kind of digital innovation to make them more effective, which is huge opportunity there. Well, she decided not to continue on that startup, but learned all the lessons. She then goes back to get her PhD. She’s recruited to go into the Obama White House, and she becomes the chief innovation officer overseeing the Veterans Administration. And she starts setting policies to improve innovation and entrepreneurship in the government for our veterans out there. She didn’t start a company at that point, and she’s literally making the lives of millions of our veterans better.

So I think that’s the journey. She was an entrepreneur the whole time. And the mindset, skillset and way of operating that we taught her, benefited her in all dimensions, not just in being a startup. I sometimes am frustrated, although if we get into it, I’ll talk about metrics of measuring success. And it’s too often measured and how many startups, how much revenue do they do, how much money did they raise – whereas how do you measure the impact that Andrea Ippolito had in those various jobs?

ALISON BEARD: Yeah. I mean the criticism of entrepreneurs in general and particularly tech startups for a while has been that they’re more focused on sort of easing these small pain points for pretty well-off customers. Like I’m thinking Uber, DoorDash, Tinder even, then tackling more difficult and important and challenging problems. Is that changing?

BILL AULET: Well, I can’t say for universal, but if you look in my new book, we very much believe, and this is something I work with Tom Byers of Stanford and Jon Fjeld on is entrepreneurship as an ethical activity. If you’re in it for profit-making, you’re not going to last.

And so the first thing that we start with, excuse me, is you must have a raison d’etre. That’s French for reason for existence. And if you say that it’s to make money, we reject that because no company is just all about profits and going to last.

And then just to go to the data here, we did a 10-year longitudinal study of our students coming out of our Delta V program, our capstone program. There’s this perception that people are doing dating apps and silly things. Well, our data showed, and this was an independent study by Daniela Ruiz Massieu of ITAM University, a tenured year professor, head of their entrepreneurship down there. And she came in and looked at it. And in the 10-year study looking at almost 200 entrepreneurs, she found that 89% of the businesses they were starting 89, 8-9, were directly aligned with the UN Sustainable Development Goals.

That makes me very, very proud. And that goes directly to what you’re talking about. We believe entrepreneurship is an incredible force for good in society. And if you understand that and you build your companies based on mission, mission-driven as opposed to money-driven, they will be more successful. And going to the data on how successful they are, her study shows 69% of them are still in business five years later.

ALISON BEARD: Those statistics definitely give me hope. But I would say that still the primary successful examples of entrepreneurs and companies might cloak their businesses in laudable goals like connecting the world for Facebook or giving us information like Google, when in practice what they seem to be doing is collecting and selling our data, addicting us to their platforms, and they’re still making piles of money. So how do you reconcile that with your vision of successful entrepreneurship always being ethical?

BILL AULET: That’s a really good point. I think I’m a system dynamics person which says the incentives of the system will dictate how people behave in it, and I find those very troubling. I find by the way, the examples of using social network or the Steve Jobs movies as that’s entrepreneurship, I find those to be very unhelpful. They’re misleading. They don’t get into what the real data shows you.

So how do I reconcile those? All I can tell you is that our companies are like Biobot Analytics. Biobot Analytics is started by two of our students here. One was Mariana Matus who was a PhD here at MIT from Mexico, and she wanted to start a company to make the world a better place and make cities more livable. And she partnered with Newsha Ghaeli who was Persian, that’s Iranian by way – out of Canada. They were very into how do we create safer cities.

They looked at this and built a dashboard that looked at wastewater, epidemiology wastewater, that is what we flush out the toilet and see what diseases do we have, what other things are going on in the city. So basically we could set it up in Boston and we could know. In Jamaica Plain, everything seems healthy, but if you look at West Cambridge, there seems to be some fentanyl use there or there seems to be a Zika virus outbreak. When they were going through our program, we actually had a discussion about what they were doing, and they were very into this. And then they met with one of the top venture capitalists in the world. And the top venture, this person said, enormously successful, sat down and said, “You’re not going to make a lot of money doing this. You should pivot to help pharmaceutical companies.”

And we walked out of the meeting. I said, well, “He’s very accomplished. What do you want to do? If that’s not what you want to do, we fully support you.” They said, “That’s not what we want to do. We want to make cities safer.” They stuck to there what they were doing. And Biobot Analytics has become extremely successful. They became the gold standard during Covid for measuring whether Covid is in a place weeks before you could with testing. And they’re doing tens of millions of dollars. They’re on a path to IPO.

ALISON BEARD: Well, that’s a fabulous example. What about the criticism that startup founders are often so laser-focused on bringing their idea, maybe one that will have good social impact to fruition, that they don’t think about the potential risks or negative externalities or broader consequences I’m thinking about the concerns that people have about OpenAI, for example. I think Sam Altman is sort of heralded as a new kind of entrepreneur, a new generation of entrepreneurs, but people are now also worried that he’s sort of stepping away from his initial altruistic vision for the company.

BILL AULET: Yeah, I mean, I think that’s a real leadership question that you’re going to have. At the end of the day, all these companies come down to the talent that they can draw. I think if you have unethical activities, people today are cognizant of that. They’re not just going to work for companies they feel are unethical. And that’s my hope. I don’t have data to back that up to the level that I would like, but that’s my sincere belief, Alison.

ALISON BEARD: Yeah. And perhaps having gone through the era of social media in particular, Facebook, Instagram, X, et cetera, and all the sort of unexpected problems, whether it’s teenage girl eating disorders to election interference, there’s perhaps more scrutiny now on startups to make sure, “Are you thinking about all the potential things that could go wrong as you’re building your business plan?”

BILL AULET: I would hope so. But again, we have a capitalist system that rewards you for making money and getting customers and the like. I think there’s definitely a role for government and regulation in that regard. I differ from some of my entrepreneurial libertarian colleagues in that regard. I think we do need that. I’m not here to tell you everything, sunshine, rainbows and unicorns jumping around, that is a challenge going forward. And that’s why unfettered capitalism I just don’t think is the right answer.

ALISON BEARD: Okay, so let’s dig into the updated book, which as I said, sets out 24 steps to getting a startup off the ground, from market segmentation to developing a product plan. And we obviously can’t get to all of the steps, but what, if anything, did you change from the 1st edition to this one?

BILL AULET: Oh my God, the 1st edition, just to put a little quick historical perspective on this, when I started teaching, I think it was 17 years ago, I started looking for that book that captured what I had learned being an entrepreneur for decades, we’re going from three startups and failing in my first one and getting better at the second one to having success in the third one to say, “Who’s captured that knowledge?” And all I found were books that were point things. You’d find Lean Startup, you’d find a Blue Ocean Strategy, you’d find Crossing the Chasm, these are all great books, but they were all individual tools.

And so for my class, I built a reader and I tried not to invent new stuff. I tried to take what I know already worked and just kind of stitch it together. And that was the genesis of this reader, which then it became quite popular- and people said, “Hey, this is really great. How can I get a copy of it?” And Wiley said, “Hey, we’d like to publish this.” And so the first version was minimum viable product.

And then once it got out there, I’ll never forget a colleague of mine here at MIT, Professor Charlie Fine, said, “Now you’re really going to learn about entrepreneurship.” And I said, “What do you mean? I put everything I know into that book.” He said, “Oh no, now you’re really going to learn because everyone’s going to come and tell you everything they know and they’re going to ask you questions and you’re going to become kind of the focal point of entrepreneurship discussion.” And dang it, Charlie was right. That’s what happened. Everybody started talking to me about that.

We literally got thousands of more examples as to how to do that. And over the past 10 years, we’ve learned so much. I’ve taken that minimum viable product and updated it to a new dramatically expanded and updated version with some of the new things we were talking about. And my first rewrite of it was 700 pages, which was completely unacceptable because the key to the book is, A, that it’s open source. We try to build a and take everything that works so that Simon Sinek, Jeffrey Moore, Stefan Thomke, Michael Porter – whoever it is, we’re pulling it in and we’re saying, “This is your toolbox that you need to do.” But that toolbox has to be small enough and accessible enough to be able to be used by an entrepreneur who has finite time and resources. In the end, we got it down to 400 pages. But it’s also expanded to be able to talk about how do you use AI, the change in the past 10 years between products becoming commoditized and the emphasis now is on go-to market, how do you develop go to market.

ALISON BEARD: Yeah. And I think that efficiency and practicality point is key, particularly for people who are considering becoming intrapreneurs. So it’s not like they’re trying to find a start-up and devoting all their time to it. It’s their full time job. But people who might want to start something new within an organization, how do you think about doing that in a way that is relatively easy, still takes thought and time, but you can work through a process before you present it to the higher ups?

BILL AULET: That’s exactly right., we’ve got to say, “Here’s the simplification of it and here’s where you get started and here are the steps you go through. While we’re giving you a sequential one, you have to understand it’s not linear. You’re going to have to do a lot of cycling, but at least you know what you’re supposed to be going.” Gives you some GPS, some templates and things to help you. But it’s a never-ending process.

The day you think that you’re done with entrepreneurship… I think Bob Dylan said it best, “He who is not being born is busy dying.” You have to continually be running the entrepreneurial process and understanding who your customer is, what you can do for your customer, how they acquire the product, how you make money, how do you scale the business. All these things are a never-ending cycle.

ALISON BEARD: How are your students and executives using new technology, like I’m thinking social media and gen AI, to make this process easier or faster?

BILL AULET: Well, we actually have a terrifically interesting tool right now. We’re internally calling it Tim the Beaver, your friendly AI entrepreneurship assistant. What it does is it’s a modified version of ChatGPT-4 Plus, which you could also use Gemini or whatever we want, but it takes the structure that we have in disciplined entrepreneurship and it trains that to ask the questions and fill in templates to say, “What’s your idea? Here’s your potential customers, which ones do you like? Which ones do you not like? What would be a beachhead market?” And then it will step you through, “Here’s your potential customers. Oh, by the way, here’s how you can reduce your cost to customer acquisition.”

And so using things, as you mentioned, like… I mean at the end of the day, it comes down to getting customers, getting customers to profit. As we say, the first commandment of entrepreneurship is the single necessary and sufficient condition for a business is a paying customer. So you have to focus on getting paying customers that are in a less expensive way, in a more profitable way, and keeping them and making them happy, and then scaling the business.

So all the things you mentioned fit into this framework, like, do you use social media to acquire customers? Then that’s reducing cost of customer acquisition. Or do you use them to increase your lifetime value? That’s a different part of the equation. But do you use it to interface with them to find out their needs and wants and opportunities? this tool, we see and we’re already using it, it can dramatically shrink the entrepreneurial process of creating a new venture by as much as 90% in parts of it.

You still have to do primary market research, but a lot of the secondary market research you have to do, we can just do that in 15 minutes.

The best knowledge is not going to come from one institution, from one zip code. If we’re getting serious about pushing the field of entrepreneurship and raising the bar for it, we need to build a collaborative knowledge base that’s shared amongst all people. You’ve got to have a common body of knowledge and things that are agreed on, and those things should be agreed on based on evidence, not storytelling or who debates the best.

ALISON BEARD: Yeah. And how are you making sure that your style of disciplined entrepreneurship is spreading throughout the world, not just in Cambridge, not just in the United States?

BILL AULET: We’re not a for-profit. We have a terrible business model, Alison. It’s called, we create knowledge and give it away to the rest of the world to create positive impact. And so everything we do is open-sourced. And we need to take the long view here. And we have that, if you call it business model, to think long-term. And that’s what we should do. That is our role in society, and we should not back down from that at all.

ALISON BEARD: Once would-be startup founders have gone through all of your steps, there is still the problem of financing and finding investors. So how do you advise your students and executives you work with to go about that right now?

BILL AULET: Well, the first thing is there’s lack of confidence and knowledge about finance. I have a free book now called Finance for Entrepreneurs. We just have to break down that and demystify finance in a lot of ways first.

And then secondly, and I tell my students this all the time, and some listen and some don’t, is, “You want to get funding? Listen to what I have to say. The best way to get funding is to build a great company. The slowest way to get funding is to go try to play a game where you’re convincing the VCs you have what they want. Just go out and build a great business and they will find you. And by the way, there’s a great way to get funding. It’s called build a product that customers want and get them to pay you for it. And then guess what? You have money. And by the way, once you get that money, that’s validation that will help you raise it from other people.”

ALISON BEARD: Terrific, Bill. Well, thank you so much for joining me and definitely giving me hope that there are entrepreneurs out there who are going to make the world a better place.

BILL AULET: Thank you very much for having me on IdeaCast , and I look forward to any feedback.

ALISON BEARD: That’s Bill Aulet, professor at the MIT Sloan School of Management and author of the newly updated and expanded Disciplined Entrepreneurship: 24 Steps to a Successful Startup. His colleague Paul Cheek, recently released the follow-up, Disciplined Entrepreneurship: Startup Tactics.

And we have more episodes and more podcasts to help you manage your team, your organization, and your career, find them at HBR.org/podcasts or search HBR in Apple Podcasts, Spotify, or wherever you listen.

Thanks to our team, senior producer Mary Dooe, associate producer Hannah Bates, audio product manager Ian Fox, and senior production specialist Rob Eckhardt. And thanks to you for listening to the HBR IdeaCast . We’ll be back with a new episode on Tuesday. I’m Alison Beard.

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Essay on Entrepreneurship

Introduction

Entrepreneurship is a term that is widely applicable in the world of business. There are different definitions of the term entrepreneurship. The first definition identifies entrepreneurship as the process of creating a new business, with a view of making profits while bearing in mind all the risks that are involved. Different scholars have had their opinions about the description of the term entrepreneurship, including Stevenson, a renown expert in the topic. He defined entrepreneurship as the pursuit of opportunity beyond resources controlled. His definition is still widely applied by many in the world of business (Venkataraman, 2019). The second definition is linked to one Frank Knight, who defined it as the bearing of uncertainty and responsibility for risks within the financial market. Joseph Schumpeter also contributed significantly by defining entrepreneurship as the creation of new things in search of profits. Schumpeter also asserts that the role of creating new things is not only left to companies and other businesses but also individuals who make efforts in the area. The researcher introduced the concept of creative destruction to mean creation and invention of a new idea in the market that calls for the demise of the existing competitor. For instance, the emergence of Smartphones killed use traditional means of communication, such as telephone boots and regular use of letters. As such, Joseph Schumpeter contributed significantly as the term creative destruction is universal in the marketing. Marketing is a lucrative field that requires creativity for one to make an impact in the market. Fourth is Israel Kirzner who defined entrepreneurship as the process that led to discovery. It is important to note that most of the definitions by various scholars share a familiar concept, risk-taking and opportunity exploration.

A venture is considered as a small business that is started by one individual or groups with a view of gaining financially. The profits from the investment benefit all the backers of that particular project or business. There are many different ventures that an individual can offer to invest in. An enterprise should aim to make a financial gain to the individual or group that invested. The risk-taking tendency by entrepreneurs and the idea of profit making coincides with the typology of entrepreneurship. Examples of entrepreneurship ventures that many can get into include gazelle, microenterprise, small/lifestyle and medium enterprises.

A gazelle enterprise is a business venture that experiences rapid growth annually for period of over four years. Revenues of such an enterprise increase yearly by over 20% and must have a base capital of at least $100,000. Such companies experience high sales growth rates regardless of their size. However, most of such business ventures operate on the lower end of the scale. Company growth can be measured by the turnover or the number of employees working for the enterprise.

The second entrepreneurial venture is a microenterprise that employs a small number of people, usually less than 10. Microenterprises are started by small amounts of capital and they specialize in providing goods and services within its locality. All microenterprises venture into simple product lines and operate on small scale. Microenterprises contribute largely to the economy as they create employment. Business owners in such ventures enjoy small profits, which they use to improve their standards of living. As such, microenterprises agree to the typology of entrepreneurship by making profits for those who invest.

Small or lifestyle enterprises are business ventures started with aim of sustaining or maintaining a certain level of income. Such enterprises aim at sustaining a certain level of lifestyle for the entrepreneur. They employ a small number of people and maintain certain level of assets for owners. Lifestyle enterprises play a key role in employing people at the same time maintains a particular lifestyle for the owner, thereby, complying with the typology of entrepreneurship.

Medium size enterprises employ between 50 and 500 employees depending on the legislation in that specific nation. Such enterprises have a specified value of assets and in the UK, they have less than 250 employees. In the year 2013, there were over 5.2 million medium sized businesses, which comprised of over 99% of enterprises in the country. The aim of medium business enterprises is to make profit like any other entrepreneurial venture. As such, medium sized business enterprises agree to the typology of entrepreneurship.

According to Wennekers and Thurik (1999), a Schumpeterian entrepreneur is one who aims at capitalizing on the existing entrepreneurial abilities to make profits. In other words, a Schumpeterian entrepreneur will assess the current businesses that are operating and think of better services to people. The Schumpeter concept is Austrian. Existing product and service lines in the market require improvements for better service delivery (Wennekers & Thurik, 1999). A Schumpeter entrepreneur is an individual who capitalizes on such opportunities with a view of providing better services while making profits. An intrepreneur is a person who works for a particular organization and identifies better ways to improve quality and service delivery to customers. Innovative product development and marketing is the role of a manager working for that specific organization. As such, the manager is referred to as an entrepreneur. Managerial business owner is an individual who invests in a venture and entirely owns the business. Administrative business owners are not responsible for innovation and creative destruction in the market as these remains the work of managerial entrepreneurs. The main difference between the three terms described is that an administrative business owner is responsible for financing the venture while the rest work for the owner to ensure innovation and product development. A similarity known among the three types of entrepreneurs is the fact that they all aim to make profits for the owner of the business.

Miles & Snow (2009) classified organizations into four types, including prospector, defender, analytical and follower businesses. A prospector implies an organization that has difficulties in locating and exploiting a new product in the market. Such ventures require constant examination of the continually changing business world to succeed. The element of unpredictability makes a continuous check-up of the market a necessity to establish strategic production. According to the two researchers, prospector organizations have comprehensive product and service lines. Production in such cases prefers to promote creativity to efficiency. Defender organizations are defined as those entities that cannot survive in unstable environments (Miles, Miles, Snow, Blomqvist & Rocha, 2009). Their worry is how to maintain their current market share hence the need for them to operate in a relatively stable business environment. Cost leadership and specialization in a specific product line can well help solve the problem. Analyzer organizations refer to those that have both prospector and defender organization characteristics. They face a challenge of establishing in new markets and at the same have a problem of maintaining their current market share. Follower organizations refer to organizations that do not make long-term plans for business but instead ensure that managers study the dynamic world fast enough to cope with the changes.

Steve Blank in 2010 asserts that there are four types of entrepreneurs, namely small business owners, scalable, large business owners and large entrepreneurs. Small business owners face known risks in the market as they venture into product lines and services that are already known. A scalable business idea digs into the existing opportunity and turns it into a larger business through the expansion of its business activities. The aim of setting up such business entities is to take over the existing market and turn it out to make huge profits. On the other hand, a large business is an entity that has over 5000 employees or has a high financial turnover of over 1.5 billion Euros in a year (Blank, 2010). Any venture that does not feature any of the two characteristics or both of them cannot be termed as a large business. Social entrepreneurship involves start-up companies raising funds to solve cultural, social and environmental problems.

The data presented is indicative of the importance of having small businesses and startups within the economy. The data is extracted from the office of national statistics in the United Kingdom. Moreover, the data presented include information regarding micro-businesses and small businesses contribution to the economy of the region that they operate. For instance, from the year 2010 to 2017, the country has been registering an increasing trend indicating that such businesses play a crucial role. On employment, micro-business ventures employed over 4,618,315 people in 2010, and by 2017 (“Employment – ONS”, 2019), the number of those depending on such businesses rose to 5,491,009. On the other hand, small businesses employed over 3,785, 801 people in the year 2010 to a whopping 4,450, 716 by 2017. As such, micro and small businesses within the economy play a key role in ensuring increased employment opportunities as indicated by statistics from the national office in the UK.

Another vital aspect presented in the data provided is the turnover involved annually in the event of operating such businesses. Like the data on employment, the turnover for both micro and small businesses has been fluctuating from the year 2010. It is also critical to note from the data that in some years, the turnover reduced instead of increasing. For instance, in 2010 the turnover for both micro and small businesses was 589,871,148 and 549,139,326 billions of Euros, respectively. In the following year 2011, the turnover reduced to 552,345,550 and 508,579,840, respectively. However, the figures have increased as of 2017 to 791,771,342 and 616,807,735 respectively. The growth in the turnover of micro and small businesses is a clear indication that they contribute positively to the growth of the economy in the United Kingdom.

In terms of inventory and general count, micro and other small businesses have significantly contributed and have seen an expansion. This is indicated by the data provided as the numbers have changed from 2010 to 2017. In the year 2010, micro-businesses had a count of 1,861,590, which increased to 2,386, 740 by 2017. Additionally, small businesses increased their count from 196, 520 in the year 2010 to a whopping 231, 715 in the year 2017. The graphs provided indicates the trend that has been experienced in the economy in regards to micro and other small businesses. Such ventures are contributing positively to the economy of the United Kingdom.

Small businesses and start-ups play a crucial role in the growth of the social economy. Social economy comprises a diversity of enterprises and organizations sharing common values and features. Such may include cooperatives, mutuals, associations, foundations, paritarian institutions and social enterprises who value social objectives over capital. The first and most important role that the businesses play is the creation of employment (Burns, 2016). For instance, in the United States in the year 2015, small businesses and startups created over 1.9 million jobs. There are over 30.2 million small businesses in the United States who employ approximately 58 million people. As such, small businesses contribute primarily to the growth of the economy by creating jobs.

Second, small scale businesses and start-ups contribute by ensuring that the GDP of the country grows. Social economy contributes to the overall GDP sum and its growth projects more taxes to be paid. A small business thriving locally will have more to give as taxes to the local government and hence a contribution to the GDP. Such money can be used locally to develop infrastructure within the community. As such, small businesses play a vital role in ensuring that the well-being of the community improves in the long run.

Small businesses quickly adjust to changes in the economic environment and act as a cushion to the local economy in cases where large businesses have failed. This is because in cases of unpredictability in the market, small business owners are customer-oriented and can flex quickly to suit the needs of the market. Large businesses have few options in case of a similar predicament and may not help the local economy as anticipated. As such, all small businesses around the world contribute positively to the growth of the social economy as their interest is not capital-driven.

Blank, S. (2010). What’s A Startup? First Principles.  Steve Blank .

Burns, P. (2016).  Entrepreneurship and small business . Palgrave Macmillan Limited.

Employment – ONS. (2019). Retrieved 23 July 2019, from https://webarchive.nationalarchives.gov.uk/20160105164129/http://www.ons.gov.uk/ons/taxonomy/index.html?nscl=Employment

Miles, R. E., Miles, G., Snow, C. C., Blomqvist, K., & Rocha, H. (2009). The I-form organization.  California Management Review ,  51 (4), 61-76.

Venkataraman, S. (2019). The distinctive domain of entrepreneurship research. In  Seminal Ideas for the Next Twenty-Five Years of Advances  (pp. 5-20). Emerald Publishing Limited.

Wennekers, S., & Thurik, R. (1999). Linking entrepreneurship and economic growth.  Small business economics ,  13 (1), 27-56.

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Entrepreneurship vs. Working as an Employee

Introduction.

Some employees find self-employment particularly enticing because it allows them to choose their hours, pick their workspace, and decide what they do and when. But that’s the drawback for other employees. The decision-maker is fully accountable for their actions. If something goes wrong, it is up to the individual to fix it. Even though the choices might be wise, the pressure of being in charge might be too much to bear.

Setting personal objectives, deadlines, and schedules is essential for self-employed success. Some people do best when they are given complete autonomy. Others find it too challenging to maintain self-discipline; without management, they cannot continue working honestly. How well someone can follow directions is another factor, as in any collaborative setting, some employees feel they want to be in charge and make all the decisions. Self-employment makes sense if one desires to lead rather than be led. Other financial distinctions exist between employees and independent contractors, as an entrepreneur “take risks with his/her own financial, social, and human capital” (Huang et al., 2021, p. 3). While employees may receive paid time off and health insurance, independent contractors are responsible for both costs. Self-employed people are responsible for their and the employer’s taxes. When starting a business, one must pay for supplies, office space, web design services, and other necessities. However, the majority of the costs are tax-deductible from business income.

Finding consumers and clients is a personal obligation for those who work for themselves. In addition, one would need to choose the price to charge them. This is a difficulty that many business owners encounter. They start with a low bid because they fear charging too much. Even then, some customers could fail to pay them when the job is finished. Learning how to set charges that cover expenses without pricing oneself out of the market is crucial—learning how to collect once the job is finished is also vital.

Working as an employee and running your own business have benefits and drawbacks. Entrepreneurs are frequently represented as risk-takers, joyful people who enjoy controlling their schedules and finances. The variety available to people who pursue their goals may often result in self-fulfillment and a surplus of confidence that will benefit all facets of life.

Huang, L., Yang Lin, S., & Hsieh, Y. (2021). Cultivation of Intrapreneurship: A Framework and Challenges. Frontiers in Psychology .

Celebrate the legacy . Ewing Marion Kauffman Foundation Kauffmanorg. (2022).

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IvyPanda . "Entrepreneurship vs. Working as an Employee." November 21, 2023. https://ivypanda.com/essays/entrepreneurship-vs-working-as-an-employee/.

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Breaking Barriers in Female Entrepreneurship

A look at the career of Jintong Tang, Ph.D., professor of management in the Richard A. Chaifetz School of Business and fellow with the SLU Research Institute, and her work in breaking barriers in entrepreneurship.

The greatest ideas are often born from personal connections. For Jintong Tang, Ph.D. , Mary Louise Murray Endowed Professor of Management in the Richard A. Chaifetz School of Business, faculty fellow for the Division of Diversity and Innovative Community Engagement and fellow with the SLU Research Institute, her latest research was sparked by judgments made in the media during the start of the COVID-19 pandemic, when overt anti-Asian rhetoric soared.

As an entrepreneurship scholar and member of the Asian American and Pacific Islander (AAPI) community, Tang was immediately drawn into how populist rhetoric affected not only the AAPI community but also other communities, such as women in entrepreneurship — a field that has been male-dominant for centuries.

“Women entrepreneurship is misaligned with traditional gender roles, and women entrepreneurs may be categorized as ‘outsiders,’” she said. “This increases women entrepreneurs’ fear of being ‘othered’ and losing privileged protections in the entrepreneurial arena.”

Her curiosity fueled her current research titled, “The Gendered Effect of Populism on Entrepreneurship and Innovation,” which examines the impact of populism on entrepreneurship and innovation among women. Tang and her collaborators at the University of Missouri–St. Louis; Jinan University in Guangzhou, China; and Zhejiang University in Hangzhou, China, proposed that the surge of populist discourse by a nation’s political leaders prevents women’s entry into entrepreneurship and decreases the innovation of new ventures, particularly among women.

“Entrepreneurship today embodies all crucial skills for our personal and professional lives: creativity, innovation, open-mindedness, resilience, perseverance, bootstrapping, and the ability to turn aspirations into actions,” Tang said.

“Researching and teaching these entrepreneurial skills, particularly for underrepresented groups, can help all individuals to cope with the unprecedented challenges and crises in the world,” Tang said.

The project has received strong support from the University, including the 2023 Beaumont Scholarship Research Award from SLU and the 2023 Medart Women in Leadership Grant sponsored by Mike Medart, the dean’s advisory board chair at SLU’s Richard A. Chaifetz School of Business. It is also under review for presentations at two leading entrepreneurship conferences in 2024: the Diana International Research Conference in Stockholm and the Babson College Entrepreneurship Research Conference in Munich.

Tang also puts her research into action by supporting and sponsoring women entrepreneurs. She works with the International Institute of St. Louis to provide entrepreneurship training for immigrant and refugee entrepreneurs; she chaired the Research Symposium on Women Leaders and Entrepreneurs at the 2nd Annual Women in Leadership Conference held at the Richard A. Chaifetz School of Business, and she offered mentorship to early career faculty,  particularly those in underrepresented groups.

The research conducted by Tang and her collaborators gives a voice to those in business who are being barred from the narrative by a higher power. Her critical research efforts support women in business amid a culture that has predominantly focused on traditional gender roles and given way to a more supportive era in entrepreneurship.

“Entrepreneurship is not narrowly defined anymore,” Tang said. “It is timely and critical that we provide much-needed support and sponsorship to women entrepreneurs.”

Story by Mary Pogue, senior copywriter, Paradigm .

This piece was written for the 2023 SLU Research Institute Annual Impact Report. The Impact Report is printed each spring to celebrate the successes of our researchers from the previous year and share the story of SLU's rise as a preeminent Jesuit research university. Design, photography, and some writing contributions are made by Paradigm . More information on the Impact Report can be found here .

More From Forbes

The Rise Of Women Entrepreneurs: Gen X Leads The Way

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In an inspiring shift within the business landscape, more women than ever are venturing into the world of entrepreneurship, with Generation X at the forefront of this transformative movement . As these women transition from seasoned professionals to innovative business owners, they are redefining what it means to be an entrepreneur and proving that mid-career shifts can lead to profound and rewarding new beginnings.

Why Are More Women Starting Businesses?

The surge in female entrepreneurship can be attributed to several factors, including the desire for greater flexibility, the need for a more fulfilling career, and the drive to pursue passions that may have been sidelined in earlier phases of life.

For many Gen X women, who have spent decades in the workforce, entrepreneurship offers an enticing opportunity to control their destinies and utilize their well-honed skills in new, dynamic ways.

The Benefits of a Mid-Career Shift to Entrepreneurship

Transitioning to entrepreneurship mid-career is not just a change in job title; it's a revitalizing career shift that brings several advantages:

1. Leveraging Experience

Women in Gen X possess a treasure trove of skills, industry knowledge, and professional networks built over years of career development. When shifting to entrepreneurship, these resources become invaluable. The experience in managing teams, overseeing projects, and navigating corporate structures can seamlessly transition into running a business effectively.

Best High-Yield Savings Accounts Of 2024

Best 5% interest savings accounts of 2024, 2. bridging passion with expertise.

One of the most compelling aspects of mid-career entrepreneurship is the ability to merge personal passions with professional expertise. Whether it's opening a boutique, starting a consulting firm, or launching a tech startup, these ventures are often a blend of long-held interests and professional acumen, leading to businesses that are not only profitable but also deeply fulfilling.

3. Flexibility and Autonomy

Entrepreneurship inherently offers more control over one’s schedule, which can be particularly appealing to those looking to balance work with other life commitments. This autonomy allows women to structure their business endeavors around their lives, rather than the other way around, providing a healthier work-life balance.

Practical Steps to Propel Your Business

Starting a business mid-career may seem daunting, but with the right approach, it can be incredibly rewarding. Here are some practical steps to help propel your new venture:

• Identify Your Niche : Combine your professional background with your personal passions to find a unique market niche that you can serve.

• Leverage Your Network : Use your existing connections to support your business, whether through initial client leads, partnerships, or mentorship.

• Continuous Learning : Stay updated with new industry trends and skills. Consider courses or workshops to fill any gaps in your knowledge, especially in areas like digital marketing or e-commerce.

• Develop a Business Plan : Clearly outline your business goals, strategies, and financial projections. A solid business plan will not only guide your efforts but also attract investors or loans if required.

• Embrace Technology : Utilize technology to streamline operations, reach a broader audience, and manage finances . Tools like CRM software, social media platforms, and financial management tools can be extremely beneficial.


The bottom line is that the rise of women entrepreneurs, particularly among Gen X, is a promising trend that speaks to the broader dynamics of empowerment and opportunity. By leveraging your extensive career experience and embracing your entrepreneurial spirit, you can not only making significant contributions to the economy but also paving the way for future generations of female entrepreneurs. Here's to the brave, bold, and visionary women who choose to step into entrepreneurship, changing their lives and the business world for the better.

Melissa Houston, CPA is the author of Cash Confident: An Entrepreneur’s Guide to Creating a Profitable Business and the founder of She Means Profit . As a Business Strategist for small business owners, Melissa helps women making mid-career shifts, to launch their dream businesses, and I also guide established business owners to grow their businesses to more profitably.

The opinions expressed in this article are not intended to

replace any professional or expert accounting and/or tax advice whatsoever.

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Undocumented Entrepreneurs in Growing Industries: Service Industries 

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Navigating through the obstacles as an undocumented individual seeking employment and income generation in the United States is not an easy task. Luckily, entrepreneurship offers great opportunities for people to legally make a living and support themselves. The freedom and flexibility in entrepreneurship allow individuals to start their businesses in virtually any industry. The first blog in this series discussed opportunities and resources available for individuals interested in starting their business in the construction industry. This blog explores some of the fastest growing service industries and the opportunities they offer to new entrepreneurs. 

The service sector is very wide and covers several fields as it is the third largest sector in the economy , after the raw materials and manufacturing sectors. Some of the fastest growing service industries include personal care and services, travel, leisure and hospitality, and event planning. Hotels, entertainment, transportation, and food services fall within the travel, leisure and hospitality industry. Personal care and services comprise businesses such as barbershops, massage parlors, hair and nail salons, amongst others. Event planning services include agencies that focus on planning weddings, parties, conferences, conventions, and other events.  

The leisure and hospitality industries have added an average of 82,000 jobs per month , according to the Bureau of Labor Statistics. Restaurants are amongst the most popular establishments in this industry, and they contribute immensely to the country’s economy. According to Statista , the output for the U.S. full-service restaurant industry reached an estimate of over $76.5 billion in 2022. The requirements to open and operate food establishments vary from state to state. However, a business plan, structure, and license are crucial to start the process. The great thing about business licenses is that a social security number is not required. With a business license, an Employment Identification Number (EIN) would be assigned to complete the rest of the process. Some of the requirements to safely open and operate a restaurant, food truck, or similar food establishment are a food service license, certificate of occupancy, health permits, liquor license, and permits to sell, amongst others. The Connecticut State Department of Consumer Protection website contains information regarding how to apply for licenses, permits, a helpful checklist tool to start your new business, amongst other resources. Please make sure to research what documentation is needed according to where the potential business will be located.        

The BLS projects that approximately 544,800 new jobs will be added to the personal care and service industry over the next ten years. By 2028, it predicts that personal care professions will increase by 17.4% . Similar to the leisure and hospitality industries, the requirements to receive a cosmetology license are different for each state. Although most states require a social security number to apply for a cosmetology license, this is not the case for states like New Jersey and California, if all licensing requirements are met. The New Jersey Division of Consumer Affairs website provides information about the requirements needed to apply for a cosmetology license, as well as answers to the most frequently asked questions to help with your application. Some of these requirements may include attending an approved cosmetology school for the required number of hours and successfully completing an exam. Becoming a licensed cosmetologist is the first step to starting a business in this industry. One of the most common business structures for hair salons, barbershops, and nail salons is a Limited Liability Company (LLC), which helps protect owners from personal liabilities. Having received a business license, different permits may be required such as sales and tax permits, occupancy permits, and department of health permits. It is important to note that these requirements could be different for different states and municipalities. As an entrepreneur, ensuring all requirements are met is extremely important to avoid any issues in the future that could compromise the business’ future.   

From 2022 to 2032, employment of meeting, convention, and event planners is projected to grow 8 percent, according to the BLS . Although there is not a specific license for event planners, some states might require individuals to have a business license. Additionally, depending on the type of services event planners will provide, certain licenses might be required. For instance, if alcohol or food will be served at a specific event, then licenses to serve alcohol and/or food might be required. Similarly, if events are held in a public space or will have live entertainment such as music, other permits might be required. The Connecticut License and Permit Center website could help determine what permits, credentials, or licenses might be required to operate and run an event planning business, depending on the services it will provide. Staying compliant with all the necessary requirements is crucial in business to avoid any penalties in the future and build trustworthy relationships with customers, suppliers, and other important stakeholders.  

Although starting a business in the service sector might feel overwhelming, the opportunities are endless. Additionally, there are several resources available that could help prepare individuals for their entrepreneurial journeys and fund their businesses. One of these resources is SCORE , which is a website that provides in person and online workshops and events focused on developing entrepreneurial skills and business growing. In Connecticut, the Hartford Economic Development Corporation (HEDCO) is a program that helps with grants and technical assistance to small businesses with no more than 25 full time and/or part time employees. Priority is given to minority owned businesses. In the Greater Hartford area, the Social Enterprise Trust, Inc. (reSET) helps with grants and assistance to small food related businesses. They also prioritize minority owned businesses and those located in distressed areas in greater Hartford. Check out their websites to find out the requirements and eligibility for each of these grants. Also, the Undocumented and DACAmented Students Affinity Community page has several other resources such as events and professional organizations to help in the entrepreneurial journey. Follow our affinity community to stay up to date with any new resources and information related to career development for undocumented and DACAmented students.   

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EY Announces Entrepreneur Of The Year® 2024 New England Award Finalists

16 Apr 2024

Assistant Director, Ernst & Young LLP

Entrepreneur Of The Year celebrates ambitious entrepreneurs who are shaping the future

Ernst & Young LLP (EY US) today announced the finalists for the Entrepreneur Of The Year ® 2024 New England Award. Now in its 38th year, Entrepreneur Of The Year is the preeminent competitive business award for audacious leaders who disrupt markets, revolutionize industries, and have a transformational impact on lives. Over the past four decades, the program has recognized the daring entrepreneurs with big ideas and bold actions that reshape our world.

These entrepreneurs were selected as finalists by an independent panel of judges. The candidates were evaluated based on their demonstration of building long-term value through entrepreneurial spirit, purpose, growth, and impact, among other core contributions and attributes.

"This year's finalists are bold entrepreneurs creating a lasting impression in their industries and communities," said Brendan Crowley, EOY New England co-program director.

"Selected by an independent panel of judges, these entrepreneurs demonstrate unwavering dedication to their companies, customers and communities. We are delighted to recognize their successes, said Amy Zidow, EOY New England co-program director.

Entrepreneur Of The Year honors many different types of business leaders for their ingenuity, courage, and entrepreneurial spirit. The program celebrates original founders who bootstrapped their business from inception or who raised outside capital to grow their company; transformational CEOs who infused innovation into an existing organization to catapult its trajectory; and multigenerational family business leaders who reimagined a legacy business model to fortify it for the future.

The 2024 New England finalists are :

Tom Aley  | Aidentified, Inc. | Concord, Massachusetts

Darr Aley | Aidentified, Inc. | Concord, Massachusetts

Errik Anderson | Alloy Therapeutics | Waltham, Massachusetts

Eric Graham | CrowdComfort | Boston, Massachusetts

Brendan Ciecko | Cuseum | Boston, Massachusetts

Peter Cannone | DemandScience | Danvers, Massachusetts

Mike Jackowski | Duck Creek Technologies, Inc | Boston, Massachusetts

Stephen Aborn | FreightPlus | Quincy, Massachusetts

Liang Schweizer | HiFiBiO Therapeutics | Cambridge, Massachusetts

Marc LaPlante | Intentsify | Westwood, Massachusetts

Justin Kittredge | ISlide | Hyde Park, Massachusetts

Casey White | Jaju Pierogi | Beverly, Massachusetts

Vanessa White | Jaju Pierogi | Beverly, Massachusetts

Eric Girouard | Maverick Work Wear Inc. d/b/a BRUNT Workwear | North Reading, Massachusetts

Tony El-Nemr | Nouria Energy Corporation | Worcester, Massachusetts

Kassia Davis | PF Flyers | Brighton, Massachusetts

Josh Rogers | Precisely | Burlington, Massachusetts

Taja Dockendorf | Pulp+Wire | Portland, Maine

Dr. Anastasia Volkova | Regrow Ag | Durham, New Hampshire

Dr. William Salas | Regrow Ag | Durham, New Hampshire

Kyle Rand | Rendever | Somerville, Massachusetts

Dr. Andee Wallace | Robigo, Inc. | Cambridge, Massachusetts

Brendan Candon | SidelineSwap | Boston, Massachusetts

Christian Cerda | SimpliSafe, Inc. | Boston, Massachusetts

Bill Creelman | Spindrift Beverage Co, Inc | Newton, Massachusetts

Molly O'Connor | The Mobile Locker Co | Plymouth, Massachusetts

Mark Briggs | Validity Inc | Boston, Massachusetts

Craig Malloy | Vecna Robotics | Waltham, Massachusetts

Arun Balakrishnan | Xceedance | Worcester, Massachusetts

Amanda Eisel | Zelis Healthcare, LLC. | Boston, Massachusetts

For more information about the New England program, please visit our website .

Regional award winners will be announced on Wednesday, June 12th during a special celebration. The winners will then be considered by the National independent panel of judges for the Entrepreneur Of The Year National Awards, which will be presented in November at the annual Strategic Growth Forum ® , one of the nation’s most prestigious gatherings of high-growth, market-leading companies.

In addition to Entrepreneur Of The Year, EY US supports other entrepreneurs through the EY Entrepreneurial Winning Women™ program and the EY Entrepreneurs Access Network to help connect women founders and Black and Hispanic/Latino entrepreneurs, respectively, with the resources, network and access needed to unlock their full potential.

Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards include presenting sponsors PNC Bank, Cresa, Marsh USA, SAP, and the Ewing Marion Kauffman Foundation. In New England, sponsors also include a premier sponsor, DLA Piper.

About Entrepreneur Of The Year ®

Founded in 1986, Entrepreneur Of The Year ® has celebrated more than 11,000 ambitious visionaries who are leading successful, dynamic businesses in the US, and it has since expanded to nearly 80 countries and territories globally.

The US program consists of 17 regional programs whose panels of independent judges select the regional award winners every June. Those winners compete for national recognition at the  Strategic Growth Forum ® in November where National finalists and award winners are announced. The overall National winner represents the US at the World Entrepreneur Of The Year ®  competition. Visit ey.com/us/eoy .

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EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.