How to Become an Entrepreneur in Connecticut

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What is Entrepreneurship?

Some people are full of great ideas. They can visualize a new business, product, or service and then find ways to implement their ideas and turn them into profitable businesses. These people are called entrepreneurs.

Entrepreneurs can spot needs in an industry and can come up with innovative and new ways to fill those needs. They typically do so by creating a new business, but they can also take an established businesses that is in that niche and tweak it to fit the need. Once the business is launched and the need is met, an entrepreneur is usually ready to move on to the next project. Most entrepreneurs are not interested in running a business that is past its infancy. They enjoy the building of the business and, once that is complete, they lose interest and are ready to move on. If this sounds like you, then below is some advice on how to become an entrepreneur in Connecticut. Even though finance and real estate are the largest industries in the state, entrepreneurs can and do successfully operate in every industry. All industries need idea people and those who know how to take an idea and turn it into a profitable business. Entrepreneurs fill that need.

Entrepreneurs love starting new businesses. They enjoy taking an idea and fostering it until it becomes a successful venture. They want to have a hand in the entire planning and implementation process, from writing the business plan to designing the logo and putting together the marketing plan. If there are goods involved, entrepreneurs want to be in on all the meetings about how and where the product will be made, choosing the right company to produce the products if it’s not being done in-house, and determining the best distribution methods. Anything that has to do with launching a business and getting it through the first one to three years is of great interest to an entrepreneur. But once the business is established, entrepreneurs often lose interest and are ready to move on to their next idea. That’s the nature of an entrepreneur; they love building businesses but prefer to leave the daily operations of an established business to someone else.

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Entrepreneurship Education in Connecticut

Entrepreneurs are natural leaders and have a vision that is unique. However, getting a degree to go along with the natural business savvy and skill set isn’t a bad idea either. Below are some options for degree programs for those who want to become entrepreneurs with the education to match their abilities.

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Associate Degree in Entrepreneurship (AS)

An associate degree in entrepreneurship provides a basic education in business. It’s a good place for a small business owner to hone some business skills and polish a business or marketing plan. Courses in an associate degree program in Connecticut might include accounting, management, marketing, business law, and economics. Associate degrees generally take two years to complete and include around 60 credit hours. Those who do not already own a business could have the foundation needed to start a business of their own once they graduate with this introductory degree.

Bachelor's Degree in Entrepreneurship (BS)

A four-year degree in entrepreneurship goes a bit further than an associate degree in regard to education and training. For those who do not already own business, a bachelor’s degree will fully equip a person to start and foster a business. The course taught include many of those you will see at the associate level, as well as advanced classes in accounting and business such as managerial and cost accounting, business ethics, business statistics, and analysis classes such as corporate finance and quantitative business analysis. For those who already own businesses, the degree offers an air of credibility to go with the business experience and expertise in their chosen field.

These degrees usually include up to 120 credit hours and take around four years to complete. That’s not to say that those who want to earn this degree must attend classes on campus for four years. Instead, they could continue to run a fledgling business and complete courses online. Or, if prospective students have already earned an associate degree, they may only need two years to complete the rest of the required credits for this degree, assuming that most of their associate degree credits will transfer to their new school.

Master's Degree in Entrepreneurship (MS or MC)

Usually, entrepreneurship is a specialization for a Master of Business Administration, or MBA. Master’s degrees in Entrepreneurship do exist, but the programs are very similar to MBA programs, as much of the same curriculum is taught, though some specialized entrepreneurial classes such as idea generation, skills to meet with investors, and classes on building a portfolio and putting together a marketing kit are included in the entrepreneur program. This degree can also allow a person to teach business courses at the community or technical college level.

Master’s and MBA’s both take about two years to complete if you are able to attend full-time. If not, it could take as many as four years to work your way through the curriculum. The degree requires around the same number of hours as an associate’s: 60 credits.

PhD Degree in Entrepreneurship (PhD)

This terminal degree is best for those who want to set themselves up as subject matter experts in their field. This degree is tailored to meet specific needs, so the curriculum will vary. However, there will be a blend of business, marketing, finance, and management courses along with specific entrepreneurial courses. Along with being considered a subject matter expert, individuals who hold this degree are valued on the collegiate level, especially if they have a track record of starting successful businesses. These people are often tapped to hold seminars and lectures for those who want to start businesses and are looking for guidance on how to do so.

However, it’s good to know that you are getting into an extended period of education when you choose to begin earning a PhD. These degrees can take anywhere from three to seven years depending on what you are learning, what school you are attending, and what your focus is. Make sure you research thoroughly before you sign up.

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Become an Entrepreneur in Connecticut

For those who want to become entrepreneurs, the easiest way is to create an idea for a business and then start said business. That said, knowing the business basics will help the process. An entrepreneur can take the path of a formal education in the form of attaining a business degree, or the person can take specific classes in how to start a business, how to write a business plan, etc. Although the former is perfectly fine and can have successful results, entrepreneurs with formal education tend to be taken more seriously, especially at the beginning of their careers.

Along with having the knowledge on how to start a business, an entrepreneur has to learn as much as possible about their proposed business venture. This means the entrepreneur needs to become a subject matter expert in either the business idea or field or know the experts that can successfully put the business together under their management. Since most entrepreneurs are more interested in starting businesses than they are running established ones, the experts called in to implement the business idea are often the first ones asked to take over the day-to-day operations when the entrepreneur is ready to move on.

Entrepreneurs are adept in learning how to evaluate a situation, identify a need, and put a solution into motion. This ability can and is taught in analytic and marketing courses but having an innate ability to see these things is also a plus. This is one reason entrepreneurs normally don’t stick around and run a business they started. The joy and interest for them is turning an idea or identified need into a viable business. Once they’ve done that, they are ready to move on to their next great idea. Once the entrepreneur has identified the need and created the prototype of the product or service to fill that need, an education in how to obtain funding is needed. Again, this skillset is taught either as part of a business curriculum or in specialized classes for entrepreneurs.

Careers for Entrepreneurship Graduates

  • Business Owner
    A business owner is an entrepreneur who has started a business and either decided to stay on and run it or retained ownership but brought in another person to manage it. Business owners come in many forms, but most that are started by entrepreneurs are corporations or partnerships. In the case of a corporation, the board can choose someone to run the business. With a partnership, the other partners will continue running the business, while the entrepreneurial owner takes a secondary seat and moves on to the next business venture. This also occurs with sole proprietorships, with the entrepreneur business owner bringing in an experienced manager to run the daily operations.

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  • Social Media Manager
    Entrepreneurs are usually naturally social people, so a career as a social media manager is a good fit. Social media managers run the social media accounts for a business. They make interesting and engaging posts in the hope of interacting with potential customers. This is also a good way to get current and previous customers to talk about a company. Many social media managers use programs that schedule posts and tweets over a period of time, so the manager can spend a day or two writing posts so the program can send them out. Managers are experts at using various social media platforms such as Facebook, Instagram, Twitter, LinkedIn, and other sites where customers can be found.
  • Investment and Acquisition
    Successful entrepreneurs will often branch out into investment and acquisition positions. After they have launched several successful businesses, entrepreneurs might choose to use some of their income or working capital to assist in funding other small businesses ventures. This could come in the form of angel investing or partial ownership of the business, or the entrepreneur might want to be involved in the launching of the business, either in a formal or advisory role. Just like with their other business ventures, entrepreneurs who venture into investment often want to get in and out, generally within one to three years. In acquisitions, entrepreneurs have a way of knowing when an established business will enhance another existing business and will use their leverage and capital to be successful.
  • Product/Product Development Manager
    Product creation and development are in the center of an entrepreneur’s wheelhouse. They enjoy creating new products and services and growing the idea into a viable business. Product development managers are involved in all aspects of the development stage, from the concept to choosing materials and how product will be marketed to the public. They work closely with manufacturers to ensure the end product matches the original vision and make adjustments as necessary. Once the product is created and ready for distribution, the manager oversees this step as well, making sure the products land in the right hands. Product managers might also conduct surveys with customers to find out if any changes are necessary and that the proper target market is being reached.

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