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What is Entrepreneurship?
Economic growth and success is dependent on many factors, but perhaps the most important element is continued innovation. Industries that don't innovate seldom produce satisfactory results over time. Fresh ideas are always needed to spark consumer spending and to make older industries more efficient. With greater efficiency comes more profit and vibrancy over time.
Entrepreneurs are thus a huge part of what makes any economy strong. For instance, entrepreneurs such as Steve Jobs, Bill Gates, and Jeff Bezos were at the vanguard of computing and internet technologies, which thrust them to the heights of business stardom. Their innovations produced opportunities for countless other entrepreneurs who were able to capitalize on the groundwork they created. The geniuses behind so many games, productivity suites, and internet apps all have those technological innovators to thank for their success.
An entrepreneur is a businessperson who has decided to go their own way in the world of commerce. They have discovered ways to innovate in the market which they see as profitable and perhaps disruptive to contemporary business practices. While some may find new approaches to old industries, others find wholly novel technologies that change the world.
Entrepreneurs not only need creative minds that concoct these new ideas, but they also need to understand how to develop and bring their ideas to market. While some ideas might not require a team, such as creating a new piece of software, most do involve complicated financial transactions with lenders or venture capitalists, as well as administrative hurdles including hiring personnel and delegating responsibilities.
While anyone can be an entrepreneur regardless of their degree, or lack thereof, many choose to earn a degree in business that focuses on entrepreneurship. That's because even the most creative and dynamic idea needs a traditional business infrastructure to support it.
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Entrepreneurship Education in Idaho
The state of Idaho is interested in cultivating its entrepreneurs so that it can continue growing and developing into one of the nation's top economies. Thus, Idaho's colleges and universities all seek to nurture students who have groundbreaking ideas. Their business degree programs can act as incubators for fresh new business models, cutting edge products, and more. Idaho colleges and universities also inspire entrepreneurship with their computer science, engineering, and science departments, among others. After all, when colleges help students launch their ideas those institutions likewise benefit and grow.
This page is dedicated to discussing entrepreneurship in order to inspire Idahoans to develop their cutting-edge ideas and launch their state into the next level of economic success. We discuss how to become an entrepreneur and what sorts of degrees might help them succeed. Just as there are entrepreneurs who work at the level of Jobs, Bezos, and Gates, there are many more who start small mom and pop stores on their town's Main Street. Those smaller entrepreneurs also need degrees and training to thrive and succeed in the wider economy, whether that is on a national scale or limited to their local region. Please keep reading to learn more about entrepreneurship degrees in Idaho.
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Associate Degree in Entrepreneurship (AS)
For those who need only a little bit of knowledge and training in entrepreneurship, an associate entrepreneurship degree can be a terrific way to kick off a career. Those whose ideas require a limited amount of start-up capital, and which don't necessarily involve high technology, are good candidates for this degree. For example, someone who needs more business training to start a food cart or a house cleaning business can learn what they need in a two year program.
There are many benefits to earning a two-year associate entrepreneurship degree. One of the most obvious is the cost. Community colleges tend to be the most affordable option in all of higher education. These colleges also tend to have the same caliber of instruction as a larger institution, though with smaller class sizes. Once graduated, students will not only have a solid foundation in business, but they will have completed the core curriculum for a bachelor’s degree.
Bachelor's Degree in Entrepreneurship (BS)
In the course of earning a bachelor’s entrepreneurship degree, students will have the opportunity to dive deep into topics relevant to their future careers of innovation. Their programs are likely to offer courses that introduce topics such as human resources management, financial concerns such as loans and venture capital, as well as marketing, and other matters pertinent to business administration.
Students can also develop other talents that may be relevant to their business model. For instance, some may have an idea for a groundbreaking piece of software, including the next monumental video game. They can therefore take courses in computer science, game design, and more. A four-year degree also allows for courses such as macroeconomics, which can provide insights into the wider context of any business venture. Lastly, entrepreneurship degree students will have the opportunity to complete internships with successful entrepreneurs or in areas of business that they need to learn more about such as accounting, human resources, or supply chain management.
Master's Degree in Entrepreneurship (MS or MC)
For those who want to learn as much as they possibly can before launching an entrepreneurial venture, an MBA is the best choice. Some MBA degree programs are solely dedicated to entrepreneurship, while there are many more that are structured with a traditional curriculum and a concentration in entrepreneurship. While either option has much to offer its students, individuals should fully investigate any graduate degree program prior to enrolling. These degrees can be very specific and don't always suit every student.
However, one characteristic of nearly every MBA entrepreneurship degree is the ability to network with other business experts. In fact, the networking opportunities an MBA program affords can be the most rewarding part of the entire experience. This is because every MBA student has their own strengths and abilities which may work in concert with others. In fact, there are many MBA students who enroll in top programs, such as that in the Harvard Business School, with the singular goal of meeting future partners and collaborators.
PhD Degree in Entrepreneurship (PhD)
Since there is no academic barrier to entering the business world as an entrepreneur, many feel that a PhD is superfluous. However, that's not always true. Much like an MBA, PhD students can always network with fellow doctorate students and discover ways to collaborate and build successful ventures. For those who are seeking a career in a high technology field, a PhD can help them develop the requisite skills and knowledge necessary to thrive.
For instance, there are many top entrepreneurs in the crypto currency space who have PhDs or who have completed their doctoral coursework in computer science but have abandoned their dissertation in favor of a business venture. Similarly, there are engineering PhD’s and others who have enough knowledge of their field to break out into business. These professionals have also taken advantage of the networking opportunities afforded by higher education while deepening their knowledge of computer language, cryptography, and even the world of economics and finance.
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Become an Entrepreneur in Idaho
Idaho has a business community that is eager to support entrepreneurial ideas and innovations. Like many other states, they seek to attract all sorts of businesses in order to expand their economy. Some industries may fit better than others. For instance, a high-tech startup can essentially thrive anywhere that computers are available. Engineering concerns and financial institutions can also thrive in Idaho.
To become an entrepreneurial professional in Idaho, however, students need to recognize their talents, discover a groundbreaking idea, and pay some dues. Discovering one's natural talents and abilities is vital to the process. For a successful and long career in business, some core talents should be developed early on. Chief among these are mathematical skills and communication ability.
Youngsters who demonstrate a keen analytical and mathematical mind will readily take to higher order concepts that will help them structure their business in the most competitive way possible. They will also be able to adopt skills in accounting and will be able to understand the statistical analysis required for both marketing and finance. Since businesses rise and fall based on their balance sheets, income statements, and cash flow, mathematics is imperative to success as an entrepreneur.
Entrepreneurs also need to be expert communicators. This is because they often have very complex ideas that may be foreign to many lenders and venture capitalists. It's thus imperative that they themselves be able to communicate effectively. Not only should they be keen at interpersonal communications in person-to-person meetings, but they should be able to craft a well-written proposal and white paper for their business ideas. An entrepreneurship degree will help them hone these skills so that they can become the effective leaders they need to be.
With all of this in mind, future entrepreneurs should consider a college degree in entrepreneurship. Whether they pursue a degree at the associate, bachelor’s, or master’s degree level, almost any business professional will insist that education is vital to success. As one studies for their degree, they will not only gain knowledge of vital topics such as accounting, marketing, and supply chain management but they will learn how to work with their peers toward the end goal of producing, marketing, and profiting from their innovative ideas.
Careers for Entrepreneurship Graduates
- Business Owner:
The goal of any entrepreneurship student is to become a business owner. These professionals oversee the operations of their organizations with the end goal of maximizing profits and eliminating the competition. While some business owners attain their position through acquisition of an existing enterprise, most entrepreneurship students dream of developing their own ideas and building wholly new businesses around them. With business ownership, the sky is the limit in terms of salary and long-term success.
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- Public Relations Manager:
These communications professionals are in charge of teams of public relations specialists. They steer their team to succeed in representing their clients who may need protection from bad news or who simply need to broadcast their message. Entrepreneurs need public relations experts to help them communicate their groundbreaking business venture to the public. Public relations managers can help new ventures smooth over any rough patches that come with new business ventures.
These workers are most often found in the world of real estate. Their primary duty involves assessing the value of a piece of property. Some work independently while others operate through mortgage lenders including banks and other financial institutions. Independent appraisers might decide to incorporate and build a firm of highly trained, credentialed appraisers.
- Web Developer:
These internet professionals are distinct from web designers in that they are more concerned with the back-end code of a website. They work with website encryption, payment gateways, cookies, and more to make sure websites have optimal functionality. To succeed in this field, web developers need to master coding languages such as PHP, Python, and Java, among others. Many web developers work as independent contractors, but they can also find work with many established firms in almost any industry.
- Social Media Manager:
With the rise of social media as a fun diversion came the need to utilize it as a business tool. Businesses need social media managers to help disseminate their message, announce product launches, and even to manage problems. Social media managers may spend their days responding to comments on Google Maps, Facebook, or Twitter, among other social media platforms. They also devise new, eye-catching posts for public consumption.
- Marketing Manager:
Larger marketing departments and marketing firms need marketing managers to help oversee the entire process. To become a marketing manager, marketing professionals have often had years of experience as marketing creatives, analytical professionals, or even marketing event coordinators. Those who wish to rise to the C-suites should consider an MBA marketing degree.
- Business Consultant:
These professionals come in many different shapes and sizes. Each business consultant can have their own specialization. Some are management experts who understand how to assess and advise a management team so that they can thrive. Others are accountants who audit companies and assess how to maximize their potential through cutting corners or investing in certain areas. Other consultants work on a business' information technology infrastructure and upgrade the network, database technologies, or even a firm's approach to cyber security.