Get Matched With Entrepreneurship Programs
What is Entrepreneurship?
Entrepreneurship is an expansive field and graduates can often pursue work opportunities available in almost every industry. For many, earning potentials can also be quite high. It’s important to note, however, that salaries vary depending on the type of business created. According to PayScale, hourly rates for self-employed professionals range from $11.40 to $81.74. The average pay for those who are self-employed is $21.65.
The outlook for entrepreneurs is generally promising, although overall success again depends on the specific industry entered. According to the Bureau of Labor Statistics, some of the most prosperous sectors include healthcare and social assistance. Prospective entrepreneurs should be hesitant about opening construction businesses, on the other hand, as they have one of the lowest documented rates of survival.
Of course, starting a business is a complex process full of potential risks. As a result, it’s not uncommon for new companies to fail within only a few years. This is why this profession should never be taken on lightly. Those interested in becoming entrepreneurs should take great care assessing their abilities and the viability of their ideas.
An entrepreneur is a person who creates a new business. They can work in a variety of industries including retail, healthcare, real estate, auto repair, and home construction. Private businesses may be incorporated or unincorporated, depending on owner preference. Entrepreneurs can also choose to hire employees or operate their companies alone.
In some cases, entrepreneurs opt not to even maintain an active role in the businesses they create. Instead, they prefer to leave the majority of management tasks to others. Many entrepreneurs, however, enjoy and save money by taking on numerous roles. Responsibilities will vary depending on the industry, but most involved owners oversee operations, direct production, assist with personnel management, develop company-wide policies, and review financial activities.
While the work can often be stressful, there are many benefits associated with being an entrepreneur, including personal and professional independence and autonomy in creating a company. Professionals of this type get to choose the type of work they perform, who they provide products and/or services to, where their businesses are located, and even how much money they earn. Business owners also tend to enjoy more personal enrichment opportunities. Those who are self-employed often do a lot of independent and guided learning, which leads to them gaining knowledge in numerous areas.