How to Become an Entrepreneur in Indiana

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What is Entrepreneurship?

An entrepreneur is a person who starts their own business. However, even more than that, they are seen as those who notice gaps in the existing market and create a new product or service to fill those gaps. As long as they know how to use managerial skills, accounting, marketing, and finance to enable their business to grow, they can look forward to their businesses increasing over time.

Successful entrepreneurs have put their efforts into planning. They understand their strengths as well as their weak points. If their business is one of those to succeed, they will have helped to contribute to a healthier local and state economy. Entrepreneurship involves planning, making decisions, and having the ability to understand what potential customers want or need.

Professionals who go into this field have often spent time in school studying the economy and how individual businesses contribute to the relative health of the economy. An entrepreneur should also study local and state business regulations governing small businesses. By absorbing this knowledge, they can make better decisions regarding production, marketing, and labor.

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Entrepreneurship Education in Indiana

The top 10 Indiana industries include manufacturing, transportation, and warehousing. However, unless an entrepreneur has a very large nest egg with which to work, they are far more likely to focus on other, smaller industries. But, if you are interested in creating software for existing industries or filling another need in an industry, it’s good to know where to begin. By learning about the large industries in your area, you may expose a need that only you or your product or service can fill. This is often the road that entrepreneurs travel.

Smaller industries in the state include educational services, healthcare, and social assistance; arts, entertainment, recreation, accommodation, and food services; construction, retail trade, and wholesale trade; professional and business services; and financial and insurance services. In these industries, an entrepreneur may be able to start out smaller and, over the years, grow their client lists, sales, and even employees.

Because the wholesale and retail trades fall within the service industry, they may be particularly well-positioned to create successful businesses.

One business journal indicated that entrepreneurial activity in the state of Indiana was slow. However, the journal also reported that entrepreneurs don’t have the time to wait out business slowdowns like larger organizations may be able to do. This is because their work, services, or products may help the local and statewide economy to adjust more quickly as economic numbers shift.

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Even with this less-than-positive news, Indiana may still be welcoming of small-business ideas or opportunities for investment.

Just some small business ideas include:

  • E-commerce consultancy
  • Virtual assistant
  • Smartphone repair shop
  • Microbrewery
  • Furniture shop
  • Farming (Urban, Microgreens, etc.)
  • Daycare services
  • Cleaning services
  • Social media agency
  • Travel agency
  • Consignment shop
  • Bed and breakfast
  • Catering
  • Cake shop
  • Gift basket business
  • Advertising agency

Associate Degree in Entrepreneurship (AS)

Students attending a community college as they earn their entrepreneurship degree in Indiana can choose to earn an Associate of Applied Science (AAS) in Business Administration or another pertinent degree that focuses on business. Whether they attend an online degree program or go to their classes in person, students can earn this degree with a concentration in one of 12 specializations. By the time they graduate, students should be ready to transfer their credits to a four-year Indiana university, where they may complete their Bachelor’s in Business Administration. Or graduates may choose to work in an entry-level job, using their business skills in software applications, management, or accounting and gaining experience in an industry in which they are interested.

Positions they may move up to include sales manager, industrial production manager, administrative services manager, and management analyst.

Bachelor's Degree in Entrepreneurship (BS)

An entrepreneurship bachelor’s degree offers undergraduate business programs with general education and core business courses to give students a solid foundation in all parts of business. Because an entrepreneurship degree is often designed for students who plan to start and manage their own businesses, they can gain a lot of insight into business as a whole by learning everything the degree offers.

An accredited business college in Indiana will offer many real-world skills, which graduates may find themselves using daily. As they find themselves launching their businesses, they’ll always have these lessons to fall back on.

One college in this state offers a few extracurricular and co-curricular options for the benefit of their students. These include the Kelley Corp Track, the Student Venture Track, Hoosier Hatchery, and the IDEA Competition.

Master's Degree in Entrepreneurship (MS or MC)

Graduate schools offering rigorous academics to graduate students majoring in an M.S. in Entrepreneurship and Innovation have much going for them. Students who decide to earn a more advanced degree are likely to find that they have more opportunities to consider.

Students at this level will be introduced to the both the processes and theories of entrepreneurial thinking. Students may choose to earn an MBA in Entrepreneurship and Corporate Innovation or may focus on a general MBA to sharpen their business acumen. This degree program offers students the skills they need to grow into the “complete manager”, meaning they will have the practical skills, ability to think clearly, and ability to use their theoretical knowledge to make sure that the business succeeds.

PhD Degree in Entrepreneurship (PhD)

Indiana students may choose to commute to Illinois to earn a PhD or they may be able to participate in an online program if they can’t find one in the state that meets their requirements. A PhD in Business Administration gives the student the ability to grow into a successful businessperson and entrepreneur if they haven’t already. It can also lend them a great deal of credibility if they are looking to break into a new industry or begin teaching.

One PhD program offers six specializations, with strategy and entrepreneurship being one of them. This educational experience can be invaluable, giving students the tools they need to create their own business paths. The strategy and entrepreneurship specialization introduces students to the ways that organizations create, capture, and sustain value. They will learn how to use theoretical and multidisciplinary approaches, as well as leading organizational economics theory.

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Become an Entrepreneur in Indiana

Other than the requirement that those who start a new business in the state obtain appropriate licensure where required and register the business with the state, there are no requirements for becoming an entrepreneur. However, just because no one is requiring you to obtain licensure doesn’t mean that entrepreneurs can’t gain something from earning other qualifications, such as certifications in their field or in business in general. Here are some options for certifications you might be interested in acquiring if you plan to become an entrepreneur in Indiana.

  • Professional Certificate in Innovation and Entrepreneurship

    By using entrepreneurial thinking, students can identify entrepreneurial ideas. Students accomplish this by using an entrepreneurial mindset, behavior, and motivation. In this training, they develop innovative business models as they design their propositions. They also assemble and lead a strong team, follow up on big ideas that customers want, and develop a financial model to maximize success while minimizing risks.

    This certificate also introduces the marketing of innovations. Students learn ways to gather market research and custom intelligence, which can lead to a more successful career.

  • IT Leadership, Innovation and Entrepreneurship (Professional Certificate)

    Students must complete three courses for this certification - Project Management for IT Professionals, Entrepreneurship for IT Professionals, and Business Innovation. They may also choose to take two of these courses and an elective in the management concentration.

    The program teaches the skills and knowledge needed to become an entrepreneur, leader, and innovator in the field of information technology. It offers coursework and hands-on experience in developing and designing prototypes, preparing a business plan, and venture proposal presentation.

Careers for Entrepreneurship Graduates

  • Business Owner
    A business owner is often most focused on profit, cash flow, maximizing revenue, long-term net worth, etc. To reach their goals in these areas, they must realize greater results and performance. At the same time, business owners look for ways to reduce costs and eliminate weaknesses, threats, and risk. As they start their business, they should focus on developing a strategic competitive advantage so that they can combat incoming competition.
  • Social Media Manager

    A social media manager operates the public social media accounts of their organization. They make use of these accounts to communicate with clients and their goal is to increase sales for their organization, maintain good PR, and keep in touch with what clients want.

    The social media manager may run advertising campaigns and develop engagement. They engage and respond to comments and they may oversee customer service on all platforms.

  • Marketing Manager

    This manager develops and implements strategic marketing plans. This may be for specific product or service of a business. The marketing manager coordinates the creative and marketing staff and they lead market research efforts so they can learn which current products or services are doing well. They may also coordinate with advertising agencies and media organizations.

    A marketing manager may spend time working with executives on budgeting and targets. They may also create pricing strategies for services and products. The organization’s executives rely on their marketing managers to achieve results and show profits.

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  • Management Analyst

    Management analysts look closely into a company, specifically they look at the processes they follow and whether or not they are the most efficient option. They then guide management through needed changes, which are intended to grow profits and improve overall productivity.

    Skills they need to have include time management, analytical and project management skills, and communication skills. These professionals routinely work closely with financial information, different departments, and policies. Because of the work they do, they should have high-level interpersonal skills.

  • Marketing Analyst

    A marketing analyst determines the position of an organization within the marketplace. The company needs this information so that they are able to promote services and products more effectively. This professional also researches the organization’s competitors, as well as their products and services.

    Having excellent communication skills and the innate ability to recognize patterns makes this professional more attractive to organizations.

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