What is Entrepreneurship?
Entrepreneurs are professionals who create new businesses. Opportunities are expansive, as it’s possible to establish and maintain companies in any industry. There are many benefits to starting businesses, but the most significant is likely the associated professional freedom. Entrepreneurs often have complete control over the businesses they create, from opening hours and prices to employee selection and typical office practices. They also get to choose whether their companies are incorporated or unincorporated. As long as all state and national business laws and regulations are followed, these professionals make all major decisions related to their creations.
Personal preference often weighs heavily into how entrepreneurs manage their businesses. Some assign management responsibilities to others, but many take on a significant portion of the work themselves. As a result, the responsibilities of entrepreneurs can differ considerably. It’s worth noting, however, that those who choose to be more involved must be able to perform a wide variety of tasks. They commonly oversee daily operations, direct production standards, assist with personnel management, develop company-wide policies, handle customer service issues, and review financial activities.
There are many benefits associated with becoming an entrepreneur. The biggest perk for many is having personal and professional independence and autonomy. Most of these professionals have opportunities to select the type of work they perform, as well as which products and/or services to provide. They also choose where their businesses are located. Entrepreneurs also tend to enjoy a significant amount of personal enrichment through independent and/or formal learning experiences. It’s important to realize, however, that the profession can be very stressful. This is largely due to the fact that income depends directly upon business performance.
Online Entrepreneurship Education in Missouri
Those interested in starting their own businesses may not need a degree in entrepreneurship but obtaining one can be incredibly helpful. Students often acquire knowledge and skills that can increase their chances of success. Graduates also qualify for many types of professional employment and may receive preference from potential employers during the application process.
While many colleges and universities in Missouri offer business degrees, majoring in entrepreneurship may be a little more difficult. Fewer institutions have this major available, making it important for prospective students to carefully research their options before enrolling. In some cases, the best solution is majoring in business and selecting entrepreneurship as a concentration. Concentrations in this field are often very specific, with instruction focusing on subjects like product feasibility, funding, or E-commerce.
There are business and entrepreneurship degrees offered at every academic level: associate, bachelor’s, master’s, and doctoral. Missouri students should enroll in programs that align best with their specific career goals.
Are you interested pursuing an entrepreneurship degree in Missouri? This major can lead to a wide variety of career options. This is a particularly good degree for individuals who plan to start their own businesses. This field is not for everyone, however. The most successful entrepreneur professionals tend to be creative, interested in learning new things, and self-motivated.
Other beneficial skills include:
- Business Management
- Critical Thinking
- Customer Service
Employment prospects for graduates are often promising. This is due in large part to the fact that entrepreneurship is a relatively open field. Students will gain knowledge and skills that can be applied to almost any industry, making them valuable candidates in the workforce. While there are many jobs accessible to graduates, many individuals with this degree choose to create and manage their own businesses.businesses. According to PayScale, hourly rates for self-employed professionals range from $11.40 to $81.74. The average payrate for those who are self-employed in the United States is $21.65. business type and industry selected. Based on data provided by the Bureau of Labor Statistics, the best sectors are healthcare and social assistance. Small, private businesses with the lowest rates of survival relate to building and construction.
Professional and business services is the number one industry in Missouri. This sector accounts for $42.3 billion in revenue for the state each year. While success will vary, this data does indicate that prospects for entrepreneurs in Missouri will be good. Those who establish businesses related to the state’s other top industries in particular may experience higher success rates. These sectors include manufacturing, real estate, educational services, healthcare, finance and insurance, wholesale trade, retail trade, arts and entertainment, and information.
Deciding to establish a business can be risky. Many new companies fail after only a few years. The most successful entrepreneurs will take the work very seriously and will carefully assess the viability of their company prior to investing significant amounts of time and money into the endeavor.
Additionally, those who intend to open businesses in Missouri should strongly consider enrolling with colleges and universities in the state. While online programs allow students to complete coursework from anywhere in the world with internet access, opting for a local institution is often more beneficial. These schools often have more familiarity with business laws and regulations in Missouri. They are also more likely to have pre-established connections with potential employers in the area, which can make it easier for students to obtain internships and graduates to find jobs.
Online Associate Degree in Entrepreneurship (AS)
Online associate programs in entrepreneurship consist of 60 credit hours of coursework that takes full-time students approximately two years to complete. Programs vary from institution to institution, but most are designed to provide students with the skills necessary to start and manage businesses. In additional to general education requirements, curriculums often focus on accounting, marketing, business law, and business ethics. Classes related to useful software programs may also be available, as business owners often benefit from knowing how to create spreadsheets, presentations, and other documents.
This type of degree will be most useful for those who want to gain the minimum skills necessary to establish, maintain, and grow private businesses. Graduates are also prepared to find employment as retail managers, office managers, general sales managers, business analysts, and business consultants.
Earning an associate degree in business or entrepreneurship can also help jumpstart further education. Many graduates transfer the credits they earned to other four-year institutions. As bachelor’s degrees typically consist of 120 credit hours, this often means students are at least halfway done with their graduation requirements at time of admission. Community colleges usually charge lower tuition rates, making this a financially prudent decision.
Online Bachelor's Degree in Entrepreneurship (BS)
Online bachelor’s programs in entrepreneurship usually consist of 120 credit hours of coursework, which generally takes full-time students four years to complete. Program curriculums vary, but students can expect to complete both general education and major-specific classes relevant to business. Some common classes include low-risk startups, entrepreneurial finance, and consulting. Other topics covered are leadership, organization, and problem-solving.
This type of degree is best suited for individuals seeking the basic knowledge necessary to establish and maintain their own businesses. Graduates are typically prepared to manage small companies, though some may possess the independence and work ethic needed to oversee large corporations as well. Additionally, the knowledge and skills obtained while earning bachelor’s degrees tends to be good preparation for finding employment in almost any setting.
Those planning to earn master’s degrees should understand that most colleges and universities expect students to have bachelor’s degree before applying. It’s also common for schools to have minimum grade point averages (GPAs) and Graduate Record Examination (GRE) scores.
Online Master's Degree in Entrepreneurship (MS or MA)
Online master’s programs in entrepreneurship consist of between 30 and 60 credit hours of coursework that takes full-time students approximately two years to complete. Every college and university is different, but most programs focus on teaching current professionals how to develop and expand existing businesses. Required classes generally cover topics related to financial management and strategic marketing management. Graduates may also be qualified for advanced jobs in the business field.
Another option for entrepreneurs is the Master of Business Administration (MBA). This is one of the most popular graduate-level degree programs in the United States. Program specific vary, but subjects commonly covered include topics strategy, marketing, global business, and supply chain management. This type of degree often helps candidates stand out during job interviews and can lead to higher-paying employment, more leadership positions, and better job security. Those interested in starting their own businesses will benefit most from MBAs with concentrations in startups and business development.
Online PhD Degree in Entrepreneurship (PhD)
Doctorate and PhD programs generally consist of between 90 and 120 credit hours that take full-time students four to seven years to complete. Coursework is generally more advanced with a strong focus on research. Students can expect to learn about a variety of research methods, as well as economics and multivariate analysis. It’s typical for the first few years of the program to be spent in classrooms and completing coursework, while later years are used to conduct extensive self-guided research before defending dissertations.
Entrepreneurs rarely need degrees of this type. Doctorates and PhD programs do not address topics that are particularly relevant to business owners. These degrees are typically best suited for professionals who want to obtain jobs in research and academia. Graduates often qualify for positions as college professors, directors of operations, and chief operating officers.
Become an Entrepreneur in Missouri
Becoming an entrepreneur in Missouri starts by identifying your ultimate goals. As previously mentioned, the field is broad, with professionals establishing businesses in a wide variety of industries. This makes it very important for prospective entrepreneurs to identify their primary focus, which often relates to personal passions and/or competencies. Once you determine your ultimate aspirations, the knowledge and skills required will become more evident and it will be much easier to select an applicable academic program.
Once you have obtained your degree, there are still opportunities for further professional growth. Many entrepreneurs choose to pursue at least one professional credential. While the field has no specific, standard credentialing requirement, many business-related certifications can help you advance your business and career further.
Some of the most prominent general business options include:
- Certified Associate in Project Management (CAPM)
- Certified Business Analysis Professional (CBAP)
- Certified Supply Chain Professional (CSCP)
- Certified in Production and Inventory Management (CPIM)
- Certified Logistics, Transportation and Distribution (CLTD)
- Certified Professional Logistician (CPL)
- Certified Professional Contract Manager (CPCM)
- Project Management Professional (PMP)
- Oracle Certified Professional (OCP)
Entrepreneurs can also choose to obtain certifications and licenses that relate directly to their industries, such as those in cyber security or IT.
When starting a business in Missouri, you will need to file a creation document with the Secretary of State to designate entity status – corporation, general partnership, limited partnership, or limited liability company. Submitting a fictitious name registration may also be necessary if your business will operate under a name other than your own. It’s also necessary to register your new company to pay taxes with the Missouri Department of Revenue, as well as apply for a federal employer identification number with the Internal Revenue Department. Additionally, depending on your business type, registering with the Missouri Division of Employment Security for unemployment tax purposes may also be needed. You should also check to see if you will be required to carry coverage at Missouri Division of Workers Compensation.
Careers for Entrepreneurship Graduates
- Business Owner
Small business owners are typically responsible for establishing, maintaining, and expanding their own businesses. Active engagement ranges, with some delegating tasks and others taking on management tasks themselves. The professionals who are actively involved are likely to perform a wide variety of tasks such as overseeing daily operations, directing production, supervising personnel, developing policies, and directing financial activities. According to PayScale, small business owners make an average base salary of $63,000 per year.
- Business Analyst
Business analysts are typically responsible for making sure departments function efficiently. They often assess employee requests and develop potential strategies that can be used to meet them. These professionals may also create, implement, and evaluate business metrics. According to PayScale, business analysts make an average base salary of $61,850 per year.
- Business Consultant
Business consultants are typically responsible for creating profitable business models. They often work to improve customer outreach and/or identify potential vendors for new products. These professionals also assess current company procedures and offer recommendations to improve efficiency. Additionally, business consultants sometimes propose and execute changes to company infrastructures. According to PayScale, business consultants make an average base salary of $75,100 per year.
- General Sales Manager
General sales managers are typically responsible for overseeing sales departments. They perform a wide variety of tasks including hiring and training employees, assisting sales teams, ensuring targets are met, compiling revenue data, and presenting relevant information to upper management. According to PayScale, general sales managers make an average base salary of $65,700 per year.
- Marketing Manager
Marketing managers are typically responsible for creating advertising campaigns. They are often provided assignments, which can be for a single product or an entire brand/company. These professionals coordinate with others involved in the production process, such as product managers. Marketing managers may also track campaign progress and perform relevant market research studies. According to PayScale, marketing managers make an average base salary of $66,300 per year.
- Office Manager
Office managers are typically responsible for overseeing activities, projects, and/or employees. They must have good communication and problem-solving skills in order to ensure all operations are completed efficiently. These professionals may also provide updates to high-level executives, implement new policies, and complete additional tasks as needed. According to PayScale, office managers make an average hourly rate of $18.28, which is an estimated base salary of $49,3000 per year.
- Retail Manager
Retail managers are typically responsible for overseeing the day-to-day operations at assigned retail stores. This often entails managing store inventories, tracking various company goals, and assisting with annual budget planning. These professionals also address customer service issues and may be tasked with coordinating employee onboarding processes. According to PayScale, retail managers make an average base salary of $48,000 per year.
- Web Developer
Web developers are typically responsible for building websites. These professionals may also work to enhance productivity, marketability, and/or efficiency by creating, modifying, and debugging software. Additionally, web developers sometimes test new software to ensure it is suitable for installation. According to PayScale, web developers make an average base salary of $60,100 per year.