Many students who are interested in learning how to successfully operate an organization find themselves drawn toward studying entrepreneurship in college. The idea of being one’s own boss, combined with building a product or solution that can help solve problems that exist in society, makes this particular sub-field of business very attractive to those who wish to use their problem-solving skills to make a difference. In many cases, studying to become an entrepreneur can be even more challenging than undertaking a general bachelor of business because, to successfully run one’s own company, entrepreneurs need to master all the core business areas including finance, organizational management, and talent sourcing.
This is because most entrepreneurs will need to start with a small, lean team and scale their operations up, so it’s common for one person to be running multiple business functions. Additionally, successful entrepreneurial ventures must provide some type of value to their respective customers, so the focus of one’s operation will necessarily differ by geography. As such, it’s critical for an entrepreneur to first understand the types of issues that people in particular states and locales care about or are struggling with before they can successfully become an entrepreneur in the area.
Entrepreneurship Education in New Mexico
For students who are hoping to begin entrepreneurial ventures in New Mexico, the following are some of the top industries within the state. New Mexico’s top industry by employment is real estate, rental, and leasing, which brings in around $13.1 billion in revenue every year. Given that everyone needs a roof over their head, entrepreneurs that are interested in the real estate space have plenty of chances to build their businesses from the ground up. Furthermore, opportunities range from real estate investing to sales and rentals to real estate development. With plenty of new property technology startups popping up around the country, aspiring entrepreneurs also have more chances to combine projects in real estate with cutting-edge data analytics.
New Mexico’s second-largest industry is professional and business services, an industry that has an annual revenue of $10.5 billion. This bodes exceptionally well for business and entrepreneurship students who are seeking to make New Mexico their home after graduation. Usually, professional and business services are geared toward providing advice and operations support for specific clients or businesses. This means that entrepreneurs with strong intellectual capital or consulting capabilities can build their businesses from the ground up. The majority of their work can focus on helping customers through business issues, which is a large draw for entrepreneurs whose businesses must necessarily focus on solving others’ problems. A state with large opportunities in the professional and business services area is thus a good place for budding entrepreneurs interested in this area.
The third-largest industry in New Mexico is mining, quarrying, and oil and gas extraction, which brings in approximately $10.5 billion per year. Natural resource extraction is a field that requires strong business acumen, scientific research, and plenty of start-up capital. Entrepreneurs who are interested in this field and can bring together the right team to pursue these types of business activities could build a strong career, particularly during inflationary times when the resources sector becomes more lucrative. Overall, students trained in business and entrepreneurship who have analytical, leadership, and operational skills could build outstanding businesses in many industries in New Mexico.
Entrepreneurs are a very special type of business professional. They are individuals who see an existing problem in the community and seek to build an organization that addresses the issue at hand, or they are individuals who have a vision for a product and are willing to work to bring it to fruition.
Unlike many other types of business professionals, an entrepreneur will often find themselves a jack of all trades, running everything including finances, marketing, operations, public relations, fundraising, and talent acquisition. This is particularly true when someone is just starting a growing business that may not have very many resources at its disposal. Starting a business can be a very risky venture as the vast majority of entrepreneurial ventures fail within the first few years of their establishment, but the rewards can be great for those who are successful.
In comparison to other business professionals who are hired to serve an organization, an entrepreneur is their own boss and is the one who is trying to build the organization according to their vision. As such, their day-to-day tasks will vary dramatically depending on what stage their business is in and what type of industry they are looking to break into. Startups that have already hired a core team will often leverage that lean group of people to perform multiple tasks. Those that sell physical goods will need to find reliable suppliers and ensure their products are delivered properly. Startups focused on intellectual goods will need to sell their services to clients and market their skills well to make revenue. All-in-all, becoming an entrepreneur is one of the most challenging and intellectually stimulating ways to become a business professional.
Online Associate Degree in Entrepreneurship (AS)
Entrepreneurship is a sub-career path within the business field that comes with a unique set of challenges. Since graduates would most likely become self-employed upon graduation, rather than interviewing and getting hired by an employer, they must have a foundational understanding of important business principles before starting their businesses if they wish to avoid making elementary-level mistakes.
Many community colleges or universities offer an associates in entrepreneurial studies as part of their business programs, with some even offering separate tracks from other business management programs. Students will take an array of courses in areas like finance, accounting, business operations theory, marketing, management, and talent retention. These skills will help budding entrepreneurs gain a solid base upon which to build their small businesses after graduating. Additionally, business is a field in which experience is highly valued, so there are no educational requirements for success, and many find that completing an associate degree provides them with a strong enough knowledge base to begin working on their first venture. While entrepreneurs’ salaries can vary from making no money at all in the beginning to minting millions if their ideas take off, according to Payscale, the average small business owner makes around $61,455 per year.
Online Bachelor's Degree in Entrepreneurship (BS)
Although many famous and successful entrepreneurs never completed their bachelor’s degree, like Bill Gates and Mark Zuckerberg, many entrepreneurs will look to complete their bachelor’s degree first. The entrepreneurial space is one ripe with opportunity and risk, so many find that completing their business bachelor’s degree at a university can provide them with opportunities to pivot back into the workforce to work for other companies should their entrepreneurial venture not work out.
Additionally, many young entrepreneurs will start their first businesses in college, where they can find a like-minded group of peers interested in solving similar problems. Studying at college can also be advantageous in that students can seek out the advice of seasoned business professors and perhaps even secure their first round of funding after participating in entrepreneurship competitions. Overall, most universities will offer students the opportunity to study for their bachelor’s in business administration or business management with a specialty in entrepreneurship. Some universities will also offer separate entrepreneurship majors within their business department, though the choice is completely up to the school. Obtaining a bachelor’s degree in entrepreneurship or a related business field is by no means a prerequisite to starting one’s own business and many students may even find it a better fit for their needs to study for their business degree through online classes while working on their ventures full-time.
Online Master's Degree in Entrepreneurship (MS or MC)
Today, organizations are beginning to place a stronger emphasis on managing their people, products, funding, and relationships more effectively. As such, many entrepreneurs or business professionals seek to return to school to complete their MBA in Entrepreneurship or Master's in Entrepreneurship, both are a method of sharpening their skills with the newest business knowledge and for helping them gain a foot into lucrative networking opportunities. Not only is an MBA a great way for students to meet other entrepreneurs, but many people also end up hiring classmates with diverse skill sets to join their ventures.
Additionally, business schools will often have long-standing relationships with venture capital and other investment firms, many of which are headed by the university’s alumni. This provides entrepreneurial MBA students with unparalleled opportunities to pitch their ideas to potential investors, which can be an essential step to building an even greater product. Like any other business degree, an MBA is not a “must-have” to become a successful entrepreneur. However, by honing stronger finance, management, supply chain, and data analytics skills through studying a plethora of business cases, many find that building the extra business knowledge through an MBA can help them cut through the noise and lower the risks associated with starting a new business. However, it’s important to note that, while Payscale denotes many post-MBA salaries in the six figures, those who want to build their businesses should not expect to command such a high income upon graduation. Many entrepreneurs do not even take a salary during the first few years of running their business venture.
Online PhD Degree in Entrepreneurship (PhD)
The vast majority of business professionals will find that they do not need a doctorate to work in the field, and entrepreneurs are no exception. Since entrepreneurship is a path that focuses so much on building a business from the ground up, the experience of actually running a business and fixing problems is more crucial than studying for a business-related PhD in many cases.
Exceptions will occur in highly specialized fields like building engineering, data analytics, or biotechnology startup. Individuals who are looking to make a difference in fields where the knowledge barrier to entry is high may themselves be accomplished scientists or researchers before they start their own business. Others may also seek to partner with those who have specialized doctorate degrees in a related field before building their business together. On the other hand, some business students may seek to study for a doctorate in a business field to become a professor at a business school. Many business school professors will also run entrepreneurial ventures on the side while teaching full-time, and many universities may even help provide resources to help with these ventures.
Become an Entrepreneur in New Mexico
To become an entrepreneur in New Mexico, students may find it helpful to first study a business-related subject during post-secondary schooling. While at university, students should either choose entrepreneurship concentrations, take entrepreneurship-related electives, or even major in the field if their university offers that option.
At the same time, studying for a business-related degree will expose students to topics including marketing, human resources, operations management, accounting, finance, supply chain management, and more. Depending on the particular venture the student is trying to build, they may find themselves leveraging some, if not all, of the coursework they pursue in these varied business fields daily. Furthermore, attending a business program can help students develop their business skills, which can be crucial to helping them build solid client relationships and secure investments at a later stage.
Given the highly applied nature of the business field, most students will find it easier to build their ventures if they begin drafting and honing their business plans while still in school. This will allow them to access university resources and coaching from experienced professors in the business department, many of whom are likely to have undertaken their entrepreneurial ventures. These experiences will allow students to experiment with business models in a relatively low-stakes environment, where they can pivot if it’s clear that their ideas will not work.
Furthermore, entrepreneurship is necessarily a non-linear career path, and students studying business in New Mexico may find new ways to alter their business plans while they are still in post-secondary school. Most states also require businesses to be registered and have a legal business license before they can operate within the state, and New Mexico is no exception. More importantly, some industries are heavily regulated and require the entrepreneur to secure additional certifications before they can successfully build their business. For instance, those who wish to become a real estate entrepreneur may find it necessary to first obtain a New Mexico real estate license, depending on the nature of their work. Others may find it necessary to file for patents to protect their intellectual property before taking their products to market or investors. As such, it’s important for entrepreneurs to first research the industries relevant to their ventures and check which types of documentation they must obtain before building their business in New Mexico.
Careers for Entrepreneurship Graduates
- Business Owner:
A business owner is someone who controls the operations and monetary flows of a business. Many business owners will sell goods and services for products and be in charge of managing the team that works for their business.
An appraiser is a skilled professional who will analyze and identify the market value of a particular asset. Commonly appraised assets include jewelry, art, heirlooms, and real estate.
- Investment and Acquisition:
To grow, many businesses will seek investors, who provide business owners with funding in exchange for some stake in the business as it grows. An acquisition will comprise of an investor coming in and buying all assets and rights to a particular operation.
- Brand Manager:
Brand managers are responsible for promoting a particular good, service, or line of products for a business. These individuals often interface directly with the public and are particularly important for helping businesses maintain a specific image or convey a certain message.