Components of a Successful Career In Entrepreneurship
If you believe that you have what it takes to be an entrepreneur then start with the first component in the list; get an undergraduate degree in entrepreneurship. This can provide you with all the foundational business skills you'll need. Other components consist of recognizing good opportunities when you see them and weeding out the bad ideas from the good. Once you have the good ideas set apart from the rest, you must create a small business plan to develop and make it successfully work to turn a profit as a small business owner. Success also involves self-motivation and the confidence to indulge in new initiatives and take the challenge head on to beat your competitors. You might already have gotten started on your small business, in which case you can earn an online bachelor's in entrepreneurship degree.More components needed for success are:
- Sharp critical thinking business skills
- Knowledge of business law and business strategy
- Knowledge in important areas like human resources management or supply chain management, if necessary
- Foster trending innovation and new technologies
- Maintain positive mindset throughout your business venture
- Follow knowledgeable mentors who might review your small business plan
- Learning new marketing techniques and using market research to your advantage
- Increase your network base with professionals and other small business owners
- Embrace persistence and patience
Compare Popular Online Entrepreneurship Programs
What can you do with an Entrepreneurship Degree?
Once you hold a bachelor's in entrepreneurship, you can jump into line for many rewarding careers in business, as your coursework will help you understand international business and strategy fundamentals that can be applied to running your own business or someone else’s. With entrepreneur degrees, students learn enough and gain enough insight to design and market products and services, recognize new small business opportunities, and create and run a business from the ground up through proper business administration techniques. You can also further your education and get a master’s in business.
Typical Online Entrepreneurship Degree Requirements
Although requirements for online entrepreneurship degrees can vary widely between programs, schools, and states, most require a GPA of at least 2.5 to 3.0 and a variety of coursework that teaches you about startup investments, business plans, e-commerce, entrepreneurship programs, and more. In addition, you will also be required to master the tools needed to help your business grow. Many bachelors’ in entrepreneurship will allow you to complete your degree program with a focus on certain areas such as hospitality, healthcare, or business management but entrepreneurship can also be the focus or concentration of a bachelors’ in a business degree program that combines general education courses with business fundamentals.
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Typical Online Entrepreneurship Degree Certifications
Although there are no certifications required for a degree in entrepreneurship, you can get a “Certificate of Entrepreneurship” if you choose to take the one-year course to earn it. All that you will need to gain this certification is 30 credit points, then you can later continue to earn a higher-level degree that usually takes another year.
The one-year certificate program usually consists of coursework relating to business startups and operations. If you enroll in this program, you will learn: how to identify the target market, manage start-up financials, network with mentors and other entrepreneurship students, manipulate various business models, enhance written and verbal communication, and other fundamentals of entrepreneurship.
Academic Standards for Online Entrepreneurship Degree
Academic standards are not specified for entrepreneurs, but it would be in your best interest to have a strong background in securing financial support and business maneuvers. An entrepreneurship major may involve management, taxes, finances, and other business principles.
Contrary to popular belief, most entrepreneurs are well educated. In fact, a study was done to find the anatomy of an entrepreneur, where 549 founders of successful businesses in high-growth industries were surveyed, and what they found was quite surprising. More than 90% of entrepreneurs are well educated, where 95.1% have a bachelor’s degree and 47% held degrees that were even more advanced.
Exam/Experience Needed
Some business colleges will not accept students in their bachelor’s degree entrepreneurship programs until they have achieved either sophomore or junior status, as well as satisfied core educational requirements. Students will have hands-on training that will account for some experience, which is crucial before jumping into risky business ventures. Fortunately, there are usually several options available while earning your degree that involve hands-on training, so that you can learn first-hand while watching experts at work. By the time you are ready to graduate you will be confident of developing your own business plans and seeing them through.
Important Questions to Ask (FAQ)
How long does it take to earn an Entrepreneurship bachelor's degree online?
Typically, you will need to earn 120 credits to get an entrepreneurship bachelor’s degree, and you can obtain 30 credits per year by studying full-time. Therefore, it would take a total of four years to complete the course. However, there are some options to help you earn your degree sooner. Some schools offer accelerated entrepreneurship programs where you can reduce that time by about 30%. There is also year-round learning available at various colleges and universities, or another option is transferring credits you received from AP courses in High School to reduce the credits still required.
How much does an Entrepreneurship bachelor’s degree online cost?
For a full four-year bachelor’s entrepreneurship degree, it will cost anywhere from $28,000 to $94,000 in total tuition. Even at full price of $94,000, it is a great investment choice since you will make the full four-year tuition cost back in around one year, when you start your own business, and with the skills you will learn, you are bound to be successful. A study conducted by American Express found that the majority of entrepreneurs pay themselves an annual salary of around $70,000 a year.
Other costs may include textbooks, organizational dues, materials, technology costs and don’t forget to factor in housing. According to the College Board, average room and board (on campus) can set you back anywhere from $10,800 to $12,200 per year. To cut costs, some students will room together off-campus in a nearby apartment. Then there are those who will seek out part-time jobs to help pay for college or university courses while others will spend their time searching and applying for scholarships and grant programs.
Entrepreneurship Bachelor's Degree Coursework
The following contains some coursework examples that may be included in your degree program
- Purchasing
- The Entrepreneur Mindset
- Accounting
- Entrepreneurial Consulting
- Management and Project Management
- Social Entrepreneurship
- Human Resources
- Low-Risk Startups
- Marketing
- Entrepreneurial Finance
- Product & Service Development
Does the school have the major(s) you’re considering?
Your major determines what area you will specialize in upon graduating and therefore, what careers you may approach. There is no rush though; as some schools allow you to wait until your sophomore or junior year before deciding on what you want to major in.
Although, it is good to have an idea of what careers you might want to pursue, since not all schools have the same majors and you don’t want to attend one that doesn’t have yours. Hence, some careers are location-specific, meaning if you want to get into politics you would probably consider a school in Washington, D.C., or if you were thinking of becoming an astronaut, you would head for Houston, TX, and a Wall Street tycoon wannabe would seek a New York-based college or University to complete their studies.
How many students graduate “on time,” in four years?
According to The National Center for Education Statistics, 6 years is now the average time it takes for individuals to get a college degree. The reason for this is that many students are taking courses they don’t even need to graduate, which means it’s taking more time than necessary for them to get their degree and move on to a good paying job. For instance, all you need to obtain your degree is 120 credits when most students will graduate with 134. Also, of those pursuing a bachelor’s degree at public universities, only 35% of students will actually complete the program in 4 years, in private universities the four-year graduation rate is 53%.
What kind of accreditation does the online program hold? How is it regarded in the field?
We can think of accreditation as a form of endorsement by a reputable association that stamps their approval on business schools, colleges, or a university for quality educational program operations that meet their guidelines and high standards.
Of the two accreditation types; regional and national – regional is the most recognized in the US. Typically, regionally accredited colleges are state-owned, academically oriented, and non-profit schools where nationally accredited institutions are generally for-profit and career-oriented. In addition, regionally accredited colleges and universities are able to trade off earned credits with other regionally accredited institutions, where non-regional credits may or may not be accepted.
Professional Entrepreneurship Organizations
All students should take advantage of programs that are there to assist them, such as career services, job placement programs, internships, and professional associations.
Whether you just started attending college or have already completed your degree program and are enjoying life as a successful entrepreneur, you will find it very beneficial to join a professional organization. Aside from providing a virtual space for you to come together and network with numerous individuals like yourself around the world, these organizations also offer annual conferences, continuing education programs, career services programs, and insight from experts in your field.
EO
“ENTREPRENEURS’ ORGANIZATION”
This worldwide organization is devoted to serving the needs of entrepreneurs by providing them access to industry leaders, peer-to-peer interaction opportunities, and an intriguing blog.
CEO
“COLLEGIATE ENTREPRENEURS’ ORGANIZATION”
This CEO program has been operating since 1983 and it now has sectors in over 250 colleges in the U.S. They provide their members with a variety of valuable resources and regular events.
FEA
“FEMALE ENTREPRENEUR ASSOCIATION” (FEA)
FEA International provides valuable member benefits to get female entrepreneurs engaged, which include: successful entrepreneurs stories, learning courses, freebies, and blogs.
YEC
“YOUNG ENTREPRENEUR COUNCIL” (YEC)
This elite group contains successful entrepreneurs who are no more than 40 years old. The YEC offers its members media training, personal branding, VIP events, networking, and peer insights.