Entrepreneurs have innovative ideas that they bring to life through business ventures. Leaving the 9-to-5 corporate world to be an entrepreneur can be a challenging undertaking, but it can also provide independence and other rewards. Countless individuals dream of becoming entrepreneurs and small business owners; making that dream a reality takes dedication, hard work and planning.
Obtaining the knowledge and tools that can make a small business successful is a key advantage. To get started, identify what business is right for you and then consider enrolling in an MBA program with a specialization in Management to attain the business acumen and latest strategies required to successfully launch a career as an entrepreneur and/or small business owner.
From developing a business plan to delivering a product, the duties of an entrepreneur/small business owner are typically many and varied. Sales are often at the core of a small business, and entrepreneurs should be excellent sales people. Whether or not they are involved in direct sales, they need well-developed sales skills to pitch a business plan to banks, investors, partners and employees, and then to sell potential customers on the business’ products or services.
Depending on the size of the business, the entrepreneur/owner may be responsible for recruiting, training and retaining staff members, as well as for ensuring that HR functions comply with local, state and federal employment regulations.
Some entrepreneurs may deal face-to-face with customers; others may focus primarily on strategy, planning and expansion.
Education and Training
A viable small business must have a solid business plan and proper financing. Although there are no specific educational requirements for an entrepreneurial career, having a strong business background and management experience can help ensure the success of a business venture. Individuals interested in becoming an entrepreneur or small business owner may obtain vital tools and knowledge by enrolling in an MBA program with a specialization in Management. Coursework typically includes marketing management, managerial accounting, production and operations management, and corporate innovations and new ventures.
Employers should expect that professionals who have earned an MBA with a specialization in Management are able to:
- Develop a comprehensive business plan according to specific interests and ambitions
- Apply effective management skills to everyday business challenges
- Combine marketing, operations and financial knowledge to achieve business goals
- Make critical decisions on difficult issues and solve a variety of business problems
Entrepreneurs must know how to bring their vision to life, which typically requires a combination of advanced educational qualifications and soft skills. They should be creative, determined, persuasive, resilient, independent, flexible and comfortable with taking risks. Managing finances wisely, focusing on customers and being skilled at negotiations are of paramount importance. Time-management and people skills are also important factors in success.
Becoming an Entrepreneur
Leaving a corporate job to pursue entrepreneurship can be a challenging endeavor. According to the U.S. Bureau of Labor Statistics, survival rates for new businesses vary by industry, with firms in the healthcare and social assistance industry showing greater longevity.
If you have an idea for a product or service, understand finances and sales, are self-motivated and driven, and have strong interpersonal skills, you may be a good fit to start your own small business. By pursuing a solid business education, such as an MBA with a specialization in Management, prospective entrepreneurs may boost their chances of attaining long-term success in the business world.