Entrepreneurs start their businesses based on a product or service idea. They create a firm with capital and labor to convert the idea into reality and generate money. The size of the business can vary from small to large. The entrepreneur is responsible for managing daily operations, supervising progress, taking corrective actions, maximizing sales through marketing, etc. When a business reaches a specific size in terms of revenue or breadth of operation, the entrepreneur may be able to hire specialists for various divisions within the company; until then, they will be responsible for handling most of these business functions independently.
Entrepreneurship can be in any area: a restaurant or a manufacturing plant, a traditional brick-and-mortar (physical) shop, or an IT company that provides its services over the internet.
This particular entrepreneur is focused on crypto currency.
Education and Qualifications
As a business can be in any industry, there is no defined educational path or qualifications. According to various successful entrepreneurs, entrepreneurship or business degrees can help, but they are not a must. On the other hand, if you are technically strong in a specific area, that could be an added advantage. For example, let’s say you are in the software development business; if you have a computer science background, programming skills, and business administration knowledge, you will have an easier time dealing with developers and finance or marketing specialists.
Other successful businesspeople suggest gaining experience in the specific industry before starting a business. As large companies usually have various specialists/departments to handle specific business functions, it may take many rotations and a long time to gain experience in multiple disciplines. Working for a small or medium size firm to get experience in various business functions will be more beneficial than working in a large corporation as you will have the opportunity to experience a little bit of everything.
Responsibilities and a Day in the Life
As entrepreneurs are responsible for all areas of a business, and the success of the business directly depends upon how well various tasks are being executed. This means that this role falls outside the typically 9-to-5 job category (for most people). While workdays can be unpredictable, creating a routine for repetitive tasks is possible.
Some of the daily responsibilities include the following:
- Creating and evolving a vision for the business
- Securing capital: only a few can afford to invest their own money (bootstrapping) or get support from family. Others need to handle this through various means like business loans or acquiring finances through venture capitalists, angel investors, or partners. Once capital is obtained, it must be invested and managed well.
- Building a team: recruiting and training employees.
- Guiding and motivating employees to complete tasks to the best of their abilities.
- Managing finance and accounting (expenses and income)
- Handling sales and other customer interactions directly (at least at the beginning)
- Receiving direct feedback from customers and fine-tuning your products/services
- Being flexible to take on any task as needed
- Learning constantly and staying ahead of the competition in the target market and understanding the strengths and weaknesses of your business (crucial to staying afloat)
- Periodically meeting with the board to review the current status of the business and future directions.
- Reporting on the investments made, returns, revenue, and future directions to investors.
Other Necessary Skills
- Leadership skills
- Time management
- Decision making
- Networking – whether you need advice to resolve a problem in your business or want to meet a potential customer or reliable supplier for your business, networking plays a significant role.
- Strong written and verbal communication skills with employees, customers, suppliers, etc.
Salary
There are about 32 million businesses in the US; opportunities vary by location and industry.
Many entrepreneurs take a fixed salary from their businesses to meet their family/personal needs. The remaining profit is typically reinvested to grow the business. While the salary withdrawn is decided by the business owner(s), typically, it varies from $30K to $150K.
Summary
If you are someone who finds the following characteristics appealing, the entrepreneurial path could be a fit for you.
- Desire to own and run a business and to be your own boss.
- Strong business acumen.
- Ability to work long hours under stress.
- Self-motivated.
- Willingness to take risks.
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