Entrepreneurship
Entrepreneurship is the practice of designing, developing, and initiating new business ventures. In entrepreneurship programs, students study business practices like marketing, financial planning, budget management, product and service promotion. They learn how to identify business opportunities and develop those opportunities for profit, and are taught how to apply their skills in corporate environments as well as independently owned businesses. These types of bachelor's degrees are often offered within a business administration major with the option to specialize in an area like entrepreneurship. Those interested in a career as entrepreneurs should do so by developing new ventures within the fasted growing industries. According to the U.S. Bureau of Labor Statistics, the industries projected to experience the most growth by 2018 include management, scientific, and technical consulting services, 83 percent; individual and family services, 47.8 percent; and home health care services, 46.1 percent.
Common Career Paths:
Business Management Consultant
Business management consultants use entrepreneurial practices to find ways to improve a company's efficiency and increase profitability. They may help develop plans to enter new marketplaces or implement strategies to remain competitive in old ones, as well as determine required resources, project budgets, possible problems, and courses of action. These types of consultants often must conduct presentations to inform executives of their findings and generate support to pursue specific business opportunities. Some management consultants may assist with reorganizing corporate structures, determining staffing requirements, controlling costs, and worker productivity. Job responsibilities often vary depending on the area consultants choose to specialize in, most commonly product development, marketing, logistics, or information technology.
Business management consultants are usually required to have a bachelor's degree in business administration with a concentration in an area such as entrepreneurship, management, or marketing. These types of programs consist of relevant courses like business ethics and law, financial management, venture valuation, business policy and strategy, operations management, developmental entrepreneurship, early stage capital, investment strategies, and product and service development. According to the U.S. Bureau of Labor Statistics, employment of these types of consultants is projected to increase by 24 percent by 2018. They often work closely with top executives, managers, and employees in work environments like offices and project sites. The Bureau reported that in May 2008 the median annual salary for this occupation was $73,570, although salary largely depends on education, experience, location, expertise, and employer size.
Small Business Owner
Small business owners use their knowledge of a particular industry and entrepreneurial abilities to start up their own companies and grow them for profit. They are responsible for obtaining their own financing, often in the form of loans or investors, to begin a business as well as devising plans to build a client base and implementing strategies to make it successful. Business owners are also initially responsible for the management of daily operations such as hiring qualified employees, establishing policies, keeping track of finances, providing customer service, buying advertising, and coordinating company activities. Business owners often work closely with other business professional such as management consultants, financial analysts, bookkeepers, investors, and bankers, as well as their own employees and customers.
Most small business owners have a bachelor's degree in business, and may benefit from a concentration in an area like entrepreneurship, sales, marketing, or management. These types of programs consist of relevant courses like foundations of entrepreneurship, business policy and strategy, professional selling and sales management, advertising and promotion, marketing strategy, new ventures and the business plan, and investor relations and funding. The success of a business often depends on the growth potential of the industry. According to the U.S. Bureau of Labor Statistics, the industries projected to increase the fastest by 2018 include management, scientific, and technical consulting services; home health care services; personal care services; and computer systems design and related services. The amount that owners make widely differs considering that many tend to use their income to invest in the business rather than in their own paycheck. Payscale reports that the average annual salary of small business owners ranges from $19,653 to $73,250.
Business Executive
Business executives establish an organization's goals and objectives and then develop strategies that will ensure that they meet them. They set the tone for an organization's overall direction and are responsible for day-to-day operations, supervising department activities, and increasing productivity and profitability. Job duties are typically related to the establishment of administrative procedures, meeting financial goals, ensuring proper use of resources, and overseeing budgets and investments. These types of executives often work with other executives, managers, and personnel within financial, marketing, human resources, and production departments. While the majority of their work day is spent in an office environment, business executives also spend their time in meetings, conferences, and traveling to other locations.
Business executives are usually required to have at least a bachelor's degree in business administration, preferably with a concentration in an area like entrepreneurship, finance, marketing, or information technology. These types of programs consist of relevant courses like business policy and strategy, financial markets and institutions, marketing strategy, business ethics and law, management information systems, developmental entrepreneurship, investments, and leading entrepreneurial organizations. According to the U.S. Bureau of Labor Statistics, employment of these types of executives is expected to neither increase nor decrease, but it is more likely that there will be more positions available in fast growing industries such as health services, professional and business services, financial activities, and information. The Bureau reported that in May 2008 the median annual salary of executives like general and operations managers was $91,570.
