At some pivotal moment in our professional journey, many of us harbor a remarkable idea or long to embark on a path of independence and self-expression. Yet, most of us wonder: “How can I transform this dream into reality?” In fact, upwards of 27 million Americans dream of pursuing self-employment, but many are unsure of how and where to start.
Becoming an entrepreneur is an exhilarating pursuit that requires a combination of determination, passion, and strategic thinking. In this article, we’ll explore various pathways to entrepreneurship, catering to diverse ambitions and aspirations.
Exploring Diverse Routes to Entrepreneurship
There’s no one-size-fits-all approach to entrepreneurship, and your path may vary based on your business idea, product, leadership style, and work strategy. Let’s examine some of the options available to you.
Start a Small Business
The most traditional and direct path toward self-employment is to secure an investor and build your own business from scratch. Currently, the most popular small businesses launching are in retail and business services. On the upside, potential small business owners already have a product and a plan and waste no time pursuing their dream. But beware of the potential downsides: You’ll bear responsibility for more complex business skills like finance and marketing and the risk of losing your investment if your business doesn’t thrive.
Join a Startup Company
Startups are innovative, rapidly growing small businesses built to disrupt the local market, attract significant investment, and garner a lot of media attention (think Silicon Valley). If you like to take lots of risks and are attracted to quick growth and rapid expansion, consider creating or joining a startup. Many social entrepreneurs, for example, start their initiatives in startups to implement innovative solutions to social issues and scale their impact quickly.
Acquire a Business
If you have a lot of money (or an investor) at your disposal, you may want to consider taking over a business that has an existing customer base and products. It provides an easier foray into business ownership and provides a head start on many of the complex (and sometimes tedious) tasks required to launch a business for the first time.
You can also acquire a business by buying into a franchise. However, a franchise owner follows strict guidelines according to the franchisor’s rules, such as paying fees and relinquishing creative and managerial control.
Find an Incubator
If you prefer to find a mentor and grow into a trade, consider an incubator. Incubators are organizations that provide support, resources, and guidance to early-stage startups and hopeful entrepreneurs. Incubators help startups grow by offering mentorship, networking opportunities, resources to funding, workspaces, and more. Entrepreneur First is a leading incubator to check out.
Work for a Corporation
According to a study by Xero, 58% of entrepreneurs work in a corporation prior to starting their own business. Philanthropist and billionaire entrepreneur Pierre Omidyar worked for years in different tech companies before launching his globally renowned auction website eBay, which revolutionized the e-commerce industry.
Working full-time before starting a business can provide you with skills, ideas, and a supportive network, but it may limit your personal investment, since you’ll be spending a lot of time working for another company.
Become an Intrapreneur
An intrapreneur is an employee within a company who acts like an entrepreneur. Intrapreneurs demonstrate proactive behavior and implement new ideas, products, or services within the organization they work for. If you’re keen to test the waters of innovation but not ready to start a business, you may want to pursue this path.
Collaborate With a Team
Team up with like-minded individuals, combine your diverse skills and resources, and spread out the workload. This type of collaborative entrepreneurship promotes high creativity and problem-solving situations. According to a 2019 report by Global Entrepreneurship Monitor (GEM), one in five entrepreneurs own or manage a business with a family member.
Work As a Contractor
If you’re talented and knowledgeable about a certain service or product, you may even want to consider working as a “worker for hire,” or independent contractor. Gain experience, clients, and income on a flexible schedule.
Acquire Essential Skills to Turn Your Business Dreams into Reality
Imagine honing your business knowledge with a transformative degree while conceiving your dream venture at the same time. Our AACSB-accredited online Master of Business Administration explores the latest trends, cutting-edge strategies, insights on investing, brand marketing, and how to effectively manage a company. With an MBA, you can unlock your full potential and pursue any business pathway you envision.
Complete your degree in as a little as a year—no lengthy commitments—at a fraction of the national average for MBA tuition. Classes are asynchronous and entirely online, meaning you can study on your own terms, wherever you want. Choose from a wide array of entrepreneurship-focused courses and develop expertise in finance, marketing, brand building, organization, and team management.
Some of the invaluable entrepreneurial skills you’ll learn:
- business strategy
- financial management
- marketing and sales
- operations management
- innovation and creativity
- leadership and team management
- business law and ethics
- networking and collaboration
- problem-solving and decision-making
- global perspective
Ready to become a business leader? UT Permian Basin will equip you with the abilities, networking, and resources to make your vision a reality. We offer online MBA specializations in marketing, finance, and accounting as well as an additional certificate in energy business. When you’re ready to start your journey, apply here!
Sources:
https://www.gemconsortium.org/report/gem-2018-2019-global-report
https://www.embroker.com/blog/entrepreneur-statistics