If you have caught the entrepreneurial bug, keep in mind that there are both rewards and challenges involved with starting your own business. Entrepreneurs often work long hours to build their startup into a successful business. They must also have perseverance to weather the storms handling a variety of issues including lack of finances, staff and resources. Many business professionals seek entrepreneurship for the opportunity to become independent and pursue their own passions.
Types of Entrepreneurs
According to "U.S. News & World Report," there are different types of entrepreneurial paths. As a self-employed entrepreneur, you start a business based on your skills and passion. You are also responsible for managing your business. As a small business owner, you sell products or services to the public. These types of businesses tend to be service-oriented such as a retail or franchise store. Many professionals choosing this entrepreneurial path do not want to build an empire. They are seeking to have their own independence and flexibility as a business owner. Start-up entrepreneurs develop one or several businesses at one time. While they serve as a founder of a business, they hire a CEO and other staff to manage daily operations.
Entrepreneurs are responsible for planning and directing the operations of a company. They also create policies, set goals and meet with potential investors and clients. Entrepreneurs involved with daily tasks also hire staff and prepare work schedules. They may also oversee all activities involved with the company's products and services, including marketing, distribution and sales. Entrepreneurs review financial statements to determine ways to increase profits and reduce costs. They are also in charge of determining the future direction of the company.
Although there are no educational requirements for entrepreneurs, the U.S. Bureau of Labor Statistics reports that top executives have a bachelor's or master's degree in business administration or in a field related to their career. An owner of a clothing store may pursue a degree in fashion design at a college or vocational school, for instance. Some entrepreneurs also receive training in their profession through internships and on-the-job training at other companies.
Entrepreneurs must have good leadership and time-management skills. They also should be comfortable developing innovative business ideas. Entrepreneurs should have good decision-making skills, especially dealing with staff problems and managing a company. Since entrepreneurs communicate with diverse groups of people including staff, investors, clients and customers, they must have good communication skills.They should also be comfortable meeting people and forming relationships with potential investors interested in financing their company.
2016 Salary Information for Top Executives
Top executives earned a median annual salary of $109,140 in 2016, according to the U.S. Bureau of Labor Statistics. On the low end, top executives earned a 25th percentile salary of $70,800, meaning 75 percent earned more than this amount. The 75th percentile salary is $165,620, meaning 25 percent earn more. In 2016, 2,572,000 people were employed in the U.S. as top executives.