Entrepreneurship



A study released by the U.S. Bureau of Labor Statistics places a high importance on the impact of entrepreneurship on the U.S. economy. Since 1993 – when the Bureau began tracking the creation of new business and the hiring practices associated with it – the highest number of new businesses created in one year peaked at 660,000 in 2006.

Figures provided by the Kauffman Foundation offer similar findings. In a report issued in 2012, the Foundation noted that 320 new businesses were launched for every 100,000 adults residing in the U.S.

Starting a business is a risky venture, and both reports acknowledge that the failure rate can be high for those who are not properly equipped at launch time. One of the surest ways to guarantee success for the long run is to back your idea with the proper education.

Degree Programs

A great idea can only go so far. Possessing the proper knowledge and skills to take that idea and bring it to fruition are part of a quality program on entrepreneurship. Most schools offering a degree program in entrepreneurship provide both online and traditional classroom settings.

Associate degree programs in entrepreneurship and small business take two years to complete and are ideal for those who wish to open a small or family-run business. Coursework common to an associate degree program includes how to write a business plan for the purposes of securing financial assistance, how to construct oral and written presentations, communications, management skills, strategic planning tools and customer relations.

A bachelor degree program in entrepreneurship will require four years of schooling to complete. It will include all of the basics taught at the associate-degree level, as well as the extensive management skills required of business owners. Skills taught in this degree program will qualify a candidate to open their own business, or to work for other small businesses in a management position.

Master degrees in entrepreneurship also are available through several accredited colleges and universities and are offered both online and in traditional settings. Master’s degrees focus mainly on the financial aspects of owning and operating a company. Coursework should include financial management training, human resources, public relations/marketing/communications and resource-building tools.

Future Outlook

According to data provided by the U.S. Bureau of Labor Statistics, the creation of new business that has been able to successfully sustain itself for longer than one year has declined since 2008. The faltering economy is listed as a major contributing factor in the decline of new business success over the last five years. During hard economic times, funding is harder to come by for start-ups, and repeat business can be difficult to maintain when customers tighten their financial belts.

However, those who have truly innovative ideas and the proper education to bring those ideas to fruition should not be discouraged.

The average annual salary for entrepreneurs depends on the type and size of business.


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