Radical inventions by bright minds have completely transformed how we live today, not to mention our future. That’s why National Entrepreneur’s Day is celebrated every year on the third Tuesday of November to honor individuals who have built an empire from absolutely nothing. This year, we will celebrate National Entrepreneur’s Day on November 15.
The idea of celebrating National Entrepreneur’s Day originated in 2010 with the co-founders of Grasshopper—David Hauser and Samik Taghhados. They wanted to honor people willing and able to convert a new idea or invention into a successful innovation. In this article, we will review the growing demand for entrepreneurs, their career outlook, and ways you can become an entrepreneur.
Fun Facts About Entrepreneurship
The U.S. is home to several entrepreneurs and people who think “outside the box.” Always looking to live the American Dream, entrepreneurs seek to build something from nothing. They are creating jobs, making products, and generally making America what it is today.
Before we delve into the career outlook for entrepreneurs in the U.S., let’s take a look at some interesting facts about entrepreneurship:
- The term entrepreneur originates from the French word entreprendre, which means “to undertake.”
- There are over 582 million entrepreneurs globally, out of which 274 million entrepreneurs are females.
- Currently, there are 31 million entrepreneurs in America, and nearly 13 million businesses are owned by women.
- Individuals turn to entrepreneurship because 29% want to become their own boss. This is always the biggest reason why entrepreneurs start their companies.
Demand for the Field of Entrepreneurship
There is no denying the fact that entrepreneurship drives economic growth because entrepreneurs start a business and then work on expanding it in hopes of earning more revenues. This usually leads to increased employment opportunities for workers. Around 24% of existing entrepreneurial businesses plan to hire at least 20 people in the next five years, according to a report by the Global Entrepreneurship Monitor (GEM).
The U.S. Bureau of Labor Statistics (BLS) recognizes over 9.6 million self-employed workers in the country. The field of entrepreneurship is growing so much that the growth of self-employed workers is likely to surpass the growth rate for all workers. Entrepreneurs are significant to market economies, acting as the wheels of the economic development of the nation. They not only create employment but can contribute about 50% to the GDP of the country. Entrepreneurship promotes innovation and accelerates research and industrial development while improving many existing fields.
Career Outlook for Entrepreneurs
CareerExplorer rates entrepreneurs with a C employability rating, which means this field should provide adequate employment prospects for the foreseeable future. According to Indeed, an average entrepreneur in the U.S. earns around $81,524 per year. That’s roughly $27,400 more than the average American salary (which is around $54,132). This figure indicates that while starting your own venture can feel risky, the results can be significant if you can do it well.
The location certainly affects how much an entrepreneur can expect to make. However, around 65% of entrepreneurs in the U.S. think their salaries are enough for the cost of living in their area. Some of the highest-paying cities for American entrepreneurs are:
- Orlando, FL ($108,084 per year)
- Baltimore, MD ($106,318 per year)
- New York, NY ($73,113 per year)
- Atlanta, GA ($72,236 per year)
- Las Vegas, NV ($65,881 per year)
- Chicago, IL ($65,601 per year)
In-Demand Skills for Entrepreneurs
As there is so much at stake when it comes to launching and developing a successful business, there are very specific skills that an entrepreneur typically needs to become prosperous. A good entrepreneur should be able to communicate effectively, sell, focus, learn, and strategize. They should also have the ability to learn continuously.
Luckily, the skills you develop as a potential entrepreneur are in demand among traditional employers and are valuable in the process of launching a new startup of your own. For instance, the business development and leadership skills students learn in an entrepreneurship course can also prepare them for employment in management, communications, training, hiring, and sales at reputable organizations that are looking to grow. Moreover, most of the in-demand business management skills, such as problem-solving, communication, and planning, are the same kind of soft skills learners develop as they undertake an entrepreneurship course.
Become an Entrepreneur with ed2go
ed2go offers two 100% online courses for budding entrepreneurs to help them start their own businesses. Open enrollment means you can start learning whenever you are ready.
GES439 – Entrepreneurship: Start-Up and Business Owner Management (Voucher Included)
GES439 is a self-paced course that consists of 200-course hours, and you will have six months to complete it. From generating a startup idea to writing a business plan, this course will teach you all the basics of entrepreneurship.
Learn how to improve your startup idea as you get ready for the Entrepreneurship and Small Business (ESB) Certification Exam. Also, explore all business areas of an entrepreneurial venture, including funding sources, marketing, legal structure and requirements, intellectual property (IP) law, operations, advertising, and finances. Once you complete the course, you will be able to create a comprehensive business plan to get your startup idea off the ground and into the market.
GES448 – Social Entrepreneurship (Voucher Included)
Our GES448 course consists of 300-course hours, and students will have 12 months to complete it. This course will help you develop the skills and strategies necessary to become a leader in the nonprofit sector. You will also learn the basics needed to launch a nonprofit and delve into the world of business—from defining your mission to tackling governance and leadership issues.
You will also explore the laws that regulate nonprofits, codes of conduct, and the ways to best manage your volunteer program. This course will teach you all about handling nonprofit finances, creating a budget, marketing, and raising funds through fundraising.
To learn more or enroll in GES439 or GES448 course, fill out this form, and we will be in touch immediately.