Becoming an entrepreneur is not an easy task. As innovators, they’re tasked with the responsibilities of running a business while taking on unforeseen risks. So it’s no surprise that those who embark on this journey find themselves searching for the risks and rewards.
If that sounds like you, then keep reading. In this article we’ll go over the basic job description, salary, and expenses.
Entrepreneur Job Description
Entrepreneurship is a very versatile career. Generally, you’re responsible for planning and directing daily operations, coming up with new ideas, managing conflicts, supervision, sales, and even marketing.
However, an entrepreneur's full responsibility will depend on the size of the business and who is involved. Still, every risk and reward will fall on your shoulders.
Entrepreneurs can work in virtually any field. Which means that you’ll want to research the different types of marketplaces and decide between a brick and mortar shop, or starting an eCommerce business. On the other hand, entrepreneurs sometimes decide to work with another business as an independent partner.
Regardless of the field you choose, it's best practice to create your own marketplace business model when getting started.
It’s not uncommon for entrepreneurs to act as customer service agents. This means you’ll be responsible for answering customer calls and concerns via phone or email in addition to performing adjustments based on their needs.
It's good practice to build your customers' trust at this stage. Your response to their concerns can make or break your business. Always maintain a positive attitude and be ready to help.
Hours of Operation
Entrepreneurs are known for working outside the 9-5 workday. Understand that time management skills are non-negotiable in this profession. You can easily optimize your time by creating a set routine and schedule; your work days can become unpredictable, but a schedule will provide you with a sense of consistency and normalcy.
Now is the time to start learning the importance of an entrepreneurial mindset. It’s a simple strategy to set yourself, your business, and your employees up for success.
What is the average entrepreneur salary
Realistically, your salary as an entrepreneur is based on various factors. The size of your business, job industry, your state, and even start-up costs.
On average an entrepreneur makes $43,000 per year. With the bottom 20% earning $20,000 per year and the top 20% earning $130,000. This large gap is due to the variance in success of entrepreneurs.
entrepreneur salary by state
For better comparison opportunities, we’ve provided a snippet of the average entrepreneur salaries in the ten highest paying states. At the top of the list you’ll find Wyoming, Massachusetts, and Montana, where their average salary beats the national average by about 5%.
Illinois, Texas, and North Carolina (not included in the picture) are in the bottom three for average salary. North Carolina sits at the very bottom with an average salary of $32,700.
The good news is that the opportunity to earn above the average is always there. Most entrepreneurs don’t choose this career to make fast money. It takes years of experience and excellent marketing to earn top dollar. When you grow you can expect your salary to do the same.
If you’re an entrepreneur looking to partner with someone as an independent partner, there are some requirements you should meet, at least at the basic level.
While it is not required, it is always preferred by hiring managers that you have a bachelor's degree. What you major in is not too important; however, most entrepreneurs major in something business related. If you do not have a bachelors degree you can make up for that with industry knowledge. It’s more important for you to prove you know what you’re talking about than to have a degree just for the sake of having one. Some of the most well-off entrepreneurs have no degree at all!
Leadership and Sales
Anyone in a managerial position should have strong leadership skills. You’ll play a vital role in influencing team members and setting goals. Sales experience is equally important. For revenue to keep flowing in you’ll have to consistently draw in new leads while retaining already in place clients.
Planning and Decision Making
Planning and making decisions will be at the forefront of your business. Without these two skills it is almost impossible to stay afloat. Be able to create a plan, analyze all options, make a decision (with confidence), then make adjustments as needed. Even planning with something like flat rate shipping can make a huge difference.
Self-Starter and Communication
As an entrepreneur you’ll talk with people from all walks of life with different personalities and goals. Communication skills can help you meet them where they’re at and get your message across without issue. As a self-starter you should jump at the opportunity to help anyone at any time and be comfortable handling any issues on your own.
Overall, the requirements for becoming an entrepreneur are not set in stone. There are many paths you can travel, and there is no wrong or right. However, we still recommend that you follow advice from those who have been successful before you. The path may be rough, but it will always be rewarding!