What is Entrepreneurship?
Dreamers…ideas… innovation… visionary…entrepreneurship. Entrepreneurship is for those who have always dreamed of being their own boss, those who have an idea for a new product or service, those who are ready to start something on their own. The definition of an entrepreneur is “a person who organizes and operates a business,” but this is far too simple. Entrepreneurs are the visionaries who look for new and innovative ways to solve problems. They are resourceful and resilient, and ready to meet challenges when things don’t go as planned. Entrepreneurs know when to take risks to achieve their goals. It takes courage, focus, perseverance, and determination to be an entrepreneur.
An online PhD in Entrepreneurship is the ticket to the next level and will provide you with the skills needed to be a successful innovator. But it is not limited to those who want to start something entirely on their own. If you currently run your own business and want to take it to the next level, then a doctorate in entrepreneurship might be right for you. With a PhD in Entrepreneurship, students will be prepared with the knowledge needed to move to the top in the business industry. Entrepreneurship is for the ambitious, whether they wish to start their own business venture or if they are interested in specializing in a particular aspect of business and are ready to invoke change in an organization.
The bottom line – what does entrepreneurship mean?
Entrepreneurship is meant for business-minded individuals who are ready to train for the challenges of business ownership. It is for those with ideas, the innovators, the game-changers, and in short, the dreamers. A PhD in Entrepreneurship is more like a “creative” degree. During an Entrepreneurship program, students will learn how to develop concepts and ideas for new businesses, learn the skills required to start a new business, network with others, gain funding for their idea, and explore the common pitfalls that new businesses face. Essentially, students will focus on what it takes to get a new business off the ground.
Why is Entrepreneurship important?
According to the Bureau of Labor Statistics, entrepreneurship is an important component for the growth of the U.S. economy. The U.S. Bureau of Labor Statistics (BLS) compiles data on new businesses and job creation. The number of new jobs created by businesses less than 12 months old had dropped from 4.1 million in 1994 to 3 million in 2015. Overall, fewer new businesses were opened, and new business had a leaner hiring policy in 2015 than in 1994.
A nation’s economy is a central part of its survival; in fact, the economy is what drives society. Since the beginning of time, people have had to work to survive. Throughout history, the nature of work has changed drastically, but the bottom line remains the same, humans have to work to survive.
The economy in America and across the globe is how people get jobs, earn money, and support themselves and their families. There is a consistent need for entrepreneurs to start new businesses, form new business plans; essentially, it could be argued that entrepreneurs are the drivers of business and the economy.
They are the ones who are putting new ideas and business models out to the public. Benjamin Franklin, Henry Ford, Thomas Edison, Steve Jobs, Oprah Winfrey, Bill Gates, Jeff Bezos are names we have all heard of and are known as some of the greatest entrepreneurs of all time. They have all made a lasting impact on the economy and our society through their ideas, innovations, and business models.
What can I do with a Doctorate or PhD in Entrepreneurship?
Graduates with a PhD in Entrepreneurship are in higher demand than their bachelor’s or master’s degree-holding counterparts. The additional coursework and mentorships that accompany advanced graduate study make this degree one of the most marketable degrees available.
In fact, according to Forbes magazine, in the last 10-20 years, there has been a large increase in demand for alternative business education that teaches the basics in starting your own business, including how to position yourself to take advantage of local startup ecosystems with connections to venture capitalists and startup incubators.
Forbes also stresses the importance of blending expertise in technology development with startup business and marketing skills. Traditional business schools have offered courses or student clubs on entrepreneurship for quite some time.
However, most old school business curriculum has become outdated. Colleges and universities have hustled to update degree programs and courses focused on entrepreneurship in the digital age, in which it can be much less expensive to open a business with cloud-and-crowd based solutions and freely-available open-source software.
While the Forbes author is referring to a master’s degree, a PhD in Entrepreneurship is just one more step up the ladder.
An online PhD in Entrepreneurship will give you leadership skills, teach you to evaluate business opportunities, structured financing, and craft marketing strategies. These highly sought after skills can be used in your own start-up or leveraged for career advancement in managerial and professional positions across the business world.
The opportunities are endless, whether you want to start your own business from scratch and become a jack-of-all-trades or gain an understanding of the inner-workings of large companies to learn how they can better run and how to effect change within an existing business.
What Qualifications Do You Need to Become an Entrepreneur?
While there is no set of specific qualifications you need to have as an entrepreneur, there are skills that you can learn to help set you up for success.
According to the University of Michigan, “When we interviewed technology entrepreneurs prior to designing the Michigan Master of Entrepreneurship program, we found that most of them had started working on their ventures without enrolling in courses or pursuing business degrees.”
Additionally, UM talks about the importance of learning by trial and error and how difficult it is to get a business running. Often people have false starts, many of which can be avoided by the right training and principles. Students need to learn the dynamics of starting a business. More goes into it than just having an idea. This is why earning an Entrepreneurship degree is so important.
It could be argued that all you need to become an entrepreneur is a dream, but there is no doubt that there are many skills to learn to help set you up for success. Online doctorate programs in Entrepreneurship help prepare students with the skills and knowledge to start a new business through a comprehensive approach that combines theoretical business knowledge with practical application.
Courses cover what a company needs to function effectively. Topics include accounting, team management, research and market trends, decision-making, development and more. Graduates have the opportunity to step into real-world business situations and apply their skills.
What is the average salary of an Entrepreneur?
According to the Bureau of Labor Statistics, the median annual wage for chief executives was $189,600 in May 2018, and the median annual salary for general and operations managers was $100,930 in May 2018. Additionally, “overall employment of top executives is projected to grow 8 percent from 2016 to 2026″ which they consider close to the average for all occupations. It is predicted that employment growth will fluctuate depending upon the rate of growth in the industry. Competition for employment is expected to be extremely competitive among top executives.
While these statistics are for top executives in the business world, the actual number will vary greatly, depending on where you are employed. Entering into the business world with a PhD in Entrepreneurship is going to drastically improve your salary and set you up to qualify for top-level jobs in any company. The caveat, however, is that those entrepreneurs who are starting on their own are not guaranteed any specific salary, and may spend several years or more making little to nothing.
The world of self-employment is a world of its own and deserves its own article and discussion. It should be noted here, though, that “self-employment is hard work, especially during the first few years. Workers may have difficulty finding clients, earning a steady income, securing business loans, and navigating laws. These challenges add up to financial risk and uncertainty.”
And, with income frequently unpredictable, workers may try to handle all or most parts of the business themselves. The following quote from the Bureau of Labor Statistics can shed some insight into the reality of being an entrepreneur.
“You end up working a lot more than you think, oftentimes way more than when you were working for someone else,” says Vicki James, owner of a marketing business in Rochester, New York. This schedule can make balancing work and personal life difficult.”
The quote continues, discussing the challenges of planning for your health and future as an entrepreneur. “Another challenge with self-employment is the lack of benefits. Public and private employers typically contribute to retirement, health, and other benefits, offering affordable options to their employees.”
There is a bit of a harsh reality, although working as an entrepreneur does have its perks in other areas. “But self-employed workers must find these benefits and pay for them entirely out of pocket. And there is no paid leave for vacation or illness: A day off work is a day without pay. These types of burdens may overstretch limited financial resources.” (BLS)
For those who are willing to take the risk, self-employment has its rewards. Owning your own business means that you are your own boss. Successful entrepreneurs will reap the rewards, and may even reap outstanding financial benefits. In short, being an entrepreneur and starting your own business isn’t for the faint of heart. But for the dreamer, visionaries, and innovators, they may find their name up there on the list next to Bill Gates.
What organizations or associations can I join as an Entrepreneur?
There are many organizations that are available to support entrepreneurs. Here are a few that are worth looking into:
The Entrepreneurs’ Organization: The Entrepreneurs’ Organization is only for entrepreneurs and consists of a global network of more than 10,000 business owners in 46 countries. The organization was founded in 1987 by a group of young entrepreneurs, with the mission to “enable entrepreneurs to learn and grow from each other, leading to greater business success and enriched personal life.”
Business Network International: The mission of BNI is to “help members increase their business through a structured, positive and professional referral marketing program that enables them to develop long-term, meaningful relationships with quality business professionals.” There are over 240,000 members in approximately 8,500 chapters worldwide. Business Network International is known as the world’s leading referral organization. In 2017, BNI member referrals have generated $13.6 billion USD in revenue for their member businesses.
Entrepreneurs’ Organization: Since its founding in 1987, members of EO have been building a global network to serve the unique needs of the entrepreneur. This organization now has influence in more than 58 countries. Geared for entrepreneurs and founders of businesses making more than US$1 million annually, EO provides the opportunity to learn and grow in your business while making connections.
Vistage: Utilizing a peer advisory group consisting of 12 – 16 successful CEO’s, business owners, and key executives, a Vistage membership offers “diverse perspectives that are essential for better decision-making.” Membership offers the opportunity to work through challenges with these experienced peers who’ve faced similar situations and can ask the tough questions. There is also the option to work one-to-one through executive coaching as well as gain perspectives from expert speakers. Vistage, which is over 60 years old, touts itself as being comprehensive and effective in it’s approach to helping CEOs become better leaders, make better decisions and reap better results.
Young Presidents Organization: This organization is very similar to Entrepreneurs’ Organization, except that there the revenue requirements for YPO are higher, but you aren’t required to be a founder of the company, but you should be its current leader. It provides both forums and amazing events for those who qualify, namely, CEOs of companies with annual revenue of over $12 million. The networking potential as a member of YPO is incredible. Currently, there are more than 27,000 chief executives in over 130 countries. YPO companies employ more than 22 million people across the globe and generate USD9 trillion in annual revenues.
According to the definition, an entrepreneur is “a person who organizes and operates a business,” but that is far too simple. Entrepreneurs are visionaries who are on the lookout for new and innovative ways to solve problems. 
Entrepreneurship is one of the fastest growing fields in the business industry. Ten years ago, it was difficult even to find a graduate degree in Entrepreneurship available. Today, colleges and universities are developing cutting edge Entrepreneurship degrees specially tailored for our economy. Online programs are an excellent way to flexibly earn your degree while enjoying nearly all the benefits of an on-campus school without having to relocate or quit your job.
In most cases, a Doctorate in Entrepreneurship is a specialization of a DBA or Doctorate of Business Administration. Core courses include how to run a business successfully. The Entrepreneurship specialization will focus on how to start or revitalize a business. The emphasis is on entrepreneurial-specific skills like leading new ventures and launching companies on a budget. A central theme is the importance of innovation in the workplace. 
Young Presidents Organization