Life Of An Entrepreneur
ABSTRACT
The purpose of this research is to gather secondary and primary data about what it’s like to be an entrepreneur. To have
the knowledge and general information about what they do. An entrepreneur is a person who owns a business. And the first phase of this research paper introduces and explains why I chose this topic. With the second phase, which is the scopes and limitations discusses only the cover of this research paper, where I got the data I gathered, to what extent of the profession did I include and the people who will benefit from this.
In the third phase of my research paper, this contains the secondary data that I have gathered online from the entrepreneur.com, forbes.com and businessnewsdaily.com.
It contains their articles, studies and professional opinions and advices on what an entrepreneur needs and what an entrepreneur should be and what an entrepreneur is like. Furthermore, it discusses the characteristics, and how an entrepreneur should set goals. At the fourth phase of my research paper, which is the Methods & Results, it contains the primary data which I got when I conducted an interview with 4 entrepreneurs who has years of experience. This discusses about what their life is like, how much they earn, the challenges they face, how they started, how happy they are with their job and a lot more from their experiences. And with my fifth phase that ends my secondary and primary data, the conclusion sums all up or summarizes rather everything that is in the Review of Related Literature & Methods & Results. Bibliography follows through the next phase which is the last piece of my research paper that cites information of the resources I got from my secondary data.
INTRODUCTION
Growing up, I had so much interests. I have taken a lot of classes, like, drums, ballet, hip-hop, arts, chorale which made me very ambitious, and made me dream to have a career like being a professional ballet dancer, having to join a band creating songs and performing an album, or singing in front of a large audience, or creating my masterpiece with the artistry skill that I have developed. It would be great to reach those kinds of dreams. But as I grow older, I have realized that I want to be practical, I want something that would make me earn and give me a good life and of course I wanted to do something that I loved doing. And my dad, for 19 years has been an entrepreneur. And I would come to his presentations and meetings with other business men and I would always be enlighten with the things that they have talked about during the meeting.
When I was in elementary, my dad inspired me to become an entrepreneur, so at a very young age, I would sell stuff that were trending for my classmates. Like bags, pencil cases, hair accessories etc. It taught me how to communicate and do a little bit of sales talk. And when I reach 1st year college, I have finally decided that this is what I really want, to become an entrepreneur.
Entrepreneurship from the root word “Entrepreneur” means “to undertake”, to take on and make risks. I believe that this is the career for me, especially because, I just discovered a new skill of having the ability to perform a speech in front of people, we had this activity for 8 weeks in the program that I am in and I loved it. I love having to communicate with people and persuading them to something I believe in. And as I have watched my dad and other entrepreneurs talk to people, I really think it is important to have that kind of skill, to be able to take risks and face challenges is also required. I am interested in knowing more about this career path, and the reason for this research paper is for me to know several things before taking this career path and making a decision.
SCOPE & LIMITATIONS
The purpose of this research paper is to know facts and opinions about being an Entrepreneur. It will cover general information on the job, such as what an entrepreneur does everyday, range of how much an entrepreneur earns a month, how happy they are with their job, how they started as entrepreneur, and what their goals are. This paper will also touch on the characteristics needed today to become a good entrepreneur.
I have gathered data from various online sources such as Entrepreneur.com, Forbes.com, and BusinessDailyNews.com. I also have interviewed several entrepreneurs, who has been on that career for many years, to get precise information on the profession.
The data was gathered in the year of 2016. However, some of the information covers the year of 2007-2015. This paper covers being an Entrepreneur not only in the Philippines, but also being an Entrepreneur abroad.
The people who will benefit from this research paper are the students who wants to be an Entrepreneur. Also, parents who desires their children to take up business schools will also benefit from this paper. This will help them discover the life of an entrepreneur, to know the facts behind all the success and of a good entrepreneur, to know meaningful updated information on what it is really like to be an Entrepreneur, especially here in the Philippines. This will help them understand and make good decisions before taking risks and investing time, money and energy into this kind of profession.
REVIEW OF RELATED LITERATURE
When taking up a course or career it important to know the definition of it, so what is entrepreneurship? Entrepreneurship is the development of a business from the ground up — coming up with an idea and turning it into a profitable business. But while the definition of entrepreneurship may be simple, its execution is much more difficult. "Entrepreneurship is the journey of opportunity exploration and risk management to create value for profit and/or social good," Entrepreneurship entails recognizing the right opportunity, finding resources , such as funding and tools,to pursue the opportunity and creating the right team to do so. People who are thinking about starting their own business must really be aware that successful entrepreneurship involves much more than having a great concept.(Chad Brooks; Abad; Rampton)
THE COURSE NEEDED TO BECOME AN ENTREPRENEUR
There are many aspects to founding a successful business, and a foundation based on “business” (which is highly subjective) is just one of them. In fact, almost any degree you can imagine can bolster small business success if you look at it from the right angle.
Art history majors, English majors, and geography majors. Your degree is perfect preparation for entrepreneurial success. I'm surprised at how many things I use daily that I learned while in college. Here are a few of the most “unorthodox for business success degrees” worth having and how to put them to work for you.
Go ahead and tell your parents and Sallie Mae to relax. Maybe you really knew what you were doing at 19 years old after all.
1. Writing and English.
There’s not a single business out there that doesn’t need the skills of a professional writer. In fact, if you specialize in a field like search engine optimization, blogging or other aspects of technical writing, you’re golden. You might even want to open your own SEO company or monetize blogs for a living. Otherwise, you’re a step ahead of the competition when it comes to drafting business plans or appealing (in emails) to investors.
2. Accounting or finance.
You might take a couple of 101 finance courses while getting an MBA, but is that going to prepare you for charting your finances to investors? Is it going to show you how to run the numbers while running a business? Understanding the financial aspects of a business can make it or break it. You can also consider starting your own financial consulting company where the sky’s the limit for revenue.
3. Communication.
This degree isn’t just for pageant contestants anymore. “Communication” is a very diverse field and includes spoken, written, and nonverbal cues. Getting a strong foundation on basically how to work with people—and subtly manipulative them to do as you wish—is the ultimate tool for entrepreneurs. Even if you don’t get a degree in it, you certainly need to excel at communication in order to succeed.
4. Computer engineering.
If you majored in this, you already have a knack for tech savviness that can take any business to the next level. From web development to analytics, taking charge of your hosting needs to mobile readiness, you can save a lot of time, hassle and trouble if caring for even a sliver of your business’ web needs is in the bag. Likewise, you can start-up a tech company (Silicon Valley address optional) and make the most of the digital era.
5. Philosophy.
Yes, there’s plenty more you can do with a philosophy degree than “just teach”. Learning critical thinking skills, thinking outside the box and elegant debating are all crucial for a small business owner. It gives you a foundation for connecting with others, seeing different perspectives and, ultimately, getting to know what makes people (like customers) tick.
Take your degree and see how it fits into entrepreneurial success. You’re sure to find a few connections and capitalizing on them is what will give you that competitive edge.(Rampton 2015)
It does not really matter what course you take because anyone can be an entrepreneur.
A NEED OF HAVING A COLLEGE DEGREE
Nowadays, it is difficult to find a job without having a college degree. But is is really a need to have a college degree to become an entrepreneur? The first myth I’d like to tackle is one I’ve heard often: I need to get my business degree first before I can launch a business. I want to start by saying that I’m in no way trying to discourage people from pursuing education. It can be a valuable tool that allows you to focus on the right things when undertaking a new venture. But I will tell you that I don’t have an MBA, and I’m in good company: Marc Cuban, Sir Richard Branson, Mark Zuckerberg, Steve Jobs, Michael Dell, Frank Lloyd Wright – none of them obtained business degrees. Most of them either didn’t attend or didn’t finish college and Frank Lloyd Wright dropped out of high school.(“Debunking Entrepreneurial Myths: I Need A Business Degree”)
A lot of successful of entrepreneurs are college dropouts or didn't finish high school. A college degree isn't a basis for becoming a good entrepreneur.
TOP BUSINESS UNIVERSITIES IN THE PHILIPPINES
A lot of schools offer entrepreneurial courses, but here are the top 7 that would be a good investment. If you take masteral it is more expensive.
1. DE LA SALLE UNIVERSITY
De La Salle University’s Business Management Department believes that the people’s entrepreneurial spirit “is the backbone of any economy.”
So in 1983, DLSU-Taft started offering the Bachelor of Science in Commerce with specialization in Entrepreneurship -23 years before the Commission on Higher Education mandated it’s offering in 2005.
It also opened the Master in Science in Entrepreneurship program aims to develop entrepreneurs, who are “motivated and knowledgeable in identifying opportunities, preparing business plans and actually starting and managing a business with global perspective and a Filipino heart. Students are required to set up and operate an actual company for at least one year before graduating. An Entrepreneurship Student who belongs to the College of Business and Economics pays an average tuition of P2, 080 per unit on trimestral basis.
The school boasts of a balanced roster of academicians, practitioners and entrepreneurs on its faculty, and graduates such as Tony Tiu, founder of AgriNurture, Inc. (ANI), who was nominated in the Ernst and Young Search for the Entrepreneur of the Year award.
“More than the technical competence that our entrepreneurship curriculum provides, we ensure that we attain our vision of an ideal Lassalian entrepreneurship graduate in both the undergraduate and masteral levels as an individual who understands and appreciates his or her competencies and interest, as well as recognizes opportunities for viable business ventures and enterprises,” stresses La Salle’s Business Management Department Chair Emie Sarreal.
What makes DLSU’s program different: seeks to develop entrepreneurs “with global perspective and a Filipino heart.”
2. ATENEO DE MANILA UNIVERSITY
Finding innovative ways of solving social problems is clearly defined in the core vision and mission of Ateneo de Manila University (ADMU). It’s why in January 2007, the Jesuit University began offering social entrepreneurship classes and programs, where students can earn a certificate program for a period of four months for a tuition of approximately P17, 000.
“We offer not only training in terms of setting up or running a business but, more importantly, establishing enterprise with a social purpose,” says Harvey Keh, Ateneo School of Government director for youth leadership and social entrepreneurship.
For three years, around 30 perce
nt of its graduates have already gone
into full-time entrepreneurship, says Keh, among them the founders of Rags2Riches and Fundacion Pacita, an eco-tourism social enterprise based in province of Batanes. They cite their mentors from the Ateneo’s experienced faculty including Keh, Atty. Arnel Casanova, Dr. Antonio La Vina and Prof. Lisa Dacanay.
“We are the only one in the country that teaches entrepreneurship in a different way such that the main purpose is not just to earn money, but more importantly, to help in nation-building and solving social problems,” Keh says. “Hence, those who might want to take up entrepreneurship courses should enroll now in our school.”
What makes ADMU’s program different: Seeks to establish businesses “with a social purpose.”
3. ASIAN INSTITUTE OF MANAGEMENT
Like their bigger counterparts, micro, small and medium entrepreneurs also need to achieve higher professionalism, business growth and social relevance. To fill that void, the Asian Institute of Management (AIM), through the Asian Center for Entrepreneurship (ACE), began offering Entrepreneurship courses in 1996. Later on, the Executive Education and Lifelong Learning Center (EXCELL) continued what ACE started. It then opened the Master in Entrepreneurship (ME) course in July 1999 and, more recently, the Entrepreneurial MBA (EMBA) through a combination of ‘blended learning” and face-to-face sessions.
Accredited by the Association to Advance Collegiate Schools of Business (AACSB) International, AIM’s Entrepreneurial degree programs “are specifically designed to create superior growth, profit and stability for firms; enable participants to lead their organization through the complexity that comes with growth; and help them develop new vision, values and skills to realize their own and their firms’ full potential,” according to the school’s mission.
To date, the Makati-based institution has already produced over 37,000 alumni from more than 70 countries since its inception came from the ME and EXCELL programs in 2008.
Former Education Secretary Jesli Lapus, Jollibee Foods Corp. president and chief executive Tony Tan Caktiong and SMART Communications Inc. and PLDT president and CEO Napoleon Nazareno are among its successful alumni.
“These are just few of the famous names in the business community listed in our prestigious and active international alumni community. Thanks to our sincere provision of a broad strategic management education that can tear down obstacles to business growth and longevity,” says Mae Poblador, marketing associate of AIM-EXCELL.
What makes AIM different: “Broad strategic management education that can tear down obstacles to business growth and longevity.”
4. SAN BEDA COLLEGE
Realizing the pivotal role of entrepreneurship in nation building and social change, San Beda College (SBC) integrated entrepreneurship courses to its business management program in the early 1990s.
From 1998 onward, the courses evolved into a two-pronged program called BCS Business Management and Entrepreneurship.
In 2001, it was rejuvenated and renamed BS International Business and Entrepreneurial Management (IBEM). Today, the entrepreneurship side of the BS IBEM course is separated from business management and dubbed simply BS Entrepreneurship.
San Beda’s entrepreneurship degree is only offered in the undergraduate level at tuition of roughly P52,000 per semester. Once enrolled, entrepreneurship students are given the opportunity to become members of YES (Young Entrepreneurs Society) National and Junior People Management Association of the Philippines.
Through SBC’s partnership with Robinson’s Corp., they could also take advantage of the Entrep Corner at Robinson’s Galleria to help enhance their entrepreneurial skills. What’s more, the faculty of San Beda’s Department of Business Management and Entrepreneurship are all master’s degree holders.
Among SBC’s Entrepreneurship graduates is Euclid Cezar, who is the owner of Ink More. “With the strengths of our entrepreneurship program, San Beda has been cited by the Philippine Center for Entrepreneurship (Go Negosyo) headed by Joey Concepcion as ‘Youth Entrepreneurship Enabler in 2009’,” says Fr. Anselm Manalastas OSB, dean of the College of Arts and Sciences. “Our school has also been featured in Entrepreneur Magazine three times with regards to our curriculum.”
5. UNIVERSITY OF ASIA AND THE PACIFIC
Renowned economists Dr. Bernardo Villegas and Fernan Victor Lukban helped institute the entrepreneurship program at the University Of Asia and the Pacific (UA&P). It started when UA&P’s College of Arts and Sciences offered the Bachelor of Arts in Humanities with a special certificate in Entrepreneurial Management Program (ABH_EM) from 1989-1998.
During the school year 1998-1999, the ABH-EM evolved into the Bachelor of Science in Entrepreneurial Management Program (BSEM).
“The Philippines needs more entrepreneurs. The EM Program was envisioned to address the lack of orientation of Filipinos towards entrepreneurship.” Dr. Villegas says. “If we start with our intervention early enough, (students) can be god entrepreneurs.”
The EM Program is a four-year, three-summer bachelor’s degree program. What makes it cutting edge is its New Business Venture (NBV) Series, a 21-unit core course on business, management and entrepreneurship, which runs across two years and two summers. Students are challenged in NBV to integrate all their knowledge, skills and talent, and use these in establishing a successful business.
Since the EM curriculum demands a three-fold blend of classroom instruction, mentoring intervention and experiential (field) learning, EM program director Ellen Soriano ensures that all UA&P faculty members are flexible and well grounded on various teaching and learning technologies. She says the program has produced 277 graduates since 2001.
Approximately two-thirds are into business – 30 percent are running or expanding their respective family businesses and 37 percent either started their own business or continued with their existing businesses, “which they successfully put up as a student in compliance with the requirement in their NBV course,” Soriano adds.
Successful businesses established or led by some UA&P graduates are SOLEREX Water Technologies, Inc. (Crystal Clear Purified Drinking Water) and Goodah! Of Che Soler; Victory Liner group of Companies (Jose Marco Del Pilar); Nueva Foods Corp. (Anthony Ng); and Systems Technology Institute (STI), Comm & Sense Inc. and Reyes BBQ through Joseph Tanco.
What makes UA&P’s program stand out: “Envisioned to address the lack of orientation of Filipinos towards entrepreneurship.”
6. THE ONE SCHOOL
“Entrepreneurship can help a lot in building a better Philippines. More businesses mean more jobs, and more jobs mean providing livelihood to sustain Filipino families. Teaching the youth how to be an entrepreneur can do wonders not only for themselves as individuals but also for our country.”
This line from The One School executive director Lex Ledesma explains why the university began offering its Bachelor of Science in entrepreneurship program in 2007.
The One School is a progressive school pioneering in alternative education. Most of the subjects in its curriculum are tweaked not only to develop creative and critical thinking skills, but also are made relevant to students’ lives and businesses so they gain appreciation of the lessons and are able to apply it in the real world setting.
To enable them think out of the box, the school boasts of its competent faculty members, including Ledesma, Kahlil Bagatsing (Vice president of Make A Wish Philippines), sociology professor Fe Banez and human resources management expert and economist Suzanne Zambrano.
“We won’t say we’re better than other schools, but we’re definitely different. If you’re the type of student who’s looking for a fresh approach to education, then, we’re the school for you,” says Ledesma. “We recognize that every individual has his or her own unique way of thinking and learning, thus, we tailor fit our programs such that each and every student gets a personalized education. Otherwise, we won't have Jessie Suaco and Chase Hui of Spin City, Stacy Rodriguez of Glasnost and Tasha Rodriguez of VitaOils and pro golfer Venjo Reyes Jr. as some of our accomplished graduates.”
What makes The One School different: Programs tailor-fit to give each student’s personalized education.
7. ENTREPRENEURS SCHOOL OF ASIA
Entrepreneurs School of Asia (ESA) is the first college in Southeast Asia that has advocated entrepreneurship as its core value since it was founded in 1999 by Vivienne Tan, daughter of taipan Lucio Tan – a fashion and technology entrepreneur in her own right – and businessman Joel Santos.
It started a specialist degree in BS Entrepreneurship in 2001 primarily to create more job-makers rather than job-seekers. Since then, it has become one of the leading institutions in the study of social entrepreneurship and innovation in the region, keeping true to its motto of creating “Entrepreneurs for Society.”
ESA’s Bachelor degree curriculum has student mentored in a practical step-by-step approach (learning by doing) toward setting up and managing start-up venture successfully in their final year – a prerequisite for graduation.
The school has a very strong international focus with tie-ups with universities in the United Kingdom, Australia and China, so its students can take advantage of opportunities from the leading economies of the world.
“ESA’s entrepreneurship program is for those who would like to learn to become entrepreneurial and start their own business. As long as they are willing to learn and do the work, they will be guided in starting and running their own venture by the time they graduate,” says Eduardo Silva, ESA director for academics.
What makes ESA different: Takes a step-by-step mentoring approach.(Abad 2012)
The Top Skills Every Entrepreneur Needs
What does it take to be successful starting your own small business? Here are the 8 skills every successful entrepreneur has in common:
1.Resiliency. The ability to weather the ups and downs of any business since it never goes exactly the way the business plan described it. This skill enables the entrepreneur to keep going when the outlook is bleak.
2. Focus. After setting a long term vision, knowing how to “laser focus” on the very next step to get closer to the ultimate goal. There are so many distracting forces when trying to build a business that this skill is not easy to master.
3. Invest for the long-term. Most entrepreneurs are not patient and focus only on what comes next, rather than where the company needs to go. Overnight success may take 7 to 10 years. Entrepreneurs need to stop, pause and plan on a quarterly basis.
4. Find and manage people. Only by learning to leverage employees, vendors and other resources will an entrepreneur build a scalable company. They need to learn to network to meet the right people. Entrepreneurs strive to guarantee they will get honest and timely feedback from all these sources.
5. Sell. Every entrepreneur is a sales person whether they want to be or not. They are either selling their ideas, products or services to customers, investors or employees. They work to be there when customers are ready to buy. Alternately, they know how to let go and move on when they are not.
6. Learn. Successful entrepreneurs realize they don’t know everything and the market is constantly changing. They stay up to date on new systems, technology, and industry trends.
7. Self-reflection. Allow downtime to reflect on the past and plan for the future. Always working only leads to burnout physically and emotionally.
8. Self-reliance: While there is a lot of help for the entrepreneur, in the end, they need to be resourceful enough to depend on themselves.(“The Top Skills Every Entrepreneur Needs”)
I have also read another article about the skills needed to become a good entrepreneur. Here are the top 17 skills needed to become a good entrepreneur.
1. The ability to manage money.
Very simply, if you can’t manage money, you can’t manage a business. Do you know where your money goes each month? Do you live off less than you earn? If the answer to these questions is no, you’ll struggle to manage a business budget as well.
2. The ability to raise money.
Once you can manage money, can you get more? In order to get investment, you need to not only understand where to get money, but how to convincingly make a case that your business is a good risk as well.
3: The ability to relieve stress.
Stress is no laughing matter. If you allow yourself to get frustrated and upset by setbacks, you’ll struggle as an entrepreneur.
4. The ability to be productive.
This is a big topic, because there’s no one right way to be productive that works for everyone. Learn about your peak energy times, your routines, and the productivity tools that work for you in order to create your own plan for success.
5. The ability to make entrepreneur friends.
According to entrepreneur Jim Rohn, “You are the average of the five people you spend the most time with.” So who do you want to be? Improve your odds of success by finding entrepreneur friends who will be able to understand your struggles and give you much needed insight.
6. The ability to identify strengths and weaknesses.
As a business owner, you don’t need to be perfect at everything. You do, however, have to understand where you’re strong and where you’re weak. Assessing this will inform everything from the business decisions you make, to the partners you bring on, and to the employees you hire.
7. The ability to hire effective people.
Speaking of hiring, this is easily one of the most important skills any entrepreneur could have. Having great people on your team will give you access to new strengths, while also building a company culture that people want to be a part of. Hiring the right people is essential to get where you want to go.
8. The ability to train new staff.
When you bring on someone new, a robust onboarding process will ensure that they know what to do and not do. Not only will this help keep your company moving the correct direction, it will increase the commitment level of good employees and give you grounds to follow up on misconduct.
9. The ability to manage staff.
Once you have the right people, you need to manage them well. Early on in your business’s growth, you’ll be everyone’s manager, so it pays to be effective. If you don’t already know how to manage, take the time to learn how to motivate, encourage, and develop your staff.
10. The ability to conduct basic SEO.
In the beginning, you’ll be doing the work of every business department. With that in mind, do you understand basic SEO and digital marketing? If not, you’ll want to brush up on this area before you launch a business.
11. The Ability to A/B split test.
A split test is a simple process that involves running a scenario two ways to test a possible change. It’s commonly used to make websites effective, but it can be used in many areas of project management and marketing as well.
Related: How to 'Split Test' Your Website to Engage Online Customers Better
12. The ability to connect via social networking.
Along with SEO, social networks represent a key part of any business’s marketing strategy. Not only will you need to understand each platform, you’ll want to arm yourself with the best strategies for getting your startup and personal brand noticed on each one.
13. The ability to focus on your customers.
To be clear, without customers, you have no business. Make sure all of your pitches, products, and services are focused on actual customer needs. If you don’t know what these are, research and ask questions so that you’re able to give great customer service.
14. The ability to close a sale.
Letting customers know you understand their pain is important, but asking for the sale is where many entrepreneurs get stuck. If you’re nervous about this step, try enrolling in a sales workshop to learn these much-needed skills.
15. The ability to spot new trends.
Business moves fast, so you’ve got to have the ability to see changes coming in your industry. Make it a point to keep up to date on new startups and the advances in technology that could be poised to disrupt your field.
16. The ability to deal with failure.
No business venture is a straight line to success; knowing how to deal with ups and downs is essential. Remember that every successful person out there failed dozens of times before getting a win. Failure isn’t the end - it’s just a data point on the way to success.
17. The desire to improve your world.
In the end, the best and most enduring motivation is to make a positive change in the world. When you focus your business and your success on that top priority, you’ll find yourself ready to weather any storm to meet the goal.
Don’t let this list intimidate or discourage you. Being an entrepreneur is a big task, but all of these skills can be learned. If you notice one you’re lacking in, go get it! Your eventual success depends on it.
Every entrepreneur has a different reason for starting his or her business, but at the end of the day, most entrepreneurs will tell you it's one of the most rewarding things they've ever done.
It's not just about being your own boss or getting to work from home — although those things certainly don't hurt. Entrepreneurship is great for so many reasons, big and small.(“SKILLS OF AN ENTREPRENEUR” 2016a)
PERKS OF BEING AN ENTREPRENEUR
Business News Daily asked entrepreneurs all over the world why they love what they do, and their responses ranged from incredibly inspiring to downright funny. Here's what they had to say:
No. 1: We, as humans, love new experiences but rarely can you experience a host of new things from inside your cubicle. This all changes when you are running the show. Starting your own business will ensure you'll always be facing new challenges and experiencing something new. — James Bregenzer, owner,Bregenzer Group
No. 2: When my boss told me to stay in my lane, I knew I had to do something else. The day I walked into my office and had the ability to grow my company was the day I knew I was exactly where I was meant to be. — Brittany Ringersen, CEO and founder, Lighthouse Recovery Institute
No. 3: The best part of being an entrepreneur is that you can get out of it exactly what you put in. The harder you work, the bigger the reward. — Elizabeth Henson, owner, Elizabeth Henson Photos
No. 4: The best part? Being able to say 'my company.' — Brian Pfeiffer, creator and CEO, Design a Tea
No. 5: By far what I enjoy the most about being an entrepreneur is theability to interact with a wide range of companies and individuals and to learn from them. — Linda Pophal, owner, Strategic Communications
No. 6: I feel fulfilled when Fridays come along and I get to give my employees their paycheck. My business is a small business (fewer than 15 employees), so I know all my employees well and like talking to them about their work and mentoring them if/when they need it. Also, knowing that there are people that depend on me for their livelihood drives me to keep growing my business. —Priyanka Murthy, head designer and CEO, Arya Esha
No. 7: One of the best parts of being an entrepreneur is that I can hire people to represent my company and myself, not some organization I'm working for. I have control over how I want my company to be branded. — Susan Baxter, president, Hire a WingWoman
No. 8:I'm never bored, since I'm always working on making something better. It's not a job where you do the same thing for 30 years, then retire. I get to try hundreds of different directions (some good, some bad) and learn as I go. —Jim Belosic, CEO, ShortStack
No. 9: As an employee, you are one ingredient in a recipe. You do not get to choose what gets cooked, how it is prepared or to whom it gets served. Additionally, your ingredient may be the one that will not make or break the recipe. As an entrepreneur, you have the freedom to design your own menu. — Karen Swim, owner, Words for Hire
No. 10: To me, one of the best things about being an entrepreneur is you're helping shape the future of the world. Whether it's a new consumer product, B2B service or a new medical device, what you do can have a profound impact on the lives of others. — Tim Segraves, co-founder, Revaluate
No. 11: I love that I get to decide who I help and how I help them. My clients are people I've chosen because I personally identify with them, so the problems I'm solving are both interesting and enjoyable. And I get to be creative in how I solve them, which would be harder to do as an employee. — Matt Becker, founder, Mom and Dad Money
No. 12: Being an entrepreneur allows me to color outside the lines and create clarity where others see chaos. It allows me to stretch beyond what I thought possible. — Michael Melfi, general counsel, Funderbuilt
No. 13: My worst day working for myself is nothing compared to my worst day working for someone else. — Jennifer Brown, founder, 3 Busy Dogs
No. 14: You have the opportunity to create an authentic, meaningful and sustainable corporate culture! — Jim Butler, CEO, RedKey Realty
No. 15: The best part of being an entrepreneur is getting to meet so many talented entrepreneurs, change-makers and passionate people, whether online or in person. If I didn't have to push myself to make my business succeed, I would have never stepped outside of my introvert comfort zone and made the great connections I have now. — Dana Rivera, owner, Dana Rivera Films
No. 16: I find the best part of [entrepreneurship] is that it allows me the flexibility to attend events at my children's school during the day, as well as volunteer at their school when necessary. A 9-to-5 corporate job would not allow me to do that. — Angelica L. Cox, owner and operator, The Wizor
No. 17: The best part about being an entrepreneur is being able to work with like-minded individuals and make a dent in the universe. — Tiffany Mason, owner, Mason Coaching and Consulting
No. 18: It is a whole-brain role — I have needed to learn and think and make decisions that impact the whole business, so I am constantly learning and experimenting with new things. It is exponentially more interesting than a clearly defined corporate position. — David McKeegna, co-founder, Greenback Expat Tax Services
No. 19: I get to wear T-shirts and bring my dog to the office. But actually, being an entrepreneur is great because I don't have to deal with any of the unnecessary rules, restrictions and bureaucracy of a large company. I just get to work on creating a company I love. — Ryan Farley, co-founder, Lawnstarter
No. 20: I'm real big on being legendary, meaning when I'm gone and forgotten about, my story will live on. Starting my own company and establishing it to the point where it is its own entity is my way of establishing a solidified legacy. — Kwame Molden, co-founder, SPGK
No. 21: One part of being an entrepreneur that I probably enjoy a bit too much is media coverage. Even if I've spent all day tweaking ad campaigns or with tech support trying to fix a computer issue, that little hit of validation is enjoyable. — Steve Silberberg, head guide and owner, FitPacking
No. 22: What I love most about being an entrepreneur is something I call the founder high. That's when a customer tells you that you created something that delighted them, excited them and made their lives better. — Adi Bittan, co-founder and CEO, OwnerListens.com
No. 23: I'm not trapped in pursuing the same career for the rest of my working life. I can continue to build my writing and marketing businesses, but if I do decide that there's an opportunity to do something else, it's all open to explore. — Dan Thornton, founder and creative director, TheWayoftheWeb.net
No. 24: I love the fascinating people I've been able to work with, around the country and around the world. — Shel Horowitz, owner, Green and Profitable
No. 25: I have the freedom to make decisions, my own decisions — right or wrong — without having to ask for permission or approval. — David Murdico, executive creative director, Supercool Creative Agency
No. 26: I'll say that, by far, the best bit of the many benefits of working for myself is that I now possess "work pajamas"! — Liz Scully, CEO, Rethink Retreats
No. 27: I get to decide my schedule each and every day. It's very empowering and allows me to be who I am. — Paul Lawrence Vann, founder, Living on Higher Ground
No. 28: I get to make a real impact in my community. It is very rewarding. — Jamie Broderick, founder, Network Now Connections
No. 29: I have lived by the motto, "It is not the money; it is the lifestyle." Because I run my own business, I live a great lifestyle. — Beverly Solomon, creative director, Musee Solomon
No. 30: After working alone in my office for close to a year, I decided to stretch the idea that I could work anywhere I wanted. For some entrepreneurs, that means working at home in their pajamas. For me (and my family), it meant leaving home completely and relocating to Europe. — Rob Marsh, owner, LogoMaker.com
No. 31: Being an entrepreneur has afforded me the opportunity to hear my son's first words, see his first steps, the first time he danced and enjoy having lunch meetings with my little round companion on a daily basis. — Holly Rodriguez, owner, H-Rod & Associates
No. 32: I love being able to take a nap whenever I damn well please. — Dan Nainan, comedian, DanielNainan.com
No. 33: I love that I have received a real-world MBA while doing what I am passionate about. — Emerson Taymor, co-founder and managing director, Philosophie
No. 34: Every little piece of the puzzle is your responsibility to figure out. That is so much fun! — Rob McGrath, president and CEO, Om Consultants
No. 35: Being my own boss allows me to take on new ventures and, more so, do what I want, with whom I want, and to win or fail with my own creativity and guts — on my terms. — Bernadette Boas, founder, Ball of Fire Consulting
No. 36: I can be as creative and as risky as I want to be with my company. If you work for someone else, you are working for their passions and in their way. I want it my way. I want my story. — Melisa Tropeano LaTour, owner, The MTL Communications Group
No. 37: First and most importantly is the tremendous freedom to create that is a result of being self-employed and calling the shots. — Joseph Ianni, founder, Swift Eyewear
No. 38: People can finally realize that I am more than just a Playboy model who looks pretty but actually has so much more to say, do and accomplish. — Stephanie Adams, founder and CEO, Goddessy Organics
No. 39: As a former CEO of a number of startups, I now help train the next generation of the same. — Thomas Frank, executive director, Center for Entrepreneurship at the University of Michigan
No. 40: I love being an entrepreneur so I can also be a full-time, nomadic traveler. I own next to nothing (but my business) and literally have traveled the world for the past three years! — Shanna Kurpe, founder, Grasp for Startups
No. 41: I think being an entrepreneur is absolutely the best route for women. I think this is true not just on a personal level, but as a society. The independence, confidence, character, financial sustainability, education and, importantly, sense of self that entrepreneurship provides has a true trickle-down effect. — Patty Kennedy, founder, Kennedy Spencer
No. 42: Being an entrepreneur is like being an acrobat without a net. For many people, this would create a level of anxiety that may impede effectiveness. However, for me and many other entrepreneurs, the stress associated with a lack of a backup plan focuses us and allows us to do more than we ever would be able to do working for someone else. — Dave Popple, president, Corporate Insights Global
No. 43: I love being able to enjoy the weekend every day. Yes, I love what I do, and my clients are amazing, but I can go shopping anytime I want, hang out with friends, go to movies, etc. — Monique Lewis, owner, Monique Lewis Management
No. 44: As the CEO of my company, I am able to dream big and stand for something important. There are very few jobs which nurture the soul quite as splendidly as being an entrepreneur. — Matt Reischer, CEO, LegalAdvice.com
No. 45: For me, it really is the idea of being responsible for my own success or failure. I would much rather be at the mercy of the marketplace than any "superior" in the workplace. — Don Bishop, owner, Affinigent.com
No. 46: Sure, doing what you love is a plus to working for yourself, but what I enjoy most is being able to track my success. Sadly, we have been taught success is increasing numbers, never missing a day of work or landing a client. But my success is literally getting up each day with a game plan and making it work. — Vannessa Wade, CEO, Connect The Dots PR
No. 47: I once had a boss complain I was always conflating things — mixing unlike things together. I realized I wasn't cut out for the follow-the-rules corporate world. As an independent brand strategist, I can conflate to my heart's content, and it is called creative, strategic thinking. — Lisa Merriam, founder, Merriam Associates
No. 48: Being an entrepreneur makes every day the best and worst day of my life — a thrill that can never be achieved doing anything else. — Zack Rosenberg, founder, Do Good Buy Us
No. 49: I quite literally cannot do anything else. I have a wicked learning disability, by U.S. educational standards. I cannot spell; I cannot file; I cannot do math. In fact, most low-level tasks are quite literally impossible for me, so working my way up the corporate ladder never quite worked out. — Beret Kirkeby, founder, Body Mechanics Orthopedic Massage NYC
No. 50: No wind, rain, storm or hail can stop me from playing golf as often as I can. And being an entrepreneur has allowed me to play golf as often as I want. — John Jonas, owner, ReplaceMyself.com
No. 51: The thing I love most about being an entrepreneur is the opportunity to change people's lives. — Havona Madama, CEO and founder, KidKlass.com
No. 52: The biggest thing that I love about being my own boss is the ability to dress or not to dress at work. Some days, I'm responding to customer inquiries, retail requests and marketing messages when I'm drinking my coffee and still in my underwear. — Lisa Cash Hanson, CEO, Snuggwugg Inc.
No. 53: If you really enjoy what you are doing, if you know you are making a difference, if you understand the impact of your work, it is no longer work. It is more of a passion, a mission. — Louis Altman, CEO, GlobaFone Satellite Communications
No. 54: As an entrepreneur, I find myself able to connect with people in a way that I never did as an employee. — Jean Kristensen, president and CEO, Jean Kristensen AssociatesLLC
No. 55: Religiously hitting the gym every single day became a priority to me. I've never been in better shape in my life. — Lori Cheek, founder and CEO, Cheek'd
No. 56: Being an entrepreneur is great because it makes me a better person. I set more goals for myself to accomplish for personal and professional reasons. — Ponch Thompson, owner, Ponch Cosmetics
No. 57: I love that I haven't had to wear a watch in seven years. With no watch, you can spend as much time as you need to get the work done right, without a boss looking over your shoulder. — Scott Carpenter, president, cPR Brand Associates
No. 58: We see life as an adventure, and we wanted to go through this adventure together. Whatever the end will be, we will go through this journey hand in hand! — Mariquel and Gaston Waingarten, co-founders, Hickies
No. 59: I love being an entrepreneur because of the challenge. You have to lead yourself on a journey through the unknown and overcome obstacles along the way. — Michael O'Donnell, owner, Cave Tools
No. 60: The best part about owning my own business is being able to choose the people I surround myself with: employees, clients, suppliers. I choose people with positive energy whom I respect and trust. It makes the work a lot more fun. — Diana Tedesco, owner, Fraiche PR and Communications
("Advantages of being an Entrepreneur”)
GOALS
If you want action, you need an action plan. Goal setting is the best way I know to transform lofty resolutions into bottom-line results. Research shows that when entrepreneurs set measurable goals for themselves, they're more like to achieve them.
When you engage in true goal setting, you define your objectives in pragmatic, measurable terms. You also need to identify the resources, time and funds you'll need to invest to attain them. That's how you develop action plans. Once you know where you want to go, the next step is to figure out how you'll get there and how much you're willing to spend on the trip.
Use the SMART System
When it comes to goal setting, the SMART system is simple, down-to-earth and gets the job done. Each goal must be defined so that it meets the following criteria:
S - Specific
M - Measurable
A - Achievable
R - Realistic
T - Timely
Specific, achievable and realistic-- Make sure your goals are concrete, concise and attainable. Instead of, "I want to make a lot more money this year," specify "I want to increase my revenues by X percent (a realistic amount) by the end of the year."
Measurable-- Frame your goals in such a way so you can measure your progress. For example, plan on measuring monthly or quarterly revenues against last year's figures--something you should be doing anyway.
Timely-- Give yourself a reasonable time frame for achieving your goal. Then break it down into smaller, short-term increments. Realistically, you may not achieve that X percent increase early in the year, but you can work toward it. Divide your goal percent increase into monthly or quarterly increments that allows you to build on your momentum. This produces measurable, attainable and short-term goals to pursue.
Record your goals and action plans on paper. Whether you write them down or type them, the very act of recording them will help you flesh out your ideas. Once your plans are complete, you'll have a detailed roadmap with directions to follow.
Review your goals and plans regularly. Make a monthly appointment with yourself if that's what it takes. This will help keep you on track as time unfolds.
Also, beware of "BHAGs"--big, hairy, audacious goals. Super-ambitious goals are great when it comes to long-range planning and decision making, but they don't lend themselves to goal setting. Focus on attainable goals that you can realistically reach within the year.
It's easy to make resolutions, but it's hard to make them come true. No wonder some entrepreneurs make the same resolutions every year, without ever achieving them. Don't let yourself fall into that group. This year, resolve to set SMART goals and action plans.(“Website”)(Silverstein 2007)
To get a more closer view of what being an Entrepreneur is like, I conducted an interview with 4 entrepreneurs who has the years of experience. It gathers data on what their life as an entrepreneur is like everyday.
THE QUESTIONS:
How did you start as entrepreneurs?
How long have you been entrepreneurs?
What inspired you to become an entrepreneur?
What was it like at the beginning?
How many employees should you have if you’re just starting your business
What’s your typical day? like do you do the same thing everyday?
What makes your job different from other people’s job?
How much do you earn (beginning to present)
If you don’t reach your sales goals, what do you do? how do you manage it?
Do you need a college degree to become an entrepreneur or do you have to go to business schools?
What are the skills that you need to have in order for you to become a successful entrepreneur?
How do you develop this kind of skills?
What are the characteristics of a successful entrepreneur?
What were the challenges and hardships did you encounter?
How did you deal with failures?
What has been your satisfying moment as an entrepreneur?
How much free time do you have?
How happy are you with your job?
What is your goal?
HOW DID YOU START AS ENTREPRENEURS?
There are many ways to start and become an entrepreneur, as I have interviewed 4 entrepreneurs, they all have different stories. Like for Respondent 1, started becoming an entrepreneur at a young age, selling hair accessories to her classmates and as she goes to college she worked and she used the money that she has earned for starting up her business. While with respondent 2, he started with networking, having to talk to people and earning a lot of money, with respondent 3 and 4 started their business together by creating burger towers.
HOW LONG HAVE YOU BEEN ENTREPRENEURS?
I interviewed 4 respondents and all if them has different number of years experience of being an entrepreneur, like respondent 1 who has been an entrepreneur for 15 years, respondent 2 for 19 years and respondent 3 and 4 for 6 years.
WHAT INSPIRED YOU TO BECOME ENTREPRENEURS?
There are many reason why people decide to become an Entrepreneur, respondent 1 was inspired by her mom to become an Entrepreneur, because her mom is really hard working and not afraid of taking risks.
With respondent 2, are people’s testimonies, seeing other entrepreneurs having great lives after their hard work, comparing it with other people who have different jobs, the outcome is always better when you're an entrepreneur.
What inspired respondent 3 on the other hand, what inspired her to become and continue becoming an entrepreneur was when she saw their business growing, she had this vision and goals that she wanted to reach. Her motivation in reaching her dreams is what inspired her. A different answer from respondent 4, is poverty inspired him to do business, since he doesn't want to experience poverty like he has experienced before he wanted to do business and earn and have a good life.
WHAT WAS IS LIKE AT THE BEGINNING?
We all know, when starting something new it all seems to be exciting, but with the interviewees answers, it changed my mindset. For respondent 1 at the beginning of putting up her business, it was really exciting, but as she realizes, it is really tiring because you get to be all-in-one person. She learned a lot of lessons during the first 2 years in business, she earned and it was like a game of math for her.
Respondent said that it was exciting but very very hard, the learning process, takes a lot time, and making a lot of mistakes is a part of it. He says. With respondent 3 and 4, first word of Christian was "disastrous", and Nhel follows that it is really hard to start and put a business. They first became self employed with their business.
HOW MANY EMPLOYEES ARE NEEDED TO START A BUSINESS?
Wouldn't it be so hard to start your own business all on your own and without an employee? I've asked 4 entrepreneurs regarding how many employees is needed when we're just starting up a business and all of them answered, that it actually depends on the type of business that you have. And they have given me an example based on their experience that if you're gonna have a small business like a food stall probably 2 employees for the work to be divided and for it to save time. But for a restaurant, probably 3-4 employees would do, to handle tasks and other customers.
WHAT IS YOUR TYPICAL DAY?
Having other jobs, have the same routine depending on the position, but with the entrepreneurs, they always have a task to do, they described their typical day, and according to the respondents, "A typical day is a busy day" always on the run, getting your hands dirty and you think while you run to finish your tasks".
Having to go to different places to meet up with clients and investors is his typical day, for him he does the same thing everyday but there's always a different kind of experience.They are always on the run, trying to be on the run, analyzing and monitoring the inventory, sales, etc.
WHAT MAKES YOUR JOB UNIQUE FROM OTHER PEOPLE’S JOB?
According to the 4 respondents, their job is actually pretty unique, they are pushed to be everything that they need to be in order for their business to go well. They are their own bosses and they are not limited, they grow as a person and with having their business they get to develop and discover their skills.
WHAT IS THE RANGE OF WHAT YOU EARN MONTHLY?
In each field of an entrepreneur, there's a different amount of earnings. And entrepreneurs don't have a stable profit. Like Respondent 2, who's at the fields of sales, earns 50,000-100,000 depending on the season and perseverance on having clients. With respondent 3 and 4, the range of what they earn in a month is 100,000-150,000 since they had just started a new kind of business and still are on the process of making it known. With respondent 1, she earns the range of 150,000-200,000 per branch since she has 2 branches of her business.
WHAT DO YOU DO WHEN YOU DO NOT REACH THE PROFIT THAT YOU EXPECT?
One thing about being an entrepreneur is that it's up to them how to make their business earn, and there will be times that they won't be reaching their profit goal, so I have asked them on what they do about it when they get into that situation, and according to respondent 1, she prays first then analyzes the problem and think of a solution she keeps herself and her staff positive and encouraged. Same with respondent 3 and 4. With respondent 2, he finds alternative ways on how he could catch up with the profit goal he is aiming for.
DO YOU NEED A COLLEGE DEGREE TO BECOME AN ENTREPRENEUR?
Most jobs these days, for you to become hired you need to have a college degree. But to become an entrepreneur, as respondent 1 said during our interview, she believes in education and having a college degree but having a college degree is not a basis of becoming a successful entrepreneur.
According to respondent 2. education is important, having to go to a business school can be a huge advantage when you want to become an Entrepreneur but not having a college degree won't hinder you from becoming an entrepreneur, anyone can be an entrepreneur, he says. No you don't need a college degree in order for you to become an Entrepreneur, respondent 3 and 4 says, but it isn't a period. You must continue studying the business industry and the field that you are in.
WHAT ARE THE SKILLS NEEDED TO BECOME AN ENTREPRENEUR AND HOW DO YOU DEVELOP THEM?
Each job requires skills, and to become a good entrepreneur, the skills that you need is the capability to love people, according to the 4 respondents is. To be creative and to know how to generate income and be a problem solver.
It is a must that you have a interpersonal skill, you have to know how to communicate in a professional way, to be emotionally stable when it comes to encountering problems and outcomes of risks and be decisive. A good entrepreneur should be good in sales, work on yourself harder and practice a lot.
WHAT ARE THE CHARACTERISTICS OF A GOOD ENTREPRENEUR?
To become a good entrepreneur, one must have a good habit and personality or characteristics. And respondent 1 said that a good entrepreneur knows how to take care of their employees, who strives for progress. Also respondent 2 They need to be stronger mentally and emotionally and be wise in making decisions and be focused and have good leadership and proactive in solving problems.
As for respondent 3 and 4, they believe that a good entrepreneur is God fearing, because once you are God fearing, everything follows through, especially when a challenge or loss comes they would know how to deal with it.
A good entrepreneur is willing to learn, to become like a sponge and absorbing everything good, be open to people's suggestions and be open minded. To always see the positive side on every situation, because if you fill your mind with negative thoughts, it will bring you no good.
WHAT WERE THE CHALLENGES AND PROBLEMS DID YOU FACE AS AN ENTREPRENEUR?
Life never runs out of problems and the challenges entrepreneurs face, like for respondent 1 is when she experienced losses from her business and got outraging complains from her customers.
With respondent 2 is bankruptcy, failures of relationships, being fooled legally and a way to deal with it is having the resiliency and having to move on with respondent 3 and 4 is balancing their personal life and business life, avoiding their personal
Life to be affected when they have problems with business or vice versa. And to also hire an employee to trust. There’s no failure, a failure is the person, failure is an opportunity to learn, and to adapt and adjust you become a better person.
Failures never stops, once you decide to give up, that is failure. I'm excited to fail, because in each failure, there is an opportunity and a lesson. If it does not demote you, you are not a failure.
WHAT HAS BEEN YOUR SATISFYING MOMENT?
Respondent 1’s satisfying moment as an Entrepreneur is seeing her business run on its own. While for respondent 2’a is learning and developing the skills, you can lose money overnight in business but the skills no one can take that away from you, which gives you the ability to earn and be a millionaire.
While respondents 3 and 4 satisfying moment is when other people see you and your business is up and running and they wanna listen to you since you have this experience, and also to share the deeper reasons why people should start their business and realizing why they are doing their business because of this it has changed their lives.
HOW MUCH FREE TIME DO YOU HAVE?
We have 24/7 of our free time but we decide to use our time to work hard and be hands on with our business. We can decide when to take a break or a vacation. Free time comes and goes. You have control over your time, everyday I can decide whether i'll have my free time or not, it depends.
WHAT IS YOUR GOAL AS AN ENTREPRENEUR?
Each entrepreneur has different goals, and their goals is to have lots of business, successful business' up and running, and to be able to help other people and consumers and to impart knowledge to young people that as early as now it is important to become an entrepreneur.
HOW HAPPY ARE YOU WITH YOUR JOB?
75% of the entrepreneurs were very happy with their job, knowing that everyday they get to learn, and have finally put up their once was a dream business that even though there full of struggles, there is still this feeling of fulfillment. While 25% is just satisfied with their job and still trying to strive for their business to grow
CONCLUSION
Through the process of gathering my data, I have learned so much, from the facts, information, opinions and especially from the people that I have interviewed. There are a lot of advantages of being an entrepreneur. You can be your own boss and own your time, having to decide when you’ll work and have a vacation. You don’t have the same old routine everyday, you won’t feel limited with the things that you experience and you even meet new different people. You give new opportunities and chances for employment and help consumers with their problems. Although there are many perks of being an entrepreneur, there will also have disadvantages, like pouring so much time working on your business, and being hands on especially when it has just started, you have to always monitor. You’ll have a hard time trusting and hiring a good employee for your business.
Having to balance your personal money from your business money. Experiencing losses and rejections. But it’s all part of being an entrepreneur you can never learn without having to go through hardships and failures. I’ve learned that anyone can be an entrepreneur, and the best time to start is now. Though it is going to be hard, if you have this burning passion and strong drive and perseverance it will get you to your goal.
I still do believe that this is the kind of career that I want to pursue, considering the fact that we all need to be practical and I don’t want someone to control my time or even myself. I long for new experiences and lessons everyday even if that means I’m gonna have to learn and experience the hard way. Failures and rejections will always be there and I know it will help me grow as a person in terms of my characteristics and attitude towards the situation. It will give me more opportunities to help more people and my family. When an employee retires, most of them ends up having their own business,for them to earn and make a living, but I don’t have to wait for retirement for me to have my own business. Being an entrepreneur just doesn’t benefit me but it will also benefit others.
BIBLIOGRAPHY
(Silverstein; “The Top Skills Every Entrepreneur Needs”)
“7 Schools For Entrepreneurship” by Roderick L. Abad, Entrepreneur.com, published April 2012