For many Americans, owning your own business has long been the dream. In fact, it may be fair to say that starting and operating an independent company successfully is the true American Dream. While entrepreneurship has always been a potential choice for students, in recent years it has become increasingly popular, particularly among millennials. The following reasons are just some of the explanations behind the rising popularity of the entrepreneurship degree.
Desire for a Flexible or Nontraditional Work Schedule
One of the biggest motivating factors among students with the desire to become an entrepreneur is the potential to have a nontraditional work schedule. In a typical business or administrative role, a normal shift for work might be 9 a.m. through 5 p.m., Monday through Friday.
While this may be ideal for some, for others it is representative of the so-called rat race, which encourages conformity and the same routine day in and day out.
Being an entrepreneur can offer far greater flexibility when it comes to work. While there is no question that running a company on your own takes a tremendous amount of time and effort, often for little financial reward in the first few years, most business owners can carve out time to spend with family, attend social events or volunteer within the traditional office hours.
If you detest monotony and want a career that is outside of the box, then entrepreneurship could be a smart choice for your future.
Reduced Employment in the United States
There is also an unmistakable connection between the employment rate in the United States and the desire of many to go into the field of entrepreneurship. Recently, overall unemployment in the United States was classified as 6.1%, which is far better than it has been in recent years. With the economic crisis in North America, and in fact around the world, came a feel of job insecurity for many employees.
Some companies collapsed altogether while others had to lay off staff in order to stay afloat. When unemployment rates rose post-2008, many Americans decided not to rely on big companies for their salaries each week or month. Going into business for yourself still carries plenty of risk, but it was preferable for many Americans who were struggling to find employment anywhere else.
Potential for Tremendous Financial Success
Everyone has a friend of a friend, an old classmate or a distant family member who has a fantastic rags-to-riches story. These tales are repeated often, and they show that hard work as well as dedication can often lead to financial success. Many of the richest Americans and global businessmen are self-starters that were able to open up their own businesses and then expand into an empire.
Realistically, most budding entrepreneurs know that they will never become the next Donald Trump or Mark Cuban. However, they may still hold on that dream of becoming hugely successful. If you do exceedingly well in a paid position with a company, you might get a portion of the overall profits in the form of a bonus at the end of the year. If you own the company, you can enjoy the bulk of your profits as a reward for all of your work and the risks you took.
Responsibility and an Opportunity to Be a Leader
Although some employees enjoy having a manager to guide their actions and help them know what to do at work, others prefer the freedom to make their own decisions. If you are a natural leader who wants to take responsibility for your own actions, then becoming an entrepreneur is a natural decision. Obviously, owning your own business requires a lot of knowledge ranging from financing a new company to hiring competent staff. It can be a challenging process with a substantial learning curve, but it can also be thrilling. If having extra responsibility doesn’t stress you out, and you are eager to break free from having a handful of superiors watching your every move at your current place of employment, being self-employed is a fantastic opportunity. Many of the current and past college students studying entrepreneurship are those who felt disillusioned at previous jobs.
Job Creation for Friends and Family Members
Part of the desire to become an entrepreneur also has to do with helping those around you. More than 23 percent of small, independently-owned businesses are run in part by family members of the owner. If the creation of a company goes according to plan, expansion will require additional employees to handle the workload. For many entrepreneurs, this means the opportunity to employ friends and family members that may struggle to find work elsewhere.
There is no question that many small businesses are profitable to owners as well as advantageous to entire families and communities.
Ability to Work For Yourself and Answer to No One Else
If you were to ask a class of entrepreneurial students about the number one reason that they chose this particular course of study, there is a good chance that at least some would answer with, “the ability to work for yourself”. In a typical large corporation, you have to think about more than just your own beliefs, passions or ideals. You have to follow business protocol, human resources policies and the bottom line for the corporation.
When you run your own business, you can call the shots yourself. There is no one to take orders from, and everything from profit margins to sales pitches can be decided by you.
Reduce Reliance on Large and Multinational Corporations
There is absolutely nothing inherently wrong with large corporations. In fact, many, such as Microsoft, lead to positive donations and progress through things like the Bill and Melinda Gates Foundation.
Despite this fact, some individuals are concerned with the rapid growth of large corporations as well as the decline of small, family-owned businesses. This change is a large motivator for many entrepreneurs, and it inspires them to get an entrepreneurship degree and start their own small business.
Need for a Versatile Degree at the College Level
Finally, it is important to note that entrepreneurship degrees can be a very versatile choice for college students. After graduation, you could definitely decide to start up your own business, and you’ll have the tools and knowledge you need to begin. Courses in your curriculum that include things like marketing, sales, human resources, management and financial accounting can also prepare you for additional careers.
You might go to on become a marketing consultant, an advertising sales professional, a financial budget manager, a payroll specialist, a staff recruiter or even a manager. The entrepreneurship degree is so varied that you can pick from any number of careers after you have completed the degree program.
It is clear to see that entrepreneurship is a popular area of study for a number of different reasons. If you want to earn your own degree in entrepreneurship, it may be easier than you think thanks to the availability and convenience of programs through accredited online colleges.