Daniel Graham

Business 1010
21 April 2015
Entrepreneurship
Job Description
What is an entrepreneur? The definition varies depending on the person that is
asked. There are many different opinions and ideas concerning the answer to this
question. Fiona Tilley and William Young (2009), from the University of Leeds in the
UK, stated that, Despite the modern enthusiasm for entrepreneurship, there is no
universal accepted definition. The many guises an entrepreneur can take may be one
explanation for this anomaly (p. 80). In short, an entrepreneur is someone that starts
and runs, or helps run, a business. The size or specialty of the business does not matter.
All that is important is that the entrepreneur has the mindset and skillset that is
required to accomplish such a task, follows through, and opens the business that he/she
set out to create.
General Career Path
Being an entrepreneur is not an easy career path. It requires determination,
persistence, and the willingness to accept the risks that come from this occupation.
There is never a guarantee that everything will work out the way it was planned. The
entrepreneur needs to be open and responsive to change and willing to make those

changes when necessary. He/she also needs to be extremely aware of his/her

surroundings and competition. Javier de Alfonso (2007) has a very interesting view on
how business competition should be handled. He states, This world is a disaster
because we compete with each other (p. 215). It is very obvious to see that there is a lot
of competition in the business world. Many companies offer the same product or
service, and target the same customer pool. Competition is inevitable in this situation.
Alfonzo (2007) continues:
The world will work much better when it is based on collaboration, with
everyone contributing what they best know how to do. Meanwhile, we can focus
the competition inward, for facing self-denial every day and doing what has to
be done instead of what we would like to do. (p. 215)
The world obviously does not work together in the business market. So the
entrepreneur needs to be aware of what the competition is doing and how to have the
edge to attract more costumers.
General Education Experience
Many believe that to be an entrepreneur all one needs is an idea and the drive to
make it happen. There is a lot to know and do when opening a business and many
different ways to approach it. Many universities across the country now offer courses
that are specific to becoming an entrepreneur. Minnette A. Bumpus (2008) from the
University of the district of Columbia said, More than 2,000 colleges and universities in

the United States, about two-thirds of the total, now offer a course in entrepreneurship
(p. 302). This is a good way to learn the fundamentals and basics to work towards
becoming an entrepreneur. However, there are also those that succeed with no more
than a dream and hard work. Anna Macko and Tadeusz Tyszka (2009) recorded the
results of a study conducted to differentiate the skills and personalities of managers and
entrepreneurs to perform business tasks. It states, The results obtained by Chen et al.
show that in skill-dependent tasks, entrepreneurs were more likely than students to
associate success with their own skill and also they were more likely to rate more highly
the chances of undertaking the planned activities (with a high correlation of the two
ratings) (p. 472). The entrepreneur must be ready for whatever comes his/her way. A
formal education is not needed, but it does not hurt either.
Average Salary
The salary of an entrepreneur can vary so much depending on the success of the
business. Because of this factor, it is difficult to give an exact number for how much
entrepreneurs make. According to Simply Hired (2015) an entrepreneurs salary can
average $50,000 and go up from there. Again, depending on the success of the business
and skill of the individual.
Career Outlook
The future for entrepreneurs is bright. The possibilities are endless and the sky is
the limit. If the right product is revealed at the right time to the right customer pool,

there is potential for substantial growth. Entrepreneurs can also participate in private
contracting, or in other words, do work for other businesses. This is a growing trend.
Barbra ONeill (2014) states, One in three workers has a temporary freelance job. It is
estimated that, by 2020, more than 40% of the American labor force 60 million people
will be self-employed (p. 9). This estimate is encouraging for those people who are
looking into starting and running their own business.
Bio of Someone in the Profession
There are many great examples of successful entrepreneurs, but it is not a career
that is heard much about. This may be because people are not aware of who is an
entrepreneur. As I thought of successful entrepreneurs, there was one name that stuck
out in my mind. This person is one of the most successful entrepreneurs in the world:
Michael Jordan. Many may not see him as more than the greatest basketball player. But
in his career, he has been successful on and off the court. Throughout his basketball
career, Jordan was a great athlete and team player. He led the Chicago Bulls to 6
successful championships. He is known as one of the greatest that ever played. But
what most people do not realize is his success in the business world. In the 80s, Jordan
signed a contract with Nike shoes. At the time, the National Basketball Association
(NBA) had an exclusive contract with Reebok shoe, and any player who did not wear
Reeboks was fined. Nike told Jordan they would pay his fines if he would wear Nikes.

They did this as a marketing strategy, and it was one that worked better than could ever
be imagined.
As Jordan wore Nike shoes, the popularity of Nike increased, and the NBA
terminated their contract with Reebok. Later, Jordan (the entrepreneur) released his
own shoe line under the Nike brand called Jordans. Kurt Badenhausen (2011) from
Forbes Magazine helps put into perspective the success of the Jordan shoe brand in
todays basketball world. He states, The Jordan Brands market share of the U.S.
basketball shoe market is 71% according to SportsOneSource. The rest of Nike holds
22%, while Adidas and Reebok account for just 3% and 2% respectively. Jordan has
deals with other clothing, video game, and sports drinks companies, but none come
close to the success for Jordans shoe brand. These shoes were a good idea that was
presented properly from a creditable source. Although the success of Michael Jordan
would be near impossible to duplicate, it goes to show the smart tactics used to promote
a product that people want.
Pros and Cons
Along with any job, there are pros and cons to being an entrepreneur. The pros
include the ability to do things the way that one feels they should be. There are many
freedoms that come from this profession that are not found commonly in others. There
are limitless opportunities for growth and success. Being a successful entrepreneur is a
result of much hard work and persistence. That success is sweet and fulfilling. There

are a lot of potential good things that come from being an entrepreneur. But along with
the pros comes the cons.
Entrepreneurship is a very risky field of work. If the product does not sell, or if
there is defect in it, this can hurt the business significantly. There is an incredible
amount of time and work that needs to be put in in order to be successful. There is
never a guarantee. That is one of the biggest cons to this profession.
Your fit with this career
I have always dreamed of owning my own business. The thought of being selfemployed is very exciting to me. I like the thought of not having to work under anyone.
The business market is one that is always changing and improving. I would like a part
in that. I have not decided on what kind of business that I would open yet, but the
dream is still there.
I am the kind of person that will work hard for what I want: even if it does not
come easy. I am willing and ready to change depending on what the economy and
business atmosphere looks like. Seeing these changes and trying to stay ahead of them
would be a challenging, yet exciting part of the job. I feel that I posses good leadership
qualities that would help in assuring that business was done correctly and honestly,
while having the companys and employees best interest in mind. I see this as a very
difficult career path, but one that comes with much reward when executed well.

Sources
Badenhausen, K. (2011). The Business of Michael Jordan is Booming. Forbes Magazine.
Retrieved from
http://www.forbes.com/sites/kurtbadenhausen/2011/09/22/thebusiness-of-michael-jordan-is-booming/
Bumpus, M. A., & Burton, G. (2008). Chapters in the Life of an Entrepreneur: A Case
Study. Journal Of Education For Business, 83(5), 302-308.
De Alfonso, J. (2007). The Path of the Entrepreneur. AIP Conference Proceedings, 905(1).
212-215. doi:10.1063/1.2737017
Macko, A., & Tyszka, T. (2009). Entrepreneurship and Risk Taking. Applied Psychology:
An International Review, 58(3), 469-487. doi:10.1111/j.1464-0597.2009.00402.x
O'Neill, B. O. (2014). Managing Market Changes: Essential Skills for Entrepreneurs and
Intrapreneurs. Journal Of Family & Consumer Sciences, 106(2), 9-15.
Simply Hired. (2015). Average Entrepreneur Salaries [Data File]. Retrieved from
http://www.simplyhired.com/salaries-k-entrepreneur-jobs.html
Tilley, F., & Young, W. (2009). Sustainability Entrepreneurs. Greener Management
International, (55), 79-92.