The Student's Guide to an Entrepreneurship Major

Summary:

How do you take a passion and turn it into a business? How do you develop the skills you need to compete? Entrepreneurs align their passion with their strengths — even in high school.

Key Points:

• Close to 20% of the entire U.S. workforce consider themselves entrepreneurs.
• More than 50% of entrepreneurs say the biggest motivation for starting a business was the idea of ‘being my own boss.’
• 25% of entrepreneurs said that they made the decision because the opportunity presented itself.
• Discover the five suggested tips to help you get started.

What do Hart Main, Kamaria Warren, and Mikey Wren have in common? They all became successful entrepreneurs as teenagers. Main invented a concept for manly-smelling candles, called the ManCan™. Warren designed a line of stationery and party products for girls of color. And, Wren teaches financial literacy to children in his community; he’s even written two books on the subject. They all followed their passion to success before even reaching college.

Entrepreneurship is having its moment; especially among younger generations. How do you take a passion and turn it into a business? How do you develop the skills you need to compete? Here, we’ll look at tips for success, how to evaluate the risks, and pre-college courses you can take while you’re still in high school that will ground you in the skills required to compete in the world of entrepreneurial business.

First, a look at what’s trending

According to a leading survey, there are more than 31 million entrepreneurs in the U.S. today. That’s close to 20% of the entire U.S. workforce. The same survey offers these interesting findings:

• Working in a high-level corporate position is a dream of the past.
• Nearly 60% of entrepreneurs worked in a corporate position before starting their own business.
• 97% of self-employed people say they would never go back to “traditional” employment.
• More than 50% of entrepreneurs say the biggest motivation for starting a business was the idea of ‘being my own boss’.
• 25% of entrepreneurs said that they made the decision because the opportunity presented itself.
• 30% of entrepreneurs only have a high school degree, and only 9% have a bachelor’s degree in business.
• The U.S. is the number one country for entrepreneurs.
  

5 tips for becoming an entrepreneur

ONE: Follow your passion, but know your skills: Everyone has a passion for something, whether it’s a sport, technology, medicine, or business to name a few. But when it comes to passion, you need to put it​​ to the test. And that means, asking yourself certain questions: does your passion fit your personal skills? What are you good at? 

Let’s say you have a passion for venture capital investing and would one day like to pursue a career in it. But your knowledge of the field is minimal. Consider a pre-college venture capital course that you can take online while in high school. Now you’re lining up your passion with real knowledge. What better way to see if they’re a match?

TWO: Do your research: Let’s say you have an idea for a line of kids’ beds. Maybe it’s a fun take on super heroes. The first thing you need to do is look at the existing market. If this type of product line exists, it may not be worth pursuing. After thorough analysis, If you find a gap within the existing market for this type of product, you can set your goals. 

Keep in mind, part of research includes identifying your target customer. You’ll need to compile data on your customer profile, and think through the best ways to reach them, whether it’s through social media, traditional broadcast commercials, e-commerce, public relations, and other media channels that allow you to build a customer base.

THREE: Write a business plan: According to Forbes, here are the principal sections you’ll need to include in your plan: 

• Write an executive summary — a short, concise description of your business, target market, and financial status. 
• Include the structure of your business: sole proprietorship, LLC, or corporate partnership. 
• Write up the history of the business, how it evolved, what differentiates your product from competitors, financial goals, and opportunities to meet your target objectives.

FOUR: Secure financial backing: Consider how much money you’ll need. A few examples:

• Cost of designing and marketing your product.
• Manufacturing and shipping costs.
• Employee costs.
• Bill-paying totals by month.

FIVE: Network, network, network: The wider your network, the better positioned you are to attract investors. Experienced pros can also serve as mentors and links to other professionals in your field. If your business pitch is well written, and you can recite it with passion, you will find opportunities and supporters as your network grows.

These are just a few of the preparatory steps entrepreneurs take to build a successful brand. If you have already got an idea of what you’d like to do, but lack the essential knowledge and skills you need to pick the right major, Prelum can help. We partner with some of the most renowned universities in the nation; many of whom offer pre-college courses in entrepreneurship.

Pre-college courses in entrepreneurship

You’ll want to check out the Case Western Reserve University social entrepreneurship course, designed for motivated high school students. This fascinating program focuses on entrepreneurship that helps others. Entitled, Social Entrepreneurship: The Business of Helping Others, the course teaches the fine points of writing a value proposition and a business plan. You’ll learn how social entrepreneurs identify a target market, how they raise funds, market their products, and solve problems in their communities.

Another great option is the Georgetown University pre-college online entrepreneurship course. This course will teach you how to identify a need in the marketplace and what steps to take to launch a business. You’ll create a story for your product, write a business plan, learn the skills you’ll need to lead a team, and discover how to test out your product to deliver a successful launch.

A college prep program is a great way to align your passion with your strengths. And, our online format is highly flexible, allowing you to study anywhere, anytime that fits your schedule. If you have a spirit of independence, make sure to align your interests with your skills. Prelum college prep is a great place to start. Check out our universities and courses today.