Preparing and Training for an Entrepreneurial Career

Understanding Entrepreneurship

Simply put, entrepreneurs are people who start their own businesses, whether it's a neighborhood cafe, an online shoe store, or a huge corporation. However, entrepreneurs need not be billionaires. Self-employed workers who fly solo--from freelance writers and real estate agents to street vendors and independent consultants--are entrepreneurs as well.

Entrepreneurship takes guts: more than half of all new businesses fail within four years. If you're a natural self-starter, a promoter, and organizer, you can boost your chances of success by getting the necessary career training, conducting diligent research, and knowing what to expect.

Entrepreneurship 101

Since entrepreneurship happens in every industry, career training requirements vary widely. Still, every aspiring entrepreneur should master the basic skills it takes to manage daily operations, supervise employees, plan budgets, negotiate with clients and contractors, and ensure that all legal and financial obligations are met. That's a tall order, especially if you can't drop everything to go back to school.

Since many aspiring entrepreneurs plant the seeds for their new ventures while working full-time, online education can be a convenient option. You can take courses, complete assignments, and even earn a degree on your own time, from the comfort of your own home.

If you are a future entrepreneur, you may want to consider an associate's degree in business administration or accounting, or a bachelor's degree in business administration, management, finance, or a related discipline. A master's degree in business administration (MBA) could you even more credibility in the eyes of loan officers, grant administrators, and potential investors.

The Entrepreneur "Eureka" Moment

The not-so-secret ingredient for a successful business plan is a killer idea, and not just any killer idea--it has to be timely. Businesses succeed when the market is ripe for the products and services they offer. Here is a list of individuals that took advantage of needs in the business market:

• Michael Dell. The founder of Dell Computers started his company out of his dorm room in college with $1,000. He is now worth $12 billion dollars.
• Bill Gates. The Harvard dropout and software tycoon started Microsoft and now has a staggering personal worth of $40 billion dollars.
• Lia Ka-Shing. Dubbed "Superman" in Hong Kong, Ka-Shing operates the largest company of container terminals. Along with numerous other business interests, from oil to electricity, real estate to healthy and beauty outlets, Ka-Shing is worth $16.2 billion dollars.
• Carolos Slim Helu.This telecom giant is the song of a Lebanese immigrant. In 1990 he purchased Telefonos de Mexico (Telemex) and today owns and controls 90 percent of all Mexico's telephone landlines. In 2009, he was the third richest man in the world with a $35 billion dollar fortune.
• Ingvar Kamprad. You may not be familiar with his name, but you are probably familiar with the name--IKEA. Kamprad began selling furniture in 1947 and shortly thereafter, opened IKEA. Business revenue was up 7 percent in 2008 and Kamprad holds an estimated worth of $22 billion dollars.

Sealing the Deal with Capital and Right Business Structure

Once you have an idea and a business plan, the next step is securing some cold, hard cash. If you don't have deep enough pockets yourself, you can take out a loan, apply for a grant, or start pitching your concept to potential backers. Be sure to take advantage of the U.S. Small Business Administration, which helps entrepreneurs succeed by providing education, resources, consulting sessions, and financial assistance.

Registering and opening a company can be a complicated legal process, and it may be well worth the extra expense to hire an attorney and an accountant. They can help you choose the right business structure from among these options:

• Sole Proprietorship: As the founder, you have full control and ownership of your business.
• General Partnership: Two or more people own and run the business, sharing in all profits and losses.
• Corporation: Founded by one or more shareholders, the business is a distinct legal entity with its own rights, privileges, and liabilities.
• Limited Liability Company: A popular choice for small businesses, the LLC offers more control to owners, including the ability to transfer their share, while protecting them from most personal liabilities.

A few years down the line, once you've settled into that plush corner office, don't forget how hard you worked to get there. And when a would-be entrepreneur looking for investors arrives at your door, business plan in hand, take the time to read it over.

You may be in the presence of the next Bill Gates.