Entrepreneur

Entrepreneurs work for themselves in their own business. It is possible to start a business in almost any field, based on a good idea and the necessary skills and motivation. Individual articles on this website contain information on whether self-employment is possible or usual in specific careers.

The daily tasks of an entrepreneur vary enormously according to the type and size of their business. As well as providing the product or service at the core of their business, entrepreneurs are likely to spend a lot of time on other tasks including business research, finding finance, finding suppliers and negotiating prices, sales and marketing, customer relations, staffing issues and training and development.

There are no set hours for entrepreneurs and long hours may be necessary to suit the needs of customers or meet deadlines. Entrepreneurs may work in a wide range of places depending on their business.

Earnings for entrepreneurs can range from less than £10,000 to over £100,000 a year. A number of expenses must be taken into account before income is taken from the business.

Entrepreneurs should:

• have a good business idea
• be self-motivated, confident and enthusiastic
• understand their customers' needs.

New businesses start up all the time, but starting a business is a complicated and, in many cases, expensive procedure which needs careful planning. Organisations such as Business Link specialise in providing advice and support for new and small businesses. There are also organisations that run programmes for young entrepreneurs, including Young Enterprise and Prince's Trust.

Instead of starting a business from scratch it may be possible to buy an existing business or a franchise.

It is possible to become an entrepreneur without formal qualifications but a qualification in enterprise or business studies may be useful. For many entrepreneurs, education or training relevant to their business is an important factor in their success. It is also important to remember that there may be a legal requirement for people providing certain services to follow a set training route and have specific qualifications.

Some people spend time working for an employer before setting up their own business, which can provide valuable training and contacts.Entrepreneurs must also keep up to date with new developments in their field.

Entrepreneurs progress by growing their businesses, usually by finding new customers or increasing the range of products and services they offer. Networking with other entrepreneurs can be a good way of discussing ideas and finding new opportunities. Increasing the size of the business often means that more time is spent on management and business development tasks.

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