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Entrepreneur Career Guide
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Overview

What Is an Entrepreneur?

An entrepreneur launches and operates a business, often called a startup, in its early stages. They identify areas of opportunity, develop a business idea and business plan and assume financial risk to launch the business. An entrepreneur may develop a business idea by identifying a common problem and developing a solution for it. Entrepreneurs may operate their businesses as sole proprietorships (without employees), or they may hire employees. Over time, an entrepreneur may expand the business, such as by establishing new locations and hiring more people.

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Role

What Do Entrepreneurs Do?

Entrepreneurs are responsible for building, launching and managing a business. On a day to day basis, this often means setting direction, securing resources and overseeing how ideas turn into products or services. Especially in early stages or small operations, entrepreneurs may handle a wide range of responsibilities, from planning and product development to marketing, sales and people management. As businesses grow and teams expand, some tasks can be delegated, allowing entrepreneurs to focus on higher level strategy and decision making. Their primary areas of responsibility often include:

Business Planning

Entrepreneurs develop the strategic vision for their business, such as by conducting market research and assessing the competition. They may also develop the business’ products or services.

Financial Management

Business owners may handle budgeting, financial forecasting and financial reporting. They raise capital, manage cash flow and work to increase profits.

Operations Management

Entrepreneurs may take a hands-on approach to managing their business's daily operations, from logistics to customer service.

Outlook

Is Being an Entrepreneur Worth It?

Launching a business may be worth considering for individuals who are passionate about their idea, have researched their market and industry, and are motivated to grow a business over time. According to the U.S. Bureau of Labor Statistics (BLS), about 9.1 million people were self-employed in 2023.(See disclaimer 1) Additionally, the United States Census Bureau reported revenue for sole proprietorships in the U.S. was almost 1.8 trillion in 2023.(See disclaimer 2)

Because entrepreneurs work for themselves, they must evaluate opportunities within a specific industry rather than relying on job growth or salary statistics from the BLS. Reviewing industry conditions and competitive landscapes can help prospective business owners decide whether entrepreneurship aligns with their career goals.

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Jobs
9.1 Million

Number of unincorporated, non-agricultural self-employed workers in the 4th quarter of 2023(See disclaimer 1)

Salary
~$1.8 Trillion

Revenue of sole proprietorships in the U.S. in 2023(See disclaimer 2)

Growth
78.4%

Percentage of U.S. businesses that are sole proprietorships as of 2023(See disclaimer 2)

Settings

Common Entrepreneurial Businesses

Entrepreneurs most often operate within startups, small businesses and independently owned ventures across a wide range of industries.(See disclaimer 3) Many launch businesses based on prior experience or specialized knowledge, while others pursue new opportunities through online, e-commerce or service based models.(See disclaimer 3) These ventures can vary in size and structure, but they typically center on innovation, flexibility and identifying unmet needs within a market.

An entrepreneur may start any of the following types of businesses:(See disclaimer 4)

Online or digital business

An online or digital-based business sells products or services through digital platforms, often relying on websites, apps or online marketplaces to reach customers.

Product-based business

A product-based business focuses on selling physical or digital products, such as manufactured goods, retail items or downloadable content through in-person or online channels.

Service-based business

A service-based business delivers expertise or labor to customers or clients, offering services like consulting, repair work, health and beauty services or hospitality support.

Franchise Business

A franchise business allows an owner to operate under an established brand, following an existing business model while using the franchisor’s trademarks and operational systems.

Career Path

How To Become an Entrepreneur

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There is no single required path to determining how to become an entrepreneur. According to the BLS, just over 9 million people were self employed in 2023, meaning they worked for themselves without forming a separate company, such as an LLC or corporation.(See disclaimer 1) This data illustrates that many individuals pursue business ownership through varied routes, some after years of industry experience and others shortly after graduation, confirming there’s no single defined path to becoming an entrepreneur.

While backgrounds vary, entrepreneurs generally follow these steps to launch a business:(See disclaimer 5)

Research

Entrepreneurs conduct market and competitor research to develop a business idea. They research the services or products they intend to sell.

Preparation

Entrepreneurs prepare for launch by writing a business plan, obtaining funding, hiring employees, establishing a business structure, managing permitting and handling other legal and tax requirements.

Launch

Entrepreneurs launch their new business by creating and implementing marketing campaigns to raise brand awareness and generate public interest in their products or services.

Education

Entrepreneurship Education Requirements

High School Diploma

It can be helpful to lay a strong foundation in high school for future entrepreneurial endeavors. Take electives in business, finance and economics, and participate in activities that build leadership, critical thinking and problem-solving skills, such as debate club, community projects and math or science competitions. Some high school students might start small business ventures during this time.(See disclaimer 5)

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Degrees for Aspiring Entrepreneurs

420 Matching Degrees
Skills

What Skills Does an Entrepreneur Need?

Entrepreneurs often benefit from a combination of industry-specific expertise and transferable soft skills developed through education or experience. These abilities can support planning, decision-making and long-term business growth and they play a key role in how entrepreneurs navigate the challenges of starting and managing a business.(See disclaimer 9)

Important skills for an entrepreneur include:(See disclaimer 9)

Effective Communication

Support clear collaboration, effective leadership and meaningful engagement with team members, investors and customers

Adaptability

Helps navigate changing market conditions, adjust strategies and respond to new opportunities

Professionalism

Strengthen professional relationships within an organization and across broader business networks

Problem-solving

Enable creative approaches to challenges, forward-thinking planning and effective decision-making

Explore Business Career Options

Considering a different direction? Discover a range of business careers that align with your interests, skills and long‑term goals.

Careers in Business
Career Fit

Is Business Right for Me?

Entrepreneurship can be an exciting career path, but it may not be the right choice for everyone. If owning a business doesn’t align with your goals, there are many other ways to build a career in business that still offer growth, leadership and impact. Fields such as accounting, project management and business analytics may provide alternative paths that better match your interests and strengths. Explore GCU’s broad range of business degrees to find options aligned with where you want your career to go next.

Business Degrees
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Explore More on Entrepreneurs

Take a deeper look at what it means to pursue entrepreneurship through this collection of related blogs. These articles explore business ownership, entrepreneurial opportunities and considerations to help you better understand the paths, skills and decisions involved in starting or growing a business.

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What’s the Best Degree for Entrepreneurs?

This blog explores which college degrees can support entrepreneurial goals, highlighting academic paths that can help build business knowledge, leadership skills and strategic thinking for aspiring entrepreneurs.

Read Article
A small group of entrepreneurs networking at a business conference, engaging in conversation and exchanging ideas in a modern event setting.
Entrepreneur vs. Intrapreneur

Learn how to break down the key differences between entrepreneurs and intrapreneurs in this blog. Understand how each path operates within business environments and which approach may better align with your career goals.

Read Article
An entrepreneur manages a small business while talking on a phone at a workspace. An entrepreneur standing behind a workspace counter in a small retail or studio space, managing a small business while talking on a phone.
What Are the Pros and Cons of Being an Entrepreneur?

This blog helps you weigh the pros and cons of becoming a business owner before choosing your career path.

Read Article
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Start Your Entrepreneurial Journey Today

Get started planning your future in the business world. Apply to an applied entrepreneurship or entrepreneurial studies degree at GCU.

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  1. U.S. Bureau of Labor Statistics. (2024, May 29). TED: The Economics Daily. Retrieved May 2026.
  2. Grundy, A. (2026, May 4). Census Bureau Provides Resources, Data Tools, Website for Small Businesses. U.S. Census Bureau. Retrieved May 2026.
  3. U.S. Bureau of Labor Statistics. (2016, April 28). Business Employment Dynamics: Entrepreneurship and the U.S. Economy. Retrieved May 2026.
  4. Salesforce. (n.d.). 12 Types of Businesses. Retrieved May 2026.
  5. U.S. Small Business Administration. (n.d.). 10 Steps to Start Your Business. Retrieved May 2026.
  6. Vilorio, D. (2014, June). Self-employment: What To Know To Be Your Own Boss. U.S. Bureau of Labor Statistics: Career Outlook. Retrieved May 2026.
  7. Indeed Editorial Team. (2025, Dec. 16). What Degree Do You Need To Be an Entrepreneur? Indeed. Retrieved May 2026.
  8. Penney, S. (2025, Jan. 23). How Your First Job Can Help Build the Skills You’ll Need to Succeed as an Entrepreneur. Entrepreneur. Retrieved May 2026.
  9. Youth Business International. (2019). Entrepreneurial Soft Skills for the Future: A Scoping Study. Retrieved May 2026.
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