DOLO2

I know that many will start arguing that entrepreneurship is fancy major, and one can learn how to start business and develop it by himself. But I need the advices of competent people not kids who just want to prove that they are intelligent. Is there anyone majoring in this field? Can you please tell me what kind of job can I find after four years of study? I mean, Will I work as a consultant?
I know what very rich student would do, they will start their own business because they have capital. I also want to do so but at first I need to earn the money, so that is why I ask this question. Also can you please tell me what is the average salary of the person who has majored in entrepreneurship?

Thank you

DOLO2

No one majoring in this field?

TheMK99

i have seen people majoring in this field and i think its very interesting but it should only be combined with another field of business

example:
finance/entrepreneurship
accounting/entrepreneurship

I cannot recommend majoring in just entrepreneurship.

DOLO2

Yes I planed as you said, finance/entrepreneurship, but I was accepted at Babson College (and Babson is first in entrepreneurship) I thought that it will be more effective if I major in this field and combine it with finance but as a minor. So do you think it will be effective? Entrepreneurship/finance?

Thank you


Thank you

TheMK99

babson is a great college for entrepreneurship, #1 all the way. i guess majoring in entrepreneurship with only a minor in finance is fine if you plan to start your own business out of college. i would just be worried about not developing enough finance skills if you choose not to become an entrepreneur and enter the corporate world.

Mike

JPNguyen

Entrepreneurialship doesn't always require capital on your part. Entrepreneurs, of course, need money to successfully launch a product line or market a product. However, many entrepreneurs have successfully used different avenues such as raising capital. You will learn a lot about raising capital in the coming years.

Here are a few ways to raise capital and a short summary of how the process goes.

1. Angel investors (family and friends or not for profit organizations such as the Tech Coast Angels - www.techcoastangels.com - an organization that I love)
2. Venture capitalists - Garage Technology Ventures www.garage.com - GKM Ventures www.gkmventures.com
3. Debt - Loans etc

Entrepreneur A develops a cool gadget and product and he wants to sell it to the public. Entrepreneur A then writes an executive summary and asks all his employees to sign a non disclosure agreement to prevent a trade secret leak. He or She then proceeds to pitch the gadget to venture capitalists. Entrepreneur A is very careful to not divulge the schematics of the gadget but he emphasizes the important need that the gadget fulfills. He then proceeds to show current sales volume, production costs, sales outlets, and forcasted expansion(bottom up of course). When I say bottom up, I mean, "We will have twenty sales teams around the country with twenty members per sales team. The minimum order will be 10 units. If each sales person sold 1 order per day, we would sell 96,000 units per year. Our manufacturing facility is capable of producing 125,000 units per year with costs inline and no diseconomies of scale at 100,000 units. At $40 per unit, our sales revenue for the first year will be 3.8 million."

Venture capitalist A questions and learns more about the business and the entrepreneur's knowledge of the marketplace.

The two proceed to dinner at the four seasons and continue to talk more about the business and hang out over a $200 bottle of wine.

The next day, the venture capitalist talks it over with his partners, analysts and associates. They crunch the numbers and feel that the deal is possible.

The entrepreneur comes back in and a check is waiting for him.

The venture capitalists receives some odd percentage of the company, check signing previlleges, and a seat on the board to advise and vote erroneous motions. And the entrepreneur has capital to successfully launch his product line.

5 years pass and the valuation of the company has grown 5000 percent. The investors would like to exit and receive their cash. The company is then sold or merges with another company. The entreprenur may have started with nothing but cashed out with millions. That's the great thing about this country, the wealthy don't neccessarily keep the common man down.

DOLO2

Thank you Mike and JPNguyen, I really appreciate your help!

JPNguyen

You're welcome. Add 0's to all those numbers hahhaa =)

But you get the point

rl.hill

I originally took the side of Babson over the Ivies and other prestigious colleges, but have since switched allegiances. I, too, was interested in babson and since my career plans involve entrepreneurship, I was a hot prospect for Babson.

You must realize that as an entrepreneur, you will need resources that go beyond what a Babson education provide. You will need connections and cash, among other things. Babson will only give you a superb EDUCATION in entrepreneurship, but will not make you a successful entrepreneur. To this end, I pose a question: If the best entrepreneurs graduate form Babson, then why do the majority of fortune 500 CEOs come from HYPS, among other schools? there is a reason for this. The reason is, HYPS alumni benefit from assistance provided by fellow harvadrites, princetonians, etc. These alumin are very quick to come to the iad of their alma mater, and often will pull strings to help pull students up. This could manifest in the form of that first loan, or VC or angel help. So I urge you to consider this:

Attending Babson is not the only way to become successful in entrepreneurship. It is possible to study Econ as an undergrad at a highyl prestigious college, and then go onto HYPS to attain an MBA. I'd say the chances of meeting that key person who could get you start-up capital would be greatly increased at Harvard Business School than Babson. Also, you would be able to more aptly tap into angel networks, as there are many more successful alumni from elite colleges.

I wish I could elaborate further, but I am out of time. In the end, there is more than one way to the top of the mountain. Choose the path that best fits you.

TheMK99

rl.hill did you ever think it just might be that not every entrepreneur gets to f500 level in their company - or necessarily needs to ? entrepreneurs can get wealthy off a number of different business sizes or structures - they dont necessarily need to get their company to become a fortune500 company.

anyways if your a true entrepreneur you should not point to fortune 500 execs as your models. most of them worked 20+ years of corporate slavery at companies, consulting firms, or IB firms to get a job as CEO. they aren't exactly models of entrepreneurship on average.

just because ivy grads hold f500 ceo positions doesn't mean they're better entrepreneurs than babson grads.

entropy

Entrepreneurship is one of my minors.

abcboy70

Entrepreneurship, haha. Business schools sure knows how to make money.

DOLO2

Yesterday my friend, who has applied to Yale, talked with Yale’s representative in my country. They talked about business a lot, and Yale representative said that many think that it is easy to begin new business not majoring in Business, but this view is definitely not true. He said that if one wants to begin business one day he must major in entrepreneurship or at list in business management. Actually I agree with him (ok, there are many exceptions, but generally I agree) Actually I decided to major in entrepreneurship and minor in finance if I go to Babson, but I’m also accepted at Bentley, so if I decide to go there I will major in finance, what do you guys think is this decision correct?

abcboy70. Yes we know that you are smart. Good boy.

leo187um

If you want to become an entrepreneur, I would say accounting would be better as a field of study. It is very important to understand the numbers behind any operation. The other factors needed to become a successful entrepreneur (leadership, teamwork, people skills) can't be learned from just studying Entrepreneurship, as these skills are often learned outside the classroom.

rl.hill

leo, that is the very point that I'm attempting to make. most of the skills that you will need to become a successful entrepreneur are the skills that happen to be learned outside of the classroom. These are the skills that babson will not equip you with. They must be learned in other scenarios, which include corporate employment, as well as various other places. If one is to succeed in business, then that person will need many more skills and tools that babson doesn't provide, such as contacts, resources, etc. that take time to develop. Thus, my approach AS AN ENTREPRENEUR is to go to a college where I can develop businesss contacts and references, that way when I do truly start off in my entrepreneurial journey, i'll know the people, and have the experience in the world of business, to increase my chances of success. Once again, allow me to reiterate that although babson provides an outstanding entrepreneurship education, many people I know tell me that the school merely offers an education, not a path.