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Am I wasting my time?

Do I need to study entrepreneurship if I already have a business idea?

Dr Hoyte specialises in designing enterprise programmes and researches the process through which early-stage entrepreneurs form and execute a business idea.

Here, Dr Cherisse Hoyte discusses why entrepreneurship, enterprise and innovation would be a good area of study for prospective students.

lightbulb and gears representing idea

Studying Enterprise and Entrepreneurship BA (Hons) or International Entrepreneurship MSc, you’ll be getting more than just a degree; you’ll gain a solid understanding of what makes entrepreneurs successful, what the entrepreneurial spirit is truly about and how business entrepreneurs adopt a completely different mindset and continually hone this differentiation, into a winning pedigree of success for the long term.

Through exploring those common characteristics you’ll also be confidently equipped with a toolkit of transferable skills, such as how to communicate your ideas and shape your storytelling to a diverse audience, how to manage your finances and how to amplify your interpersonal skills to build those crucial stakeholder relationships with investors.

Fundamentally, these courses aim to help highlight to budding entrepreneurs, what the risks and pitfalls are so that the failures (that are often part of the entrepreneurship journey), are not seen as negative but are learning opportunities that can be stepping stones to future success.

What is the role of an entrepreneur?

In my experience, entrepreneurs are a very diverse bunch of people. Some have a strong desire to make a difference. We know that quite a few famous entrepreneurs dropped out of formal schooling to pursue their business ideas. Others inherit the family business or end up working for an established company and then spin out into their own business, on the side or full-time.

The scenarios vary, but what they have in common, is a desire to work for themselves and effect change in society.

What should you expect if you choose the career path of an entrepreneur?

Building a business or convincing potential customers and investors to buy in to your business idea is not easy. The road to becoming an entrepreneur is a journey, requiring time and effort, and there are no guarantees of immediate rewards. Entrepreneurs choose their hours and this could easily mean putting in long hours, especially at the initial start-up phase of a new venture.

This career path requires a lot of hard work, determination, resilience and the ability to make tough decisions with ambiguous information. You are always alert and looking to seize opportunities and overcome challenges.

A man in a suit looking at tall buildings feeling inspiring

Is there a silver lining?

The benefit of choosing this career path is that you are your own boss; you decide what values are important to you and perhaps even have an idea that you think can change the world. You get the opportunity to create jobs for others or solve a social or environmental problem that you are passionate about. Entrepreneurs are seen as crucial actors in tackling the most pressing societal and economic issues. You have the freedom to balance your work and home life, work from anywhere in the world, decide your salary and what you re-invest back into your business.

How is an entrepreneur different from a business executive?

An entrepreneur is essentially one who takes calculated risks to create new and innovative products, services or ways of doing things. Business executives make sure the operational day-to-day running of an existing business goes smoothly. While both roles require strategic thinking, entrepreneurs are generally more concerned with new ideas and going against the status quo to bring about change, while business executives might focus more on managing existing structures and ensuring efficiency.

Is being an entrepreneur a viable career option?

Most definitely, but it can’t be just a phase, it requires commitment with a certain mindset. It is a different career path and should not be confused with studying business management. There is a degree of risk tolerance required to yield the intended levels of reward, but it often results in uniquely positive outcomes as well as innovative ways that could benefit people, the planet and the economy.

It fundamentally comes down to a person’s ‘openness-to-growth’. If you can accept that the future is unpredictable, but that you can navigate it through proactive decisions and actions, then this is a viable career path for you.

We call it ‘effectual thinking’ and our course helps encourage you to embrace this way of thinking. This approach acknowledges that entrepreneurs learn to see the business environment as something they can shape through their actions, rather than something set in stone. This mindset is crucial for adapting to changes and making strategic decisions. It is also a very in-demand skill in today’s society and economy. The ability to adapt, be resilient and innovate sustainably, are critical skills for individuals and businesses to possess.

an artistic picture representing better future by showing hands which hold a brigher and green city with city lights that are turning into stars

Conclusion

You may choose to study entrepreneurship, enterprise or innovation for various reasons. It is often a misconception that being an entrepreneur is only about financial wealth and success. In fact, the most important thing is the mindset and way of thinking. You have the power and freedom to change the world by solving some of the critical societal and economic issues of our time. In my view, to achieve this, you will need to be open to growth, tolerate uncertainty and risk, and persevere through adversity and failures.

Dr Cherisse Hoyte

Dr Cherisse Hoyte

Associate Professor in Entrepreneurship | Director of Enterprise Educators UK

 Queen’s Award for Enterprise Logo
University of the year shortlisted
QS Five Star Rating 2023