Entrepreneur Job Description

An entrepreneur is an individual who creates and operates a business. Types of entrepreneurship include small business, corporate and social, innovation, large company, and scalable startup. Entrepreneurs are responsible for all of the risks and rewards of the business. Usually, most of their financing comes from investors because they take high-yield risks that require a lot of funds. 

Types of entrepreneurship are:

• Small business: Many entrepreneurs begin and remain as small businesses. According to the Government of Canada, as of December 2022, 97.8% of employer businesses in Canada were small businesses. 
• Scalable Startup: A scalable start-up is a new company in the initial stages of its operations that is yet to begin full-scale operations but attempts to grow at a rapid pace. It focuses on one service or product that the owners want to develop and bring to market.
• Large Corporation: This is the most advanced and complicated type of entrepreneurship. Large corporations may involve large-scale manufacturing, production,  and distribution. They are made up of various levels of management. 
• Social entrepreneurship: The goal of this type of entrepreneurship is to address a social need. As its primary role is not to generate profit, it differs from other types of entrepreneurship. A social entrepreneur wants to use their products or services to address environmental, social, economic, and cultural issues and improve people’s livelihoods. 

Although entrepreneurs may differ in their area of focus, business strategy, and objective, whether solving a social issue or generating enough capital to expand, all entrepreneurs are passionate about their vision of the business they want to create. 

WHAT WOULD I DO?

Duties of entrepreneurs include:

• Identifying a gap in the market and planning to address it as a business venture
• Initiating and growing a business
• Hiring qualified and competent staff
• Organizing a business structure and environment
• Anticipating challenges and addressing as quickly as possible
• Convincing investors to finance the business
• Build and nurture relationships with clients, investors, partners, and  other stakeholders
• Manage cash flow and allocate resources
• Make strategic investment decisions to mitigate risks
• Ensure the business adheres to ethical and legal standards

AM I SUITED FOR THIS JOB?

Character traits of successful entrepreneurs include:

• Vision
• Passion
• Confidence
• Motivation

Skills that are needed to thrive as an entrepreneur include: 

• Resilience
• Leadership
• Creativity
• Decision-making
• Interpersonal skills
• Exceptional customer service
• Business management skills

THE ENVIRONMENT/TYPICAL DAY

There is no “typical day” for an entrepreneur. It is highly dependent on each person. However, all entrepreneurs have a routine of some sort that keeps them working effectively and efficiently. Some general tasks that they may do in a day include making calls to find investors or clients, or hosting events to bring in investors or clients. They may also create online marketing campaigns through social media, or if they have out-sourced this work, review it to their satisfaction. If they have a product or multiple products as opposed to a service, they may spend the day visiting their manufacturer and negotiating with them on production costs. 

In terms of hours worked, according to the Canadian Federation of Independent Business, the average small business owner works 54 hours a week. Those facing a labor shortage work even more hours, at 59 hours a week, 20 of which are spent compensating for lack of employees. 

WHAT ARE THE WAGES AND BENEFITS?

According to Target.com, the average entrepreneur earns a salary of $78,628 annually or $40.32 per hour. Entry-level positions begin at $55,575 annually, while most experienced workers earn up to $129,092. 

WHAT IS THE JOB OUTLOOK IN CANADA?

According to RBC, as a result of the pandemic, increasing inflation, and strong labor markets, there is a broad-based decline in the number of Canadians choosing to become entrepreneurs or continue with their entrepreneurship. This decline in self-employment rates is occurring across all ages. For example, self-employment rates for Canadians aged 35 to 44 has always been lower compared to older Canadians, but the number of young Canadians becoming entrepreneurs has fallen from 3.3% in 1998 to 2% currently. 

Furthermore, due to the high-risk nature of entrepreneurship, even with great ideas and management, you may have difficulty taking off due to high competition, market conditions, or simply bad luck. According to Made in CA, 21.5% of small businesses fail before the end of their first year, 50% survive for 5 years, while just ⅓ of that 50% celebrate ten years in business. The biggest challenge is generating enough cash flow to continue onwards. With even more concerning statistics, according to Made in CA, 90% of all startups fail with the highest failure rate in the information industry at 63%. 53% of construction startups, 51% in the manufacturing sector, and 45% in services also fail.  All hope is not lost however as the failure rate for entrepreneurs has fallen by 30% since the 1970s. 

HOW DO I BECOME AN ENTREPRENEUR?

To become an entrepreneur, these are the key steps to take:

• Identify your business idea: Narrow in on a business idea based on your passions, skills, and interests. Conduct market research to ascertain whether there is market demand for your idea, and what the profitability and viability of your idea would be. Identify your competition and target audience in the region you wish to set up your business. 
• Create a business plan: Develop a business plan that lays out your objectives, products or services, strategies, marketing plan, and financial projections. 
• Review legal and regulatory requirements: Read through and understand the legal and regulatory requirements for starting a business in Canada. If you need guidance, consult with an accountant or business lawyer. 
• Establish your finances: Set up financial systems and processes to manage your business finances effectively including by (1) opening a business bank account and (2) creating a budget and cash flow projection for your business. 
• Secure funding: Explore funding options based on your financial needs. This could include crowdfunding, government grants, angel investors, or self-funding by focusing on generating revenue from early customers. 
• Develop a marketing strategy: To promote your products or services, create a marketing strategy that considers branding, your target market, online presence, customer relationships, and analytics to track your marketing performance.
• Hire employees or contractors: With the growth of your business, you may want to consider hiring employees or working with contractors. In doing so, familiarize yourself with employment laws and regulations in Canada. 

You can also consider getting a formal education, such as a bachelor’s degree in business administration. A formal education is not necessary to become an entrepreneur but depending on the type of company you wish to create, it may be valuable. 

WHERE WOULD I WORK?

In the early stages of the business, an entrepreneur's workplace may be a home office or co-working space. However as the business grows and they open up a brick-and-mortar space, they would likely work in their business’s physical location. 

HOW DO I FIND A JOB?

As entrepreneurs create their own businesses, they are self-employed. 

APPLYING FOR A JOB

As noted earlier, since entrepreneurs are self-employed, they do not apply for a job; they create jobs for themselves in management and for other staffs that they supervise. 

WHERE CAN THIS JOB LEAD?

After years of owning and operating their business, some entrepreneurs may choose to reenter the workforce, working in jobs such as account executive, executive assistant, marketing manager, management analyst, public relations manager, and business development manager. 

To successfully pivot to these alternative careers, take a note of these tips:

• Position yourself strategically: Assess your transferable skills and highlight what makes you an asset to the company you are seeking to enter and the role you are vying for. Many entrepreneurs struggle to articulate their business experience and how it actually positions them for new career opportunities. Be tactful about linking your experience as an entrepreneur to the skills you can now bring to an employer. 
• Network: Take advantage of the many connections you have made during your time as an entrepreneur. Find out who in your network is hiring, and leverage that connection to secure a new position
• Change your brand: When looking for a new job in the workforce, it is important to reframe your brand as someone looking to add value to a company. This can be difficult after spending many years focusing on adding value to your own brand, but it is important to demonstrate the expertise that you can bring to an employer. 
• Consider additional education: Depending on what you wish to pursue and whether it requires formal education or certifications that you are lacking, you may wish to obtain new or additional degrees or qualifications to improve your marketability in an increasingly competitive job market. It is important to stand out in the job search, and adding on to your skills through education is a great way to do so.
• Prepare to readjust your schedule: After years of being able to set your own schedule and take time off when you want, it may be difficult to readjust to being on someone else’s clock. Prepare yourself mentally for this shift and lack of control.