Are you interested in becoming an entrepreneur someday? There may be numerous questions going through your mind, especially if you’re not sure where to get started. Some of today’s current digital leaders, such as Apple, Cisco, Facebook, and Google, all got started in Silicon Valley. They’ve paved the way for many other entrepreneurs and startups in the creative technology industry.
Some people have dreams of becoming an entrepreneur but are not sure how to go about it. That’s where the Master of Arts in Entrepreneurship and Innovation degree program from the University of Silicon Valley comes in.
Entrepreneurship and Innovation in the Creative Technology Industry
Running a business is a challenge. There are many aspects of running a business, and any entrepreneur should at least have some business knowledge before launching a new venture. That way, they can be prepared for the risks that come with a start-up. That’s precisely why many schools are adding business programs to their educational offerings. The Master of Arts in Entrepreneurship and Innovation can lay the foundation for running a startup. Accounting, marketing, taxes, branding, and leadership are all subjects that are especially beneficial for an entrepreneur’s career.
What Is an Entrepreneur?
Let’s start with the basics: What is an Entrepreneur? An entrepreneur is a person that organizes and operates one or more businesses. They take on considerable financial risk to begin their venture, or they develop a business plan to ask for funding from an investor or venture capital firm.
Determination and Dedication
You may be wondering what makes an entrepreneur? There is no formula for the perfect entrepreneur, but specific qualities can be helpful. An entrepreneur should be determined and dedicated to their idea. If you go into your venture with doubts, you will have more chance of failing. How can you expect your customer to believe in you if you don’t believe in yourself?
This involves doing some research into the market, but your own perception also influences your choices. Many people think that their product will be a great hit and sell like hotcakes, just because they like it. However, most people know that this is just wishful thinking. You can’t hope that people will like and buy the product. You shouldn’t go into the venture with doubts, but you also should have realistic expectations about the demand for your product or service.
How Do I Start a Career as an Entrepreneur?
If you don’t know where to start, you should prepare yourself to become an entrepreneur. This preparation involves acquiring knowledge of business fundamentals. The Master of Arts in Entrepreneurship and Innovation degree program can help you prepare to open a startup.
Master of Arts in Entrepreneurship and Innovation Degree Program Overview
Graduate students interested in opening a startup will enjoy this program. It can benefit those looking to change careers or manage entrepreneurial enterprises, as well as those looking for more creative and innovative paths in their careers. With the flexibility of scheduling around your professional and personal obligations, you can earn your degree and be that much closer to launching and operating your own startup.
Cohort courses can be delivered online and on location, with in-class meetings conducted on evenings and weekends. It’s a thirty-credit program that allows you to apply your knowledge to practical business ideas. If you do not have a business background you are welcome to enroll in the program. However, you will have to complete a special pre-session four weeks before the program starts.
- Business plans and models
- Launching an innovative idea
- Learn about business model innovations, such as development and drive of competitive value for businesses and new ideas
- Rethink and redesign your business assumptions, strategies, and innovative ideas.
- Master entrepreneurial marketing
- Learn how to use marketing tools to identify the potential of a business venture or idea
- Understand marketing challenges that entrepreneurs and innovators face, and develop solutions to those challenges
- Learn about digital/social media to study current trends that shape new market realities
- Digital disruption causes and consequences and how to manage marketing within the digital world
Benefits of Formal Education
In addition to the concepts listed above, you will also learn valuable life skills. One important benefit of a formal education is that you can make mistakes during the program, and learn from them without the pressure of having a catastrophic situation on your hands while beginning your startup. Expert faculty members will help guide you through the program. You will learn alongside like-minded peers of all skill levels. A formal education will offer numerous instances of experience, informative lectures and networking opportunities.
To be an entrepreneur, you must have a product or service. Some entrepreneurs have a clear vision of what they want to do, and others do not. This will be part of the journey during a formal education. The first step is identifying the product or service you wish to provide to the public. Then, after deciding on a product or specific niche, you will ask yourself a series of questions to determine if the idea is viable. The questions you should be asking can also be found in a business plan.
Start as an Entrepreneur with a Business Plan
A business plan is essential for many aspects of your business, especially if you want to attract investors or venture capitalists to fund your startup. Your customer is the most crucial aspect of your business. Every company has an ideal customer. You may have a business that relies on direct sales to customers or one that sells products or services to other businesses. Regardless, your business is about providing a helpful product or service to others. The target market should be defined in your business plan. If you don’t know who your customers are you won’t succeed.
The first question to ask before starting your business plan is why are your customers buying your products or services? This concept is called the value proposition. The purpose of any startup is to serve value, and possibly solve a problem. What is different about your product? How are you going to reach your customers? These questions are crucial in choosing a product or service to sell and how to sell it.
You should research the customers you plan to serve. Those customers make up the market for your product, your target audience. You should include this information in your business plan. This research is critical because you need to understand what the people interested in your product or service are thinking. Know who your customer is and how to reach them. How are you going to put your product in front of them? Will you use social media or email subscriptions to reach your customers?
You need to determine your market and plan accordingly. When presenting a business plan to an investor, you’ll need to show them the interest in your product. You can do this by researching the past and current sales of similar products. The people you plan to advertise and sell your product or service to are your target market. This ties into the value proposition because it shows an investor you understand your market.
Scalability is how you plan to expand your business to keep up with the growing demand. This is vital to investors. They want to know your plans for increasing profit and lowering expenses. If you don’t have large-scale operations already in place, then your investor will want to know if they will have to fund your expenses. If this is the case, you’ll need to allocate a portion of your revenue towards your business expansion or convince them that you’ll have the funding you need in a later round of financing.
The next critical component of your business plan is the cost. Potential investor wants to know all the numbers. Before investing, they will want to know what they will get out of the transaction. Their return on investment (ROI) must be enticing enough for them to invest in your startup.
The more details you can put into your business plan, the better. Investors regularly invest in entrepreneurs, funding large-scale business operations. If they choose to partner with you, they should benefit. However, if they do not see enough of a market or feel your presentation is weak, they will likely reject the deal. They may also reject the contract if they’re not happy with your terms.
If you’re considering entrepreneurship, you should consider formal education. The Master of Art of Entrepreneurship and Innovation degree program can lay a strong foundation for you to build upon throughout your career. Take the leap and learn more about starting a career as an entrepreneur today.
Want to Learn More?
Ready to get a Master of Arts in Entrepreneurship and Innovation degree at University of Silicon Valley? Home to a who’s who of high-tech powerhouses Silicon Valley boasts extraordinary achievements in innovation and entrepreneurship. The culture has fueled the growth of over 135,000 start-ups and has also informed the development of our one-year Master of Arts in Entrepreneurship and Innovation degree.
The Master of Arts in Entrepreneurship and Innovation degree program is designed for graduate students seeking to establish their own business ventures, manage entrepreneurial enterprises, transition to new careers, or thrive through innovation within their current place of work. It provides an excellent way to earn your Master of Arts in Entrepreneurship and Innovation degree with minimal impact to your professional or personal life.
University of Silicon Valley is uniquely poised to offer a meaningful and valuable education for 21st century students. We believe in an education that directly correlates with the work you’ll be doing after you graduate. Interested in learning more? Contact Us today.