Strategic Management - Differences between Employee and Entrepreneur | From A Business Professor

Entrepreneurship is hot right now. The term itself has become a buzzword made popular by business influencers who’ve succeeded at the highest level. The idea of financial freedom, high risk, and disruptive business ideas that change the world make the thought of entrepreneurship extremely attractive to many people, right? Not so fast. When you want to be an entrepreneur, essentially, you are starting your own business. Data from the U.S. Bureau of Labor Statistics show that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more. Now, still excited to be an entrepreneur? For most of us, Traditional employment and entrepreneurship are two ways to generate income throughout your career. In this video, I will discuss 9 major differences between employees and entrepreneurs. I will also provide 6 self-test questions to help you better understand if you truly want to be an entrepreneur.