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Entrepreneur hiring summary. Here are some key points about hiring entrepreneurs in the United States:
Here's a step-by-step entrepreneur hiring guide:
An entrepreneur is a business owner who regularly creates new ventures and sells them with the end goal of turning them into profit. To start up a new business, entrepreneurs must create business plans and acquire resources and financing while hiring talented individuals. They play a vital role in the economy because they are the driver of economic growth and innovation. They also make use of their business as a means of creating a sustainable living, which improves the quality of life.
Before you start hiring an entrepreneur, identify what type of worker you actually need. Certain positions might call for a full-time employee, while others can be done by a part-time worker or contractor.
You should also consider the ideal background you'd like them an entrepreneur to have before you start to hire. For example, what industry or field would you like them to have experience in, what level of seniority or education does the job require, and how much it'll cost to hire an entrepreneur that fits the bill.
Here's a comparison of entrepreneur salaries for various roles:
| Type of Entrepreneur | Description | Hourly rate |
|---|---|---|
| Entrepreneur | Top executives devise strategies and policies to ensure that an organization meets its goals. They plan, direct, and coordinate operational activities of companies and organizations. | $20-56 |
| Customer Service Manager | Customer service managers are in charge of overseeing a group of customer service associates. They ensure that key metrics are met by the employees... Show more | $16-50 |
| Operations Manager | Operations managers are in charge of running the main business of the organization. They ensure that the business is running smoothly from an operations standpoint... Show more | $22-59 |
Including a salary range in your entrepreneur job description is one of the best ways to attract top talent. An entrepreneur can vary based on:
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | New York | $108,513 | $52 |
| 2 | California | $90,559 | $44 |
| 3 | New Jersey | $87,693 | $42 |
| 4 | Massachusetts | $82,756 | $40 |
| 5 | Washington | $82,654 | $40 |
| 6 | Michigan | $80,921 | $39 |
| 7 | Ohio | $78,031 | $38 |
| 8 | Delaware | $77,778 | $37 |
| 9 | Maryland | $76,921 | $37 |
| 10 | Pennsylvania | $65,464 | $31 |
| 11 | North Carolina | $65,394 | $31 |
| 12 | Georgia | $62,676 | $30 |
| 13 | Colorado | $60,622 | $29 |
| 14 | Texas | $60,430 | $29 |
| 15 | Indiana | $54,787 | $26 |
| 16 | South Carolina | $49,890 | $24 |
| 17 | Florida | $45,828 | $22 |
| 18 | Utah | $43,769 | $21 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | General Catalyst | $98,217 | $47.22 | |
| 2 | Hewlett Packard Enterprise | $79,053 | $38.01 | |
| 3 | CareFirst BlueCross BlueShield | $77,639 | $37.33 | |
| 4 | Lightspeed | $74,903 | $36.01 | |
| 5 | SMS Holdings | $74,775 | $35.95 | |
| 6 | Embry-Riddle Aeronautical University | $72,529 | $34.87 | |
| 7 | Berdon | $71,485 | $34.37 | |
| 8 | Gundersen Lutheran Medical Foundation Inc. | $68,354 | $32.86 | |
| 9 | UMass Lowell | $66,133 | $31.79 | |
| 10 | University of Massachusetts Boston | $66,033 | $31.75 | |
| 11 | Massachusetts Institute of Technology | $64,617 | $31.07 | |
| 12 | Accenture | $64,508 | $31.01 | 71 |
| 13 | Symmetry Financial Group | $63,536 | $30.55 | |
| 14 | International Rescue Committee | $63,295 | $30.43 | |
| 15 | Techstars | $61,481 | $29.56 | |
| 16 | UC Santa Barbara | $61,415 | $29.53 | |
| 17 | Worcester Polytechnic Institute | $60,731 | $29.20 | |
| 18 | VF | $59,788 | $28.74 | |
| 19 | PSEA | $58,618 | $28.18 | 1 |
| 20 | Americorps | $57,193 | $27.50 |
A good entrepreneur job description should include a few things:
Including a salary range and the first name of the hiring manager is also appreciated by candidates. Here's an example of an entrepreneur job description:
To find entrepreneurs for your business, try out a few different recruiting strategies:
Recruiting entrepreneurs requires you to bring your A-game to the interview process. The first interview should introduce the company and the role to the candidate as much as they present their background experience and reasons for applying for the job. During later interviews, you can go into more detail about the technical details of the job and ask behavioral questions to gauge how they'd fit into your current company culture.
It's also good to ask about candidates' unique skills and talents. You can move on to the technical interview if a candidate is good enough for the next step.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you have selected a candidate for the entrepreneur position, it is time to create an offer letter. In addition to salary, the offer letter should include details about benefits and perks that are available to the employee. Ensuring your offer is competitive is vital, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and it is important to be open to discussion and reach a mutually beneficial agreement. After the offer has been accepted, it is a good idea to formalize the agreement with a contract.
It's also good etiquette to follow up with applicants who don't get the job by sending them an email letting them know that the position has been filled.
After that, you can create an onboarding schedule for a new entrepreneur. Human Resources and the hiring manager should complete Employee Action Forms. Human Resources should also ensure that onboarding paperwork is completed, including I-9s, benefits enrollment, federal and state tax forms, etc., and that new employee files are created.
Before you start to hire entrepreneurs, it pays to consider both the one-off costs like recruitment, job promotion, and onboarding, as well as the ongoing costs of an employee's salary and benefits. While most companies that hire entrepreneurs pay close attention to the initial cost of hiring, ongoing costs are much more significant in the long run.
The median annual salary for entrepreneurs is $70,849 in the US. However, the cost of entrepreneur hiring can vary a lot depending on location. Additionally, hiring an entrepreneur for contract work or on a per-project basis typically costs between $20 and $56 an hour.