Do you love space and business? If yes, then becoming a space entrepreneur could be your destiny.
One of the most exciting emerging professions in the space industry, a space entrepreneur is the perfect career for anyone who wants to launch their own business and be involved in the space industry. However, what exactly is a space entrepreneur, and how do you become one?
Find out everything there is to know about becoming a space entrepreneur in the article below, including why you should pursue this career and what the role entails.
What is a space entrepreneur?
As the name suggests, a space entrepreneur is a business owner that works within the commercial space community. While most people think of Elon Musk or Jeff Bezos when you talk about space entrepreneurs, there are many opportunities for more mainstream business ventures that are much more achievable.
There are three main types of space entrepreneurs:
- Those who have assets that go into space, such as rockets or satellites
- Those whose revenue is directly dependent on customers operating in space, like a satellite ground station serving satellite operators
- Those who directly depend on suppliers operating in space, such as companies that analyze satellite imagery
Although the exploration of space has been around for quite some time now, this used to be predominantly funded by government-funded space organizations. It is only recently that privately-owned companies have started to invest in the space industry.
What attributes do you need to become a space entrepreneur?
Think you have what it takes to work in space? Not only is it a highly competitive industry but also a very demanding one. Not everyone is cut out for a career in the space sector.
If you take a look at some of the most successful space entrepreneurs of the last five years, you will see that they all have a few main personality traits in common. Most notably, they are all highly motivated and will do whatever it takes to succeed, even if that means working around the clock.
Take Elon Musk, for example. Known for being a perfectionist, he admits to working 100+ hours a week and spending most of his money on SpaceX and Tesla, despite many telling him not to.
To succeed in the space industry, especially if you intend to go it alone, you also need to be very self-assured and confident in your abilities. This competitive and fast-paced sector has no room for self-doubt or hesitation.
You need to be passionate, intrinsically motivated, imaginative, and willing to work harder than everyone else.
Why become a space entrepreneur?
There are many reasons why you should become a space entrepreneur, but there are just as many why you should not. While this may sound pessimistic, not everyone is suited to working in the space industry.
That being said, if you have your heart set on a space career, you can expect to enjoy an exciting, diverse, and varied working week. Furthermore, it can be incredibly lucrative if you choose the right investments and are willing to work.
The global space economy grew to $447 billion in 2020, an increase of 4.4% from 2019. This is 55% higher than a decade ago and shows no signs of slowing down.
How to become a space entrepreneur?
The million dollar question – how do you become a space entrepreneur?
Unfortunately, there is no single answer to this question, but that doesn’t mean there aren’t many ways to break into this competitive industry. Even if you don’t have the celebrity status and bank balance of Sir Richard Branson, you can still make your mark and enjoy a successful career as a space entrepreneur.
Below are some of the most common paths that people take to launch a business within the space sector:
Go to space university
Yes, there is such a thing as a space university, and this is the perfect pathway for those wanting to enter into the space sector. With many different courses, space university can help you gain the knowledge and skills needed to launch your own space business. In particular, space university will help you gain a competitive edge over other entrepreneurs wanting to break into the space sector. You will be taught all about the latest advances in space technology in the industry, enabling you to stay one step ahead of the game.
Enroll in a space workshop
If you want to be involved in a specific area of space exploration or would like to learn more about how to become a space entrepreneur, then a space workshop is a great choice. Again, there are many different workshops to choose from, with options for complete beginners and those with more industry experience. These workshops can be carried out from the comfort of your own home and can prove instrumental in your success as a budding space entrepreneur.
Just go for it!
If you have an idea, a product, or a solution you think there is a demand for, why not just bite the bullet and go for it? As long as you can secure financial backing and have a strong team behind you, sometimes the best course of action is to trust your instincts and take a risk. You never know; it could be the best risk you ever take.
The future of space entrepreneurship
Although no one can predict exactly what will happen in the space industry in the upcoming decades, one thing we know for certain is that it won’t be boring. Based on current trends and data, there is expected to be a huge growth in demand for sustainable solutions, which could be a lucrative path for budding entrepreneurs.
Collaboration is also key, with the space sector rarely being about just one solution, which opens up opportunities for space entrepreneurs to partner with other businesses to create innovative products and services.
For space entrepreneurs that are just coming into the industry, don’t be afraid to think big, as only the bold succeed in this industry.