Entrepreneurs are motivated by: Entrepreneurship is challenging, and for most entrepreneurs, success is driven by a unique set of motivations. These motivations can come from a variety of sources – personal experiences, desire to solve a problem, need for independence, and passion for innovation. In this article, we will explore some of the common motivations that drive entrepreneurs to start and grow their own businesses.
What are entrepreneurs motivated by?
There is no single answer to this question. Entreprenuers are motivated by many things such as money, freedom, the desire to impact or make change in the world. All these factors can be very powerful in helping them create a business and take risks. Starting a business is always risky and can also be highly rewarding. Some of the most common reasons about what entrepreneurs are motivated by are:
Autonomy and Independence
Most entrepreneurs will talk to you about this. As a business founder, you can create a company and define its values and culture. Some of these entreprenuers are examples of people moving beyond the restrictions of a corporate world and wanting to create something of their own. Being your own boss is one of other reasons people talk about often. But this sometimes is naive since the amount of work involved while becoming your own boss is immense.
Innovation
Let’s see – innovation is built in a high risk, experimentational environment. As a founder you can create this and start working on your idea without the bureaucracy and convincing a business about your idea. This increases your speed of decision making, take risks and work quickly. Invariably a set business struggles to compete with this pace due to the diligence processes involved to create something. Although intrapreneurship allows you to explore some of these characteristics, it is still limited.
Financial Freedom
It is a brilliant reason to have financial freedom. This means that you can do anything that you want. But you must remember that most startups fail. Although the success stories we read are amazing and inspiring, we must remember that it doesn’t happen very often. When you ask entreprenuers about what they are motivated by, this is usually the number one reason. However, it doesn’t happen so easily – this is similar to winning a lottery ticket although with better probability.
Changing the world
What better reason can we get than to be able to change the world? Our world has its challenges and we can all be the channels of change. But this is such a beautiful vision to motivate an entrepreneur. An idea can change the world if we have the perseverance to work through with it. Social entrepreneurship is a great and direct way of doing this. As an entrepreneur, you can create this impact and change this world.
Desire to grow and learn
This is the last reason that we will end with. Entrepreneursip is a constant journey of learning, unlearning and moving continuously. We will never have all the information. The humility, persistence and desire to learn can be a great characteristic of becoming an entrepreneur. Starting a business can be a steep learning curve, and entrepreneurs are motivated to acquire new skills and knowledge. Entrepreneurs constantly seek ways to improve themselves, motivated by the prospect of personal and professional growth.
What are entrepreneurs motivated by?
In conclusion, entrepreneurs are driven by a variety of motivations that are unique to each individual. Whether it is a desire for autonomy and independence, a passion for innovation, financial freedom, a desire to make a positive impact on the world, or a desire to learn and grow, these motivations are what fuel entrepreneurs to start and grow their own businesses
References:
https://www.inc.com/magazine/201112/top-10-motivations-for-starting-a-business.html
