These factors that motivate entrepreneurs to start up new businesses are more described as intrinsic motivation and entrepreneurial obsession. They refer to the predisposition to work on something because it’s interesting, engaging, stimulating, satisfying or challenging on a personal level.
It is interesting to contemplate what drives people to start a business (factors that motivate entrepreneurs to start up new businesses). Starting a business of your own requires money, many hours of hard work, patience and the understanding that you might not make a whole lot of money the first year or two or your business could fail completely.
Starting a business is something that many people think about at one time or another during their lives. Motivations for wanting to become an entrepreneur can vary greatly. The common factors that motivate entrepreneurs to start up new businesses can include escaping the corporate grind, taking greater advantage of special skill sets, supplementing income or a strong drive to achieve personal or financial success.
According to research, 20 to 40 percent of small businesses close their doors within the first two years. Yet people still start their own businesses on a regular basis. This is to tell you that there are many factors that motivate entrepreneurs to start up new businesses, these factors are the driving force entrepreneurs take to strike out on their own.
Factors that Motivate Entrepreneurs to Start up New Businesses
Let us address to the larger question what factors motivate entrepreneurs to start a business. Read more in the main content below;
Among many factors that motivate entrepreneurs to start up new businesses the passion you feel as an entrepreneur for the startup life, for your company, for your vision is all-encompassing. You’re driven to succeed, to experience everything a startup has to offer, and to make things happen. Passion is a prerequisite to starting a business, and it’s also a huge motivator, because through your startup you fuel your passion.
There’s no question that money is a motivating factor. The truth is that you can probably earn more money at a fairly high paying job, over enough years, than you can start a business because of the likelihood of failure. But the only way to hit a financial home run is with a startup. You get to take your swing at the plate and aim for the fences.
An entrepreneur is sometimes motivated to start a business because he has the desire to become involved in all aspects of company’s operation.
The entrepreneur wants to be part of the product design team, sales, marketing, engineering and production. An entrepreneur has a very specific way that he feels a successful business should be run, and this motivates the entrepreneur to start his own business and get directly involved.
Make a Personal Touch
An entrepreneur might feel that doing business with a large corporation, or working for a larger company, can become very impersonal. The drive to start a business comes from the desire to put a personal touch back into doing business.
Be your Own Boss
Some entrepreneurs start their own business because they want to be their own boss and in charge of all of the day-to-day operations of a company. The entrepreneur wants to be the one making the important business decisions, determining the direction the company will take, making the call on product development and marketing and being responsible for every aspect of the company’s operation.
Among the many factors that motivate entrepreneurs to start up new businesses is financial need. Some entrepreneurs are driven to start their own company out of necessity. If a job does not offer enough income, an entrepreneur might start a side business to generate extra income that can turn into a full-time business.
Another factor that motivate entrepreneurs to start up new businesses is the feeling of accomplishment. To some entrepreneurs, having a successful business brings a feeling of accomplishment.
They feel that they are offering a valuable service to their customers, and they pride themselves on doing the best job possible. Many entrepreneurs give back to their communities through charitable donations and by participating in charitable events. This feeling of accomplishment and pride is an important factor in starting a business.
Read Also: Reasons Why Business Plan is Necessary
If entrepreneurs feel that his or her company is not utilizing their talents properly, starting a business can allow them to maximize their abilities and create a sense of fulfillment. For example, if you’re a police officer whose investigative skills are not being put to the test, you could consider starting your own investigative agency where you can make full use of your abilities.
Perhaps you’re happy with your present job but would like to supplement your income. If you have a special skill or a hobby you enjoy, you can use these to start a small business on the side. If you enjoy writing, for example, you can look for freelancing opportunities for the local newspaper or online.
If you’re a retiree, starting a business can take the form of a second career. People who retire early from a job may have the desire to continue working. Older retirees may feel that they need additional income or have concerns about how long their present retirement benefits may last. Starting a business in retirement can also allow for pursuing a passion in addition to providing income.
Entrepreneurs are builders. Creators. We need to produce “stuff” in order to succeed. And that “stuff” needs to create value. It’s extremely motivating to know that something you’ve started has created value for others. And part of creating value is contributing to the entrepreneurial community on a whole.
Changing the World
Not every business has the potential to change the world, but many entrepreneurs take this mantra to heart. Lots of entrepreneurs believe their businesses will change the world. It’s part of creating value. Starting a business and tossing yourself into it with unequivocal passion, gives you the chance.
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