Entrepreneurial Motivation Factors: What You Should KnowOluwaseun Olayisade
Entrepreneurial motivation factors; what drives you to be an entrepreneur?
An ambition to change the world, proffer solutions or simply make money are examples of entrepreneurial motivation factors.
Stephen P. Robbins (2010) defines motivation as “the willingness to exert high levels of effort towards organizational goals, conditioned by the effort and ability to satisfy some individual need.”
So entrepreneurial motivation can be explained as when an entrepreneur exerts a higher level of effort for the achievement of his/her entrepreneurial goals.
Randomly examining entrepreneurs it is obvious there has to be a reason why some succeed more than others.
And why so many do not give up when they don’t succeed at first. You ask why? It is definitely what pushes the entrepreneur in question.
In a most recent post I shared with you the factors that affect entrepreneurship development. It only seemed natural to follow up with an article on entrepreneurial motivation factors.
The institutions train you to be an employee in this clime. They tell you to make good grades so you can get the best jobs. This is wrong.
As a fresh graduate I was talked out of the first business I did; I was told to put my certificate to work.
In comes entrepreneurial education and entrepreneurial motivation. To help people transition from being employees to employers.
It is important to encourage upcoming and existing entrepreneurs in any society because entrepreneurs play the following important roles in any given society:
1) Entrepreneurs create supply to meet the demand thereby reaching an equilibrium.
2) Entrepreneurs are becoming more important to all economies therefore it is necessary to understand their involvement in the development of human and intellectual capital.
3) Entrepreneurs drive innovation and change which translates to economic growth.
4) Entrepreneurs convert knowledge into tangible products and services.
As an entrepreneur it only makes sense to develop your skills; to enhance the odds of your business growth.
It is essential to look within to determine what motivates you as a business person.
It is imperative you regularly review these entrepreneurial motivation factors because they are directly tied to the success of every enterprise.
Knowing what motivated you to do delve into a business keeps you focused even when the chips are down.
The entrepreneurial motivation factors are:
• Internal Factors
• External Factors
Internal Entrepreneurial Motivation Factors: These can be summed up as Desire and Grit. These drive you from within to succeed as an entrepreneur. Also involves your immediate business surrounding.
- Owner(s): Desire to express creative and innovative prowess. Need to achieve new milestones. Desire of independence. Occupational background. Willingness to take risks. Desire to fulfill purpose.Board of Directors: The doggedness of the board reflects on the business so choose your board carefully.
- Employees: Employ people that share your vision for the business.
External Entrepreneurial Motivation Factors: These are situations or events beyond the control of you and your company.
- Customers and Existing Demand
- Creditors: Funding. A very important motivating factor. Lack of funds can be depressing though.
- Community: A community that values entrepreneurs is very encouraging and will grow quickly.
- Government and Economy: Good business- government relationship.
- Regulators: Those with authority to control and influence both the market and industry e.g. Associations and Government agencies. If they choose to frustrate members it can dampen the fire within.
- Strategic Partners
- Technology: Availability of the technology needed to operate in a society. E.g. Transportation for people with special needs does not have the technology to thrive in this present Nigeria.
The need for achievement is an essential ingredient for entrepreneurial success (McClelland, 1965).
Entrepreneurial success is so crucial to economic development that this topic has been widely researched just to understand how more people can be encouraged to become entrepreneurs.
McClelland 1938 may be regarded as the father of the study of entrepreneurial motivation. Other publications include Maslow 1954, McClelland 1965, McClelland, Koestner and Weinberger 1989, Manimala and Pearson 1998, Mitchell 2004, Kamraj and Muralidaran 2005, Saxena 2005, Khanka 2009. Ziegler, Schmukle, Egloff and Buhner 2010.
Motivation is what keeps you going as an entrepreneur even when the cash is not rolling in and payday does not even look like anytime soon. It drives innovation and it’s a continuous process.
Entrepreneurial motivation factors are the things that push you to become an entrepreneur. They affect the input and output of your productivity in business. They impact your business either in a positive or negative way.
How willing are you to succeed as an entrepreneur? What motivated you to go into business? You either have the inborn grit (nature) or you develop the required skills (nurture). So which do you possess?
Do you know more factors affecting entrepreneurial motivation? Kindly join the conversation to share.