Tag - Entrepreneurial Motivation

Secrets of Leadership : 9 Traits of Effective Leaders

Traits of effective leaders. I can bet this has crossed your mind on several occasions. It won’t be surprising you stay up late asking what makes business leaders so effective?

 

Steve Jobs’ effective leadership took Apple to where it is. Elon Musk took SpaceX and Tesla to its heights. Likewise, Mark Zuckerberg took Facebook global and Amazon founder, Jeff Bezos made it huge.

 

“When you were made a leader, you weren’t given a crown; you were given the responsibility to bring out the best in others”. – Jack Welch, former CEO of General Electric.

 

Thence looking at these successful entrepreneurs something about them jumps right at you. You realize they have the traits of effective leaders. You look at yourself and wonder if you have those traits as well.

 

Also it’s no secret that a business or an organization needs an effective leader to succeed. However, don’t beat yourself up thinking you don’t have these traits. You do. The traits are buried within, you only need to look deep within to bring them to the surface.

 

Traits of Effective Leaders

I can tell you for free that if you have the following traits be rest assured you have what it takes to effectively lead your minions.

 

  • Motivational and Self-motivated

This leader influences you and gives you a strong reason to act or accomplish something. Likewise, they are motivated to do or achieve something due to their own enthusiasm and interest, without pressure from others.

 

Traits of effective leaders

 

  • Empathy

This is the ability to understand and share what another is feeling. The capacity to place oneself in another’s position. In addition they are personable, have high emotional intelligence and very compassionate.

 

  • Visionary

An effective leader has unique and original ideas about the future. With imagination he makes wise plans for the future. Also, empowers others.

 

  • Self-reflection

Equally important is self-reflection. This trait allows you to have serious thoughts about your character and actions. It gives you the ability to combine instinct (intuition) with facts. And such leaders are willing to learn.

 

  • Dauntless

An effective leader is fearless and determined. Confident, poise, courageous and stares down the naysayers. He hangs in there even when others around him say it can’t be done.

 

  • Adaptability

Being able to adjust to new conditions no matter the circumstances. Effective business leaders know how to drive through failure and make it work.

 

  • Excellent Communication Skills

The traits of an effective leader entail the ability to write and speak in clear and simple terms without compounding issues in time of crisis.

 

Traits of effective leaders

  • Creativity

The use of imagination or original ideas to create something new that adds value. It could be in terms of product, services or the standard of operating the organization.

 

  • Ethics

This trait entails the moral principles that govern a person’s behaviour most especially in a business environment. How do you comport yourself as a leader? Are you worthy of emulation? Or do you let everyone in your fold run wild?

 

There are different styles of leadership. No two leaders are the same, but the traits of an effective leader are the same across board. These traits aren’t necessarily inborn but they can be developed. Growing these traits takes you closer to being an effective business leader.

 

Additionally it takes an effective business leader among other things to make a business succeed.

How To Create A Positive Mental Attitude: 14 Ways

Have you ever imagined what would have happened if Steve Jobs or Mark Zuckerberg didn’t have a positive mental attitude? We won’t have Apple and Facebook as we know it.

As an entrepreneur or business person it’s very essential to possess a positive mental attitude. Because you will need it to pull through the tough times.

People will wear you out with their negative opinions. Also there’s a tiny voice in your head that will repeatedly tell you it won’t work. Hence the saying a man’s own enemy is himself.

Positive mental attitude

It’s going to be a battle between you and your mind. How do you win a struggle you didn’t prepare for? A positive mental attitude is your weapon to win this tug of war.

This is why you need to create a positive mental attitude.

As a student I had the idea to open shop selling haircare and beauty products.

Though I was already selling on a smaller scale. But I never opened shop. I chickened out because I mentally beat myself out of it.

I can’t remember if I shared the idea with my friend but over time she opened shop and was successful.

Likewise there were other opportunities that came my way which I talked myself out of. Thence costing me so much.

Eventually I realized the negative thoughts were denying me of openings and I had to overcome it.

To deal with the negativity I had to read books, articles, listen to some recordings and recite affirmations. During my struggle I came across some helpful tips which I’ll share with you.

Positive mental attitude

How To Create A Positive Mental Attitude

  • Before anything you need to believe in yourself. Write down all the negative thoughts you have and trash it.
  • Picture yourself as a success. If you can see it you can achieve it.
  • Speak positively about everything in your life for at least 24hours. About your job, business, health, future etc. Screenshot as many positive affirmation memes you can find and look at them at intervals.
  • Repeat step above at least twice a week.
  • Feed your mind with positive thoughts. It will knock off the negative thoughts. Counter any negative attitude with positive attitude.
  • Move with positive minded people. Weed off the naysayers.
  • Consciously avoid arguing with naysayers wherever you find yourself.
  • Rid your mind off obstacles you have built over the years.
  • Be thankful for everything you have going.
  • Find your own path. Don’t copy others
  • Exercise alot.Positive mental attitude
  • Relax. Take time off and just chill.
  • Be a giver. Bless people and be good to them.
  • Choose to be happy. Always consciously choose to be happy when the gloom sets in. Happiness is a decision only you can make for yourself.
  • And if you are a person of faith like myself pray and read the good book.

Conclusion

In addition years of negative thinking will not disappear in a day but if you keep at these tips be rest assured you will create a positive mental attitude.

It won’t just help you as an entrepreneur but all facets of life as you know it. Being you a product of your thoughts you need to change your mindset of you and your business.

If this article speaks to you or you have other tips that can help do drop a comment. 

lose customers

How Not To Lose Customers To Staff/ Competition

Did you lose customers to your staff/ competition?

Did you know you are 405 times more likely to be struck by lightning than not lose customers to your staff/ competition when you aren’t performing as expected.

This is the experience era. People don’t just buy goods and services anymore they also buy experience. For every bad experience your clients get you lose them and potential customers they could refer to you due to the fast spread of word of mouth. And technology has made it so easy for customers to switch loyalty just by a click on their devices.

When you lodge at a resort that gives you the Wow experience you tell your family and friends about your wonderful experience. Likewise if you have a bad experience you will tell everyone that cares to listen. Bear in mind that as humans we like to exaggerate and bad news travels faster. The people that listened to your tales will form their opinion of the place from your experience. Thus affecting the patronage of the resort.

In the scheme of things a customer knows, likes then trusts a company to do business with it. If the company keeps exceeding expectations it progresses into buy, repeat and best of all refer.

But when a company becomes cocky there’s a decline into distrust, you lose customers and eventually failure/ closure of the business.

As much as you strive to render top-of-the-range products/ services ensure your customer care and delivery people don’t cause you to lose customers.

How Not To Lose customers to your former staff/ competition.

Take care to avoid the following so you do not lose your hard earned clients:

  • Lackadaisical Attitude

As a business owner or entrepreneur you should eat, drink, breathe and sleep your business. You should be your Chief marketer and Ambassador not your staff.
There’s a make-up artist who works in the entertainment industry. She’s always sending her PA to represent her everywhere. Hardly meets with her clients. Her PA was practically the face of her business.

She had a major client who needed to do a project abroad. The client side-lined her and sent her PA abroad for the job on a retainer. That’s how she lost a big opportunity. Thence the PA now has her own booming business.
The client said they don’t know or trust her hence them snatching her PA.

  • Overreaching

You should not over promise and under-perform. Don’t sell what you can’t deliver. Clients will lose their trust in you. Do realize your customers can find the same quality for a lower price elsewhere.

A good example is don’t prolong things unnecessarily. An online store decided to make their Black Friday deals last one month. I had forgotten and made an order 3 weeks into their Black Friday. I waited patiently to no avail. After a week I called customer care to find out what the problem was. And was told the delay was due to the Black Friday rush.

Their normal mode of operation is you make an order and someone calls to confirm your order. But due to the rush no one from customer care called to confirm my order. And things got mixed up. As I write this post on Jan 22nd, 2018 I’m still waiting for my refund from 20th Dec.

They say they are the online store to trust but I had to tell them I no longer trust them. The customer care person that attended to me said they were short-staffed. In this case contract staff should have been employed to cater to confirmation and delivery.

  • Employee Dissatisfaction

When your employees are dissatisfied that’s the first thing a customer notices about your business. Thus the saying the happiness of your clients depends on the happiness of your staff.

I did have a boss who always promised to pay commissions, he never did. Neither did he create a comfortable work environment. Overtime three of the Sales reps left and individually set up the same business. Also took along with them a sizable chunk of his customers. He had to make trips to visit the customers to see if he could redeem some and his image. Unfortunately he only won back few.

  • Poor Customer Service

If possible record the conversations that your customer care personnel have with your clients. And for walk in clients ensure you have a supervisor that keeps your customer service in check. Consistency, reliability, and responsiveness is key to retaining your clients.

  • Overworked and Understaffed

Remember the online store I mentioned above? The delivery men were outright rude and under-performing. It was while discussing with one he said he had to deliver items to 70 places that same day. Clearly he’s overworking and it’s taking its toll on him.

lose customers

  • Lack of product knowledge

A typical example of this is where I buy my fish feed from. I dialed the number on the receipt to ask if a brand of feed was available, in what size and amount. The guy that picked couldn’t answer my questions. He spoke like he didn’t even work there yet he did. Due to his ignorance I went elsewhere to make my purchase.

  • Refusal to reward customer loyalty

Nothing gladdens the heart of your customer more than knowing they are appreciated. Reward your customers either old or new. Think of creative ways to recompense them. It could be as little as calling on their birthdays or anniversaries. Also you can give awards to them.

In Conclusion

Study shows that it is 5 to 25 times more expensive to acquire new customers than to retain new ones. So you may want to think twice before you lose your existing clients. Avoid having a lackadaisical attitude to your business, reward customer loyalty, know your products and services, don’t overreach, improve your customer service, don’t overwork your staff and ensure your staff feel like they are part of the family.

Does Knowledge Come At A Price? Think Remarkable Results For Your Business

As an entrepreneur does knowledge come at a price?

What do you think is a fair price to pay for knowledge? What’s the highest monetary value you are willing to exchange for knowledge that will improve your business?

How far would you go to acquire knowledge that will boost your business? Or will you continue to do things as you have always done without results?

You are probably wondering why I’m asking these questions. Well I had an experience that got me thinking and prompted me to ask.

Does knowledge come at a price?

A friend called me to say his cousin started fish farming without prior knowledge and needed my help. So I asked to speak with him.

Does knowledge come at a price

He handed the phone to his cousin and a conversation ensued between us.

I asked him what the problem was. And realized that without experience of any sort he got into fish farming. He had managed to rear them for four months and had sold a portion.

He didn’t even know he was meant to have a scale to measure the fish for sale. Thence the guy that bought it capitalized on his ignorance and cheated him.

Likewise he was feeding them wrongly, using the size of feed that wasn’t age appropriate and he didn’t know fish was sold per Kg. Amongst other things he didn’t know.

I gave him some nuggets to acquaint himself with the basics. The major problem required I get to his farm to see things for myself and tell him what he could do to solve the problem.

Because his farm is quite a distance from me I asked he pay my transport fare and also buy me lunch. Since I will be at his farm for a while answering his questions.

Does Knowledge Come At A Price

He thanked me for the free info I had given him saying it was enough to turn around things on his farm. And he would keep experimenting as he had been doing previously. With the hope he will eventually get things right.

I was marveled because his previous ways had cost him some loss running to thousands. Rather than give me less than a tenth of it he was willing to incur more loss.

He wasted resources trying to do fish farming without prior experience when he could have just paid a consultant/ experienced person to learn the basic stuff.

Madness is doing the same thing over and over and expecting different results.

So I respected his decision and minded my business.

I later realized I had given too much information for free. I guess it’s because I was doing a friend a favour.

He preferred his money going down the drain to paying for my services. So it got me thinking that does knowledge come at a price?

How much are you willing to pay to acquire knowledge for your business success. And wouldn’t you rather save some money while still seeking knowledge the right way?

Would you rather choose to let money go down the drain playing guessing games or would you pay a fair price for knowledge?

I would love to read your thoughts in the comment section.

Sick And Tired? Here Is My Hack To Deal With Entrepreneur Anxiety

As an entrepreneur at one point or the other you have to deal with entrepreneur anxiety.

Business and entrepreneurship has always been my thing. Right from elementary school I just wanted to buy and sell.

I bought sweets\ candies to resell. I wrote stories and got a boy to draw cartoons for me which I sold.

Though I didn’t sell much while in secondary school I did a lot of trade by barter. If I had or could do something I gave it in exchange for what I needed.

In the university I sold everything from costume jewelry, self-made beaded jewellery, G-strings, cosmetics to clothes. I encouraged my male colleagues to buy gifts for their female friends and relatives so they could buy something from me. I just sold and sold.

My National Youth Service Days (NYSC) weren’t left out. I didn’t stop selling. I even sold my personal stuffs for the right price when people expressed interest in them.

Here I was thinking I will definitely go into business after getting my degree. Hence my being a serial entrepreneur.

But reality hit me hard when I moved back home after my NYSC. My parents were on my case to get a real job and start earning.
I tried all I could to convince them to let me do business to no avail.

So four months later I started working but I couldn’t continue my business due to pressure from the job.

And that’s when the anxiety first started due to the stress of juggling my business with a job.

I realized I had to deal with entrepreneur anxiety.

Deal with entrepreneur anxiety

Finally after four years of being an employee I’m finally doing my own thing. My parents are still on my case though but I’ve grown a thicker skin.

People say I’m lucky doing my own thing forgetting I’m carrying quite a heavy burden on my shoulders. I’m performing several job roles to reduce cost as a small business.

I’m in the agriculture sector which means I don’t make an income regularly like everyone else.
It doesn’t mean I don’t pay bills in the period I don’t earn (business and personal).

Likewise there have been times I didn’t even earn my cost price talkless of profits due to things beyond my control.

But I keep trudging on because I can’t afford to give up. And I just deal with entrepreneur anxiety that these situations cause.

Also I get rejected and turned down after pitching to a client. There are days I just roam the house in my house wear devising means of how to get out of my latest rut. So yes it gets real.

This is the life of a full time entrepreneur.

As an entrepreneur people see you out there looking good but don’t know your struggles.

Deal with entrepreneur anxiety

I can’t even vent to my own parents when I’m crossing certain hurdles because they will say “didn’t we tell you to get a real job with security?”

But I finally learnt how deal with entrepreneur anxiety. It was hard at first but I kept going at it.

I can’t say I’ve fully gotten over it but it’s under control these days.

And these are the steps I took to get there:

How I Deal With Entrepreneur Anxiety

• Identify and Acknowledge

I had to consciously identify what the problem was and admit it was anxiety. At first it was scary to admit. But I understood eventually that I had to acknowledge the problem to overcome it.

• Prioritise and Plan

Prioritising my goals in order of importance helped to lessen the pressure. I plan my days ahead now and it helps tremendously.

I do the most important things first and I answer the most important mails/ messages first. If it’s not urgent I leave it for another day.

• Boycott Thinking Entirely

These days I avoid thinking entirely when I have a business related issue. I simply blank out. This was quite hard to do initially but with meditation, prayer, music, happy-ending movies and dance it got easier. I try to be mentally tough to deal with entrepreneur anxiety.

• Break Issues

Break down issues into lumps and goals into chunks. Have a go at it one after the other. Set goals daily. Now I set my goals into tasks I can accomplish daily.

• Celebrate Small Victories

And accomplishments. Be grateful. Also keep a journal (write them down). I celebrate every milestone no matter how small it seems and it really helps.

Dr. Emiliana Simon-Thomas said in a CBS piece that studies consistently show that people who keep a gratitude journal are 25 percent happier than those who don’t.

The people who had the gratitude journal showed increases in happiness, reductions in stress, reductions in vulnerability to physical symptoms, such as headaches.

While Wood et al examined gratitude and well being in the context of personality style using a sample of 389 adults.

In this study, gratitude was strongly linked to well being.

Thereafter the researchers concluded that gratitude has a unique relationship with life satisfaction.

• Take Breaks

Step out of isolation. Interact with friends and family. Break the cycle of work. If you are a solopreneur share office space at least for some days in the week. I’m simply saying come up for air.

• Accept Failure

Failure is bound to happen at some point but I have learnt to accept it and not dwell on it for too long.

• Seek Support

Talk a lot about the problem to people you trust that truly understand (not pretend to understand). I have a friend that I share my entrepreneurial journey with. I can vent all day and she listens without complaining or judging. But when I’m done I feel so much better.

Dealing with entrepreneur anxiety

• Decide To Enjoy The Journey

Consciously enjoy the entrepreneurial journey you have embarked on. Learn life lessons. These past few weeks have been tasking but I’ve taken it as a learning phase. It’s made me improvise and make wise money decisions.

• Eat Healthy And Exercise

Without overemphasis healthy foods and exercise just have a way of calming me down. It’s helping me greatly to deal with entrepreneur anxiety.

Deal with entrepreneur anxiety

• Use It

Finally use the anxiety to motivate you to take action as at when necessary. Now I approach anxiety as a motivator to do and achieve more.

As an entrepreneur you have to deal with not having a steady stream of income knowing fully well you have bills to pay.

These things don’t wait for you; they will steal your sleep, appetite, cause depression and suicidal thoughts etc except you nip it in the bud.

Sometimes you feel like all your efforts won’t pay off and other times you feel you can take on the world alone.

Working all hours of the week, lots of rejection, competition to outsmart and pile of bills to pay all contribute to anxiety.

You need to deal with the anxiety before it deals with you. Because it trumps creativity and as an entrepreneur you need a strong creative game to survive.

These are the things I do to deal with anxiety. Do you do other things asides these to conquer anxiety? Please let’s discuss.

Bill Gates On Lazy People: They Increase Your Company’s Growth

Bill Gates on lazy people: I choose a lazy person to do a hard job.

Because a lazy person will find an easy way to do it.

Prior to now I had always related to this statement by Bill Gates on lazy people from afar.

There was really no experience for me to relate to it deeply till recently.

Personal Illustration About Bill Gates On Lazy People.

I came back from Sunday service waiting for my friend who was meant to pay me a visit.

And having waited for 3 hours whilst calling severally without response I concluded he wasn’t coming. Probably the distance and traffic had gotten to him.

I decided to carry on with the business of the day. Checking my fish ponds I noticed the water was quite dirty and smelly (quite unusual).

This was a result of me being pissed that we didn’t have electricity for almost a month now. And the fuel bill for the generator was skyrocketing (in thousands).

You can imagine using the generator everyday to change the fish pond water.

So I decided to manually change the water using buckets to fill the ponds up.

But first it needed cleaning and flushing.

I was contemplating all these in my head whilst also feeling sleepy when I heard a knock at the gate.

Bill Gates on lazy people

Feeling sleepy

Alas it was my friend bearing gifts ofcourse. He said he wasn’t picking his calls because he wanted to keep me guessing if he’ll really show up.

We go in and I allow him rest. After catching up on things I took him to the pond side.

His first comment was the pond’s water is dirty so we let out the water.

Saying nothing I went in and changed into my work clothes. I entered into the pond to scoop out the residue at the bottom.

Had to do that to make the pond cleaner since there’s no using of hose to flush the residue out.

To say my friend was shocked is an understatement. He stood there looking at me in amazement as I pranced around in all that dirt.

While I looked at him in pity because he was dressed in his Sunday’s finest with tie and all. There he was thinking how’s he supposed to help this girl.

The next thing he uttered caught my attention. He said you know I’m lazy and this task seems hard. But what’s the easiest way you think we can achieve this?

And right there it clicked. I remembered what Bill Gates said about lazy people.

Bill Gates on lazy people

Lazy Person

I said to him you are the type of person Bill Gates would love to hire.

We brainstormed and arrived at the easiest way to do the job.

I thanked him profusely and he left hours later. Not without making him something to eat ofcourse.

Afterwards I kept thinking for two days straight how to get the job done even faster and at a cost effective way too.

Which I eventually came up with. (Yay)

In Conclusion: Bill Gates On Lazy People

Bill Gates wasn’t lying when he said he will always employ a lazy person to do a difficult job at Microsoft.

Because a lazy person will always figure out an easy and fast way to do it.

Surround yourself with smart lazy people. They are efficient in cutting time cost and resources.

They always think of how to automate everything and even manual processes.

Thereby increasing your company’s growth.

Do you have any lazy people stories or experience to share? Please comment. 

 

Entrepreneur Shifting Seasons

Entrepreneur Shifting Seasons: All You Need To Know

Is the change in climate seasons similar to the shifting seasons of an entrepreneur?

In most parts of the world the seasons experienced are Spring, Summer, Autumn and Winter. The change in each season ushers in the next season.

Likewise there are also entrepreneur shifting seasons which are marked by changes; same as weather.

In my years as an entrepreneur I have experienced various seasons (stages). But I will narrow it down to four (4) significant stages.

Entrepreneur Shifting Seasons

As an entrepreneur you move from Discovery ➡ Plan ➡ Evolve ➡ Growth.

  • Discovery

This is the process of uncovering your entrepreneur potential. A self-realization period that you consciously decide to be an entrepreneur.

Some call it Entrepreneurial Seizure.

You look inward to find out what you love doing and resolve to make money from it.

It can’t be overemphasized that as an entrepreneur you must build your business round your passion.

Most noteworthy is the fact that with time things will wear you out but your zeal will keep you going.

  • Plan

This season shifts you as an entrepreneur into the hard work stage. Since this period sets the foundation for your business.

It involves drafting your business plan. It’s important to have a business plan for direction and in case you need partners or investors.

Furthermore establish your business opportunities, research the demand, decide your business value, develop your business ideas, develop your market entry strategy, sort finance and capital.

Likewise identify your competition, set your price(s), build relationships, analyse your risks, patent your products, register your business name and company. While at the same time device your exit plan (just in case).

  • Evolve

In this entrepreneur shifting season you either decide to persevere (continue what you do) or pivot (change what you do or how you do it).

It is based on evaluating the business. Is it going as planned, any progress or are things spiraling out of control?

Are there plans to diversify into complementary products or services?

Answering these questions move you into the next season.

  • Growth

While drafting your business plan you should have defined what growth means to your business (yardstick).

Either an increase in the number of customers, increase in average transaction per client or increase in the number of subscribers to your app or product.

No matter the yardstick you use to measure growth this is the season to shoot the arrow up with hard and smart work.

This is the season your perseverance pays.

Entrepreneur Shifting Seasons

In conclusion hang in there if you are in a not so good season presently. It will pan out just as the seasons of the climate system change. One season gives birth to the next.

What other seasons have you experienced as an entrepreneur or you have seen other entrepreneurs overcome?

 

Entrepreneur Creed

Entrepreneur Creed : 10 Tested Ways To Be A Focused Entrepreneur

Entrepreneur creed: The guiding principle on your journey to being a successful entrepreneur.

Entrepreneur Creed as written by Thomas Paine.

I do not wish to be a kept citizen.
Humbled and dulled by having the
State look after me.

I want to take the calculated risk
To dream and to build.
To fail and to succeed.

I refuse to barter incentive for a dole
I prefer the challenges of life
To the guaranteed existence

The thrill of fulfillment
To the stale calm of Utopia.
I will not trade freedom for beneficence

Nor my dignity for a handout.

I will never cower before any master
Nor bend to any threat.
It is my heritage to stand erect.
Proud and unafraid.

To think and act for myself
To enjoy the benefit of my creations

And to face the world boldly and say
This, with God’s help, I have done

All this is what it means
To be an Entrepreneur.”

         Thomas Paine, 1776

You can’t talk about being an entrepreneur without referencing the “Father” of the entrepreneur creed; Thomas Paine.

Entrepreneur Creed

Thomas Paine

A creed simply defined is a set of beliefs that guides the actions of a person or group.

Entrepreneur Creed is a bunch of ethics you live by as an entrepreneur.

I can’t promise you a safe sail on the waters of entrepreneurship but I can guarantee that following this entrepreneur creed to the letter will save you from going under.

Here are 10 important tenets to guide you on your entrepreneur journey.

1. Pick a business, stay focused and understand it. Know it in and out. Conquer it before branching out.

If you keep trying you will get the honey from the bee

2. Understand your clients. Know what they buy from you and why they prefer yours.

3. Hire professional managers. Ensure you have the right people on your bus. They get you to your destination faster. Hire people that are smarter than you.

4. Put in place strong financial and administration controls. Ensure you have an internal auditor.

5. Constantly research the market on pricing. You don’t want to charge way less and you shouldn’t be over board as well.

6. Don’t spend too much money on office space especially if you are just starting. Be street smart.

7. Have a strategic business plan and regularly review it. This is to keep your destination in mind even if you sometimes derail.

8. Keep proper record of every transaction. A dubious customer may act funny. Be prepared. Keep track of every activity.

9. Make sure there’s a job description for every position. Learn to delegate and automate where necessary. Pay parallel to the job description.

10. Set performance milestones for yourself and your team. This is how to measure progress efficiently and motivate. Award the best and keep promises made for outstanding performance.

I once had a boss that promised to pay commissions to Sales Reps. Performance decreased after they realized he made empty promises.

Entrepreneur ethics such as these will make your entrepreneurial journey remarkable.

As an entrepreneur what creed do you live by? Please do tell by joining the conversation.

Entrepreneurial Motivation Factors

Entrepreneurial Motivation Factors: What You Should Know

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.

Entrepereneurial Motivation Factors

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.

Entrepreneurial Motivation Factors

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.

Entrepreneurial Motivation Factors

External Entrepreneurial Motivation Factors: These are situations or events beyond the control of you and your company.

  • Customers and Existing Demand
  • Suppliers
  • 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.

Conclusion

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

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.