What are the Four Motivations of an Entrepreneur?

The desire for control is a major motivation for many entrepreneurs who aspire to a leadership position. When you are the head of your own organization, you have the power to make all the decisions, from who is hired and with what salary, to what new strategic directions your business is heading. People who have been frustrated with their previous companies or those who have worked with an inept CEO may be especially driven by this factor. Once they have established their business, entrepreneurs have full control over all decisions made within it.

However, this responsibility also comes with additional stress and pressure. You will have the privilege of setting the course of your business, but if that path fails, you will only have yourself to blame. Some entrepreneurs are not as interested in money or experience as they are in leaving a lasting legacy. They may want to become the face of a brand and gain recognition along the way.

They may want to create something that will outlive them and be appreciated by others. This motivation is one of the strongest for entrepreneurs, as it cannot be achieved in any other way and it lasts much longer than money or experience. If this is your type, you are looking for products or services that are well established and that you can innovate from within. The independent entrepreneur needs a high-demand industry that demonstrates that it generates profits and, therefore, financial independence. The Freedom Seeker is motivated by wanting freedom and flexibility.

These types of entrepreneurs want something that fits their agenda, a business they can control, rather than something that controls them. The Creative loves to use their skills and imagination not only to create something new, but also to inspire others to do the same. They love to see other people enjoy what they have created, and their business becomes another way for them to express their talents. In a survey, 34% of entrepreneurs said this was their motivation for starting a business. If you are an artist looking to turn your hobbies into a business selling art prints, handicrafts or even classes, this is an obvious way out. But The Creative doesn't just need to be an artist.

It can be anyone whose work and life revolve around what inspires them, or a manufacturer who wants to sell their products separately. Either way, The Creative is a dreamer who wants to feel an emotional connection with their work and wants others to appreciate it too. The Opportunist is someone with a good eye for analyzing the market and knowing not only what is missing but also how they can provide it. This type of entrepreneur believes that their product can succeed and does the legwork and research to prove it. They are innovators as well as entrepreneurial experts who know a good idea when they see it. People become entrepreneurs for a variety of reasons including wealth generation, vision of transforming people's lives, autonomy and sense of accomplishment.

It takes courage to take risks usually comes from having faith in something. And usually faith arises when you have a passion for something. You go to any motivational speaking seminar and see all the speakers talk about the importance of passion in creating a business. The success of a company is directly proportional to the hard work and perseverance of the owner but it is the passion of the owner that pushes him to work hard. The energy of passion can take your business around the world. In addition, it helps us keep going during days when money doesn't arrive and there is no work.

So definitely passion is a key motivating factor that drives people towards entrepreneurship. It is the feeling of freedom, independence and self-reliance that motivates them to undertake. Most entrepreneurs are fascinated by the immense sense of security that comes with being your own boss but it only lasts if there is enough passion and determination to succeed. Most of the time, the motivation to earn money loses its career so it is not advisable to create a company if you are only passionate about making money. Merchants mentioned several different motivations to explain why they started their business and there's probably more than one thing that motivates you as well. Entrepreneurs enjoy a great sense of accomplishment when they reach their goals and feel even more motivated to set new goals. Motivation is the process that awakens action, sustains ongoing activity and regulates the pattern of activity.

A sense of accomplishment at different stages of the business lifecycle motivates people to take the risk of starting and managing companies. It makes a convincing argument that the best leaders and entrepreneurs follow their intrinsic rather than extrinsic motivations.