What Motivates Successful Entrepreneurs to Succeed?

Successful entrepreneurs are driven by a variety of factors, from the personal meaning of creating a business to the feeling of control and self-sufficiency. Passion is a key motivating factor that pushes entrepreneurs to work hard and take risks, while money and financial security are also important motivators. Other motivations include the internal satisfaction of sharing knowledge, the desire to leave one's mark on the world, and the sense of personal achievement that comes with owning a business. Finding the personal meaning of creating a business is an important motivator for entrepreneurs.

Having faith in something and being passionate about pursuing a vision of a product or service that will change the way people think and live is essential for taking risks. The success of a company is directly proportional to the hard work and perseverance of the owner, but it is their passion that pushes them to work hard. The energy of passion can take a business around the world, and it helps entrepreneurs keep going during difficult times when money doesn't arrive and there is no work. The feeling of control over things is another deep reason why people become entrepreneurs.

Most entrepreneurs are fascinated by the immense sense of security that comes with being their own boss, but this only lasts if there is enough passion and determination to succeed. Money should not be the only motivation for creating a business, as it often loses its career over time. The internal satisfaction of sharing knowledge is another motivating factor for entrepreneurs. Thousands of anonymous contributors to Wikipedia and other open source platforms such as Linux are motivated by this internal satisfaction.

The “Read with Entrepreneurs” book club is an example of how entrepreneurs from various industries gather to talk about inspiring and motivating books they have read. Seeing merchant self-determination in Ghana inspired one entrepreneur to do the same in the United States, leading her to create a business that she can now do full-time. Elon Musk admitted in an old interview that what he was most excited about being an entrepreneur was that it was like a series of poker games in which he could measure his achievements by the amount of chips he could carry. This shows how leaving one's mark on the world can be a powerful motivator for entrepreneurs.

All industries require someone who is motivated to create something new, rather than selling something that someone else has done. Yvon Chouinard is an example of an entrepreneur who pioneered this strategy many years ago when he founded Patagonia. Brian Halligan, CEO of HubSpot, also expresses his big vision of how they want to change the world and how this has led to a highly motivated workforce that believes in their mission and loves their work. Finally, being self-sufficient is another key motivational factor for entrepreneurs. Having a successful side job means striking a balance between one's day-to-day life and their own business.

A survey by Manta and Dell found that rather than financial stability, many entrepreneurs are driven by the sense of personal achievement it provides.