What are the biggest motivators for entrepreneurs?
The age of startups, innovation and entrepreneurship has triggered an increased interest in entrepreneurs and their behaviour. In today's blog, I will discuss the motivations that drive people to become entrepreneurs and provide insight into their mindset. Money, success or being their own boss?
Of course, when you start your business you do not ordinarily consider yourself to be an entrepreneur or entrepreneurial. Effectively at the outset you are just trying to earn a living. Running a business is all about achieving milestones and once you have passed the safety of earning a living for yourself having found your marketplace, a certain realisation occurs.
The realisation is such that you find yourself making decisions that affect others. You take on more work, employ additional staff, you create a supply chain and the fun of having your own business and you driving it, suddenly is a reality that drives you.
However, at this point in time, what are the big motivating factors for you as an entrepreneur and continuing in business?
Is it the fun of seeing everyone happy, the buzz of being important and having decisions to make or is it: the money, the success and trappings or being your own boss?
Strangely none of these individually, but probably a combination.
It can be encapsulated as being the pride of the creation, it is effectively your 'baby' as silly as that may sound, which means that as it develops it can create destiny for the businessman or woman. It creates more than a living but possibly a very good living and of course, nurtured well, it can be sold to create funds for a pension and happiness in retirement.
So money is important, without that, one cannot pay the bills for the business nor your own living expenses. Having enough funds allows choices.
With the money and the growth of a business comes success. This should be measured in terms of the ability for you as the entrepreneur to trust employees and management to carry on with your business, for it to be, day by day, less reliant on you as an entrepreneur and founder.
Hand in hand with both of the above means that you are your own boss and a boss in the truest sense, not just a super manager. You choose direction and strategy, you can master your own destiny.
So effectively the combination of the three items mentioned above create the being that is not you, nor the employees it is a business which is sustainable, and valuable.
You can sell the goodwill and that, in turn means that you have created your own destiny by starting out and taking measured risks in the early days. Congratulations, but do not rest on your laurels.