The Motivation of an Entrepreneur
Running your own business isn’t for everyone. Most cannot deal with the huge time, energy, and financial investment required, all without knowing what’s around the corner. 93 percent entrepreneurs are males, with close to two-thirds in the 26-39 year range. A quarter of them have undergraduate degrees, while 69 percent had master’s degrees. All had been employed for five to eight years before starting their first business. Being an entrepreneur is no easy task, so what motivated them to start out in business and why did they choose to break out on their own rather than going to work for someone else? It is the motivation to work on something because it is interesting, involving, exciting, satisfying, or personally challenging.
Businesses can start-up in a garage and end up being a global Fortune 500 company. Blog.gcase.org states that it starts with an entrepreneur who perceives an opportunity, creates an organization to pursue it, assembles the required resources, implements a practical plan, and assumes the risks and the rewards. It was once said that entrepreneurship is a lot like driving fast on an icy road. Entrepreneurship is a continual problem-solving process. It is like putting together a huge jigsaw puzzle; at first pieces will seem to be “missing,” obscure, or not clearly recognizable. Entrepreneurs do what they love, and they love what they do.
Entrepreneurs stick it out through thick and thin, they have passion. When you truly love your work, you have motivation fueled by passion. This is why you the stories of people that failed over and over again, and finally, they ended up having their success. Their passion never could allow them to give up. So they kept going, trying different angles, until it finally happened for them. When the going gets tough, that’s when you need your motivation. You’ve got to keep feeding and building it. Read books about other successful people, see what they did, and think about how you can incorporate their ways of thinking into yours.
Unlike many working people, entrepreneurs truly enjoy their work. When they find something new, they might view it in terms of “how can this help my business?” and “what opportunities does this open up for me?” Many entrepreneurs enjoy the challenge of building something out of nothing. Many people in the wider business world are only involved with part of a product’s lifecycle, whereas entrepreneurs generally enjoy a bird’s-eye view of it all.
Many people give entrepreneurship a try only to fail miserably very quickly. There is a reason why 95% of startup businesses aren’t around two years later. These people see running their own business as the route to financial freedom. So after a few setbacks, they give up. An entrepreneur will see the big picture, even during those dark days they will focus on the end result. When you first start a business, you will have pour your heart and soul into it. When the results are less than what was expected, it can be very difficult for some to take. A failure is a lesson, and a step in the right direction. That’s how a motivated entrepreneur analyzes any setback. So if you ever think of starting your own business, remember to have passion for it. When you truly love what you do and put so many hours into it, you will not allow yourself to fail miserably at it.
What is driving so many young people to pursue careers as entrepreneurs? What are they searching for? They want more freedom and love the rush. They insist on the flexibility they can create through their own business. They like working for their own goals and their own measures of success in life. Know-accounting.com states that Purdue University conducted a survey between 2004-2006, in which they questioned 101 Indiana entrepreneurs to see what motivated them to start their own businesses. They found that those making more than $100,000 a year were less likely to start their own businesses than those in the $50,000 to 75,000 range. In a Yahoo survey, 21.4 percent of small business owners said they were interested in enjoying a more flexible work schedule and quality time with their family. When you start your own business not only do you become your own boss, but you’re able to enjoy a more flexible work schedule.
To learn more about entrepreneurs, check out a few of our previous posts by clicking here.
