Role of Motivation in Entrepreneurship
Entrepreneurs are known for their tenacity and commitment – to lofty ideals, long hours, and success. They are hard workers who go into a project passionately and find success because they can convince other people of the value of their ideas. A key factor in sustaining this kind of energy, creativity, and drive is motivation. The role of motivation in entrepreneurship is foundational to their ultimate success.
Why is Motivation Important?
Motivation services as the reason, or reasons, that compel someone to continue striving and working. It provides hope and clarity when circumstances become hard and discouraging. Entrepreneurial motivation, then, is fundamental in someone’s decision to embark on the journey of creating a business.
Motivation is also important to those that entrepreneurs work with and interact with. Entrepreneurs need to understand, tap into, and sustain their own motivation for starting a business, but they also need to be able to motivate others to buy into their idea. Whether it’s motivating investment groups to provide startup funding or motivating eventual employees during the early days, motivation is key to keeping everyone on the same page about the mission of the new business and working towards fulfilling that.
What are Motivational Influences on Entrepreneurship?
Every entrepreneur and business owner is different; therefore, many entrepreneurial motivation factors will also be different. But there are similarities among successful entrepreneurs in where they find motivation and inspiration. Here are some of the things that not only motivate entrepreneurs to go into business for themselves but keep motivating them to continue even during difficult parts of the process.
- Greater Freedom
Entrepreneurship often appeals to people who want to work for themselves. Whether they no longer want to report to a supervisory structure or simply want to be able to create their own hours, entrepreneurship gives people more freedom and flexibility in how they structure their careers. And while there is inherent anxiety in entrepreneurship, as there is a lot of unknown about the possible success of a startup, it also can be freeing to know that your employment is secure in the sense that you are able to define your own parameters of success, salary, and so on.
- Greater Income
Some workers feel that all the work they put into a business owned by someone else ultimately goes to help add to that owner’s wealth. While employees receive a salary for their work, they are limited in how much they are able to earn when compared to C-suite level employees, owners, and shareholders. Starting your own business creates the possibility of increased wealth over time.
- Greater Influence
Relatedly, some employees disapprove of the direction that the company they work for is taking, or they want to have a more direct hand in some of part of the business. Wanting to have a greater influence over a product’s development, marketing, or customer base is a significant motivator for some people to break away from a business or career path and start their own company or product line. It can also appeal to people who want to have a lasting impact or legacy in an industry, as starting a company sets them apart.
- Control and Creativity
Many entrepreneurs have an idea they want to share with the world or that they think could influence people’s lives for the better. Wanting a greater creative control over the product and business process is a driving motivation that launches the career of many self-made business people and can help create focus and provide inspiration throughout the entrepreneurial process.
The role of motivation in entrepreneurship is significant. It helps to shape startup businesses from the very early stages and can have an impact on sustaining growth and capabilities into the future.