What 4 Things Motivate an Entrepreneur?

Discover what motivates entrepreneurs: monetary gains, more freedom, more authority and creative control.

What 4 Things Motivate an Entrepreneur?

Few entrepreneurs (including me) start their businesses with the sole purpose of earning a lot of money. Monetary gains, more freedom, more authority, and creative control are the four motivations of an entrepreneur. You can make a lot of money as an entrepreneur, but you're more likely to run out of money. For some people, that combination is irresistible.

The desire for control drives many entrepreneurs who aspire to achieve a leadership position. When you are the head of your own organization, you will be able to make all the decisions, from who is hired and with what salary to the new strategic directions your company will take. Workers tired of the poor performance of their previous companies, or those who work under the orders of an inept CEO, may be especially motivated by this factor. Once established in a business, entrepreneurs have total control over all the decisions that are made within them.

The flip side is, of course, the added stress and pressure that comes with that responsibility. You'll have the privilege of setting the course of your business, but if that course fails, you'll only blame yourself. Some entrepreneurs don't do it for money or experience, but for a lasting legacy. They might want to become the face of a brand and earn a taste of fame along the way.

They may want to leave something that will appreciate them. They may even want to pass on the business to a future generation. The point is that they want to create something meaningful that will last longer than them. This motivation is one of the strongest for entrepreneurs, because it cannot be achieved in any other application and it lasts much longer than money or experience.

Cox Business found that more than half of small business owners start their own businesses to be their own bosses. They were also motivated by the idea of creating something from scratch. Nearly two-thirds of those surveyed said that they had created their own business for one of two reasons. The desire and motivation to continue focusing on tasks and working hard are the keys to becoming successful entrepreneurs.

Therefore, an entrepreneur must be motivated to create new or better products to gain an advantage in the market. However, it is important to know which of these are the most important for you at this point in your life, since there are clear decisions that reinforce the different motivational paths. The profit that an entrepreneur obtains through the sale of their product or service is an example of a financial motive. In uncertain or adverse times, motivation keeps entrepreneurs on track, which can lead to success in the future.

Motivation plays an essential role in the process of having a unique business idea to making it profitable and sustainable. To convince potential investors of an idea, entrepreneurs need motivation and self-confidence, especially in the beginning. Motivation may differ between entrepreneurs, but they all believe in offering innovative business solutions. Entrepreneurs are inherently motivated people who believe in their ideas and are passionate about implementing them.