What Motivates an Entrepreneur?

Discover what motivates entrepreneurs to become successful business owners. Learn about the four main motivations behind entrepreneurship and how they can help you achieve independence.

What Motivates an Entrepreneur?

Monetary gains, more freedom, more authority and creative control are the four main motivations of an entrepreneur. The desire for control is a major factor that drives many entrepreneurs to achieve a position of leadership. 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. This can be especially motivating for those who have worked under the orders of an inept CEO.

Once established in a business, entrepreneurs have total control over all the decisions that are made within them. However, this comes with added stress and pressure that comes with that responsibility. Some entrepreneurs don't do it for money or experience, but for a lasting legacy. They may want to become the face of a brand and earn a taste of fame along the way, or even pass on the business to a future generation.

Determining what motivates you in life is a way of figuring out what type of entrepreneur you want to be. Businessmen in the food and beverage sector stood out especially for this motivation, since almost half of these merchants said that filling a niche motivated them. Seeing the self-determination of merchants in Ghana inspired her to do the same in her home country in the United States and, following that motivation, she created a business that she can now dedicate herself full time. Motivation, whether it was a flexible schedule, additional income, or the desire to transfer a family business, was strongly correlated with the industry in which people ended up operating.

People from all sectors chose this motivation, so it makes sense that entrepreneurship is an excellent path to achieving independence.