Home Motivation What are the main motivating factors for someone to take up entrepreneurship?

What are the main motivating factors for someone to take up entrepreneurship?

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  1. Change – Entrepeneurs constantly want change and also want to be the bearers of the change. They are problem solvers and want to disrupt the status quo. They have a  vision (“I want to aggregate the world’s information” or “I want to put  a PC in every desk”) and go about attempting to change – some succeed and others don’t.
  1. Challenge – Many people who like to startup want it for the challenge and want to handle big problems. For such people, the typical job in a big corp is not challenging enough and too boring to be worth.
  2. Creativity – Running your own business lets you be more creative. For instance, you can experiment with a new website design, new marketing strategy, create innovative products that attacks a known problem in a different way, create new packaging and new advertising campaigns. You have an infinite room to bring in your creativity in a small business that you found.
  3. Control – Many guys who startup a business don’t want to be pushed around and work in a product/company in which they have no way to shape the destiny. They want to work at their own time, own pace, location of their choice, employees of their choice and have an active role in deciding the direction of the company.
  4. Curiosity – Successful Entrepreneurs are always curious and ask – “what if we do X this way?”. They want to understand the customer’s minds, markets and competitors. They are constantly curious to see how their particular theory (“people want to do X with Y”) works. In this aspect, they are no different from a researcher who is searching for the truth.
  5. Cash – The final part is the cash. Many non-entrepreneurs think cash comes first for entrepreneurs. That is never really true. If that were the case, there is no reason for an Ellison or Gates to keep pursuing their business aggressively after they have made a billion dollars (which could get them almost everything a person could want). However, cash (and multi-million dollar exits) do play a part in motivation to run a business. Just that if it is the primary motivation, it is quite likely that the business would either fail or have a premature exit.

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