Business and personal motivators or ‘Drivers’ are the motivations and factors that push people to become new business owners or entrepreneurs.
These vary from person to person and can play a significant role in shaping their decision to start a business.
Be clear on why you are starting your business in a personal and professional sense.
“The way to get started is to quit talking and begin doing.” – Walt Disney
Document your main motivations for starting the journey of creating your business.
What are some of the Motivators for a new business owner/ Entrepreneur?
Here are some common business and personal motivations for new business owners (don’t forget that these can often overlap)
When you talk to other entrepreneurs, they may say once they discovered the “real” purpose for the effort they had to put in, they found a new sense of leadership and renewed commitment.
This is turn helped them to inspire and empower others, as well as keep focused on their Goals to direct their own actions.
Business Motivators or Drivers:
Opportunity Recognition:
Entrepreneurs often see opportunities in the market that others might not have noticed. They identify gaps, unmet needs, or ‘under served’ markets and aim to create solutions to address them.
Innovation and Creativity:
Some entrepreneurs are driven by their desire to innovate and create something new. They may have unique ideas or technologies they want to bring to the market.
Profit Potential:
The potential for financial success and wealth creation is a strong driver for many business owners. They see their business as a means to generate income and build wealth over time.
Autonomy and Control:
Entrepreneurship offers the opportunity to be your own boss and make decisions independently. Many individuals are drawn to the idea of having control over their business and it’s direction.
Flexibility and Work-Life Balance:
Some entrepreneurs value the flexibility that comes with running their own business. They believe entrepreneurship can provide a better work-life balance compared to traditional employment.
Passion and Fulfilment:
Entrepreneurship allows individuals to pursue their passions and turn them into a business. Many entrepreneurs start businesses in fields they are deeply passionate about.
Legacy and Impact:
Some entrepreneurs are motivated by the desire to leave a lasting legacy or make a positive impact on their community or industry.
Personal Motivators or Drivers:
Personal Growth and Challenge:
Entrepreneurship is often seen as a way to challenge oneself and grow personally. Overcoming obstacles and learning from experiences can be highly rewarding.
Independence:
Many individuals are driven by a desire for independence and the ability to make decisions without answering to a higher authority.
Risk Tolerance:
Some people are naturally more comfortable with taking risks, which is an essential trait for entrepreneurs, who often face uncertainty and unpredictability.
Desire for Recognition:
Entrepreneurship can provide opportunities for recognition and status within their chosen industry or community.
Escape from Corporate Environment:
Some individuals may feel stifled in traditional corporate environments and seek entrepreneurship as a way to escape those constraints.
Family or Personal Circumstances:
Personal circumstances, such as the need for a flexible schedule to care for family members, can drive individuals to start their own businesses.
Job Discontent:
Dissatisfaction with current employment or the desire to pursue a more meaningful career path can lead individuals to explore entrepreneurship.
It’s important to note that these drivers can interact and extend over into each other.
For instance, an entrepreneur might be driven by both the profit potential and the desire for personal growth.
Understanding your own motivations and drivers can help you make informed decisions and set meaningful goals, as you embark on your entrepreneurial journey.
Understanding how to deal with obstacles whilst also maintaining commitment & resolution is KEY.
“Think you can, think you can’t; either way, you’ll be right”- Henry Ford
Huffpost says:
“Success in small business can take many paths.
However, it’s clear there are certain entrepreneurial drivers that are present in most successful businesses. We’ve read about personality traits, but there is more to small business success than having the passion and confidence to win. There are common processes that influence success, so recognizing and trying even one of these drivers might fight off failure. Remember, if you always do things the same way, you’ll always get the same results.”
Investopedia has a list:
Here are five characteristics entrepreneurs should have:
- Take risks to pursue new opportunities
- Work hard and be persistent
- Know your target market and understand the market in which you will compete
- Continue learning
- Consider failures as new opportunities
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