Don’t go into a business because your friend or someone you know is into that business. Go into a business because you have passion for it. Your passion is first to motivate your business start-up.
Intrinsic Motivation, also known as the “entrepreneurial obsession,” the intrinsic motivation is a term used to refer to the predisposition to work on something because it’s interesting, engaging, stimulating, satisfying, or challenging on a personal level. Nothing beats the freedom of being the boss at least when it comes to the entrepreneurial efforts of small business owners.
It is interesting to contemplate what drives people to start a business. Starting a business of your own requires money, many hours of hard work, patience, and the understanding that you might not make a whole lot of money in the first year or two, or your business could fail.
Starting a business is something that many people think about at one time or another during their lives. Motivations for wanting to become an entrepreneur can vary greatly.
Common motivators can include escaping the corporate grind, taking greater advantage of special skill sets, supplementing income, or having a strong drive to achieve personal or financial success.
According to the American Small Business Administration, approximately 30 percent of small businesses close their doors within the first two years. Yet people still start their businesses regularly. Many factors drive entrepreneurs to strike out on their own.
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1. Business Involvement
According to the website More Business, an entrepreneur is sometimes motivated to start a business because he has the desire to become involved in all aspects of the company’s operation.
The entrepreneur wants to be part of the product design team, sales, marketing, engineering, and production. An entrepreneur has a very specific way that he feels a successful business should be run, and this motivates the entrepreneur to start his own business and get directly involved.
2. Make it Personal
An entrepreneur might feel that doing business with a large corporation, or working for a larger company, can become very impersonal. The drive to start a business comes from the desire to put a personal touch back into doing business.
3. Being in Charge
Some entrepreneurs start their businesses because they want to be their boss and be in charge of all of the day-to-day operations of a company.
The entrepreneur wants to be the one making the important business decisions, determining the direction the company will take, making the call on product development and marketing, and being responsible for every aspect of the company’s operation.
4. Financial Need
According to Know Accounting, some entrepreneurs are driven to start their own companies out of necessity.
If a job does not offer enough income, an entrepreneur might start a side business to generate extra income that can turn into a full-time business.
To some entrepreneurs, having a successful business brings a feeling of accomplishment. They feel that they are offering a valuable service to their customers, and they pride themselves on doing the best job possible.
Many entrepreneurs give back to their communities through charitable donations and by participating in charitable events. This feeling of accomplishment and pride is an important factor in starting a business.
If you feel that your company is not utilizing your talents properly, starting a business can allow you to maximize your abilities and create a sense of fulfillment.
For example, if you’re a police officer whose investigative skills are not being put to the test, you could consider starting your investigative agency where you can make full use of your abilities.
7. Additional Income
Perhaps you’re happy with your present job but would like to supplement your income. If you have a special skill or a hobby you enjoy, you can use these to start a small business on the side.
If you enjoy writing, for example, you can look for freelancing opportunities for the local newspaper or online.
8. Second Career
If you’re a retiree, starting a business can take the form of a second career. People who retire early from a job may have the desire to continue working.
Older retirees may feel that they need additional income or have concerns about how long their present retirement benefits may last. Starting a business in retirement can also allow for pursuing a passion in addition to providing income.
Others yet have their philosophies which include;
a) Passion: The passion you feel as an entrepreneur for the startup life, for your company, and your vision is all-encompassing.
You’re driven to succeed, to experience everything a startup has to offer and to make things happen.
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Passion is a prerequisite to starting a business, and it’s also a huge motivator because through your startup you fuel your passion.
b) Creating Value: Entrepreneurs are builders/Creators. We need to produce “stuff” to succeed. And that “stuff” needs to create value.
It’s extremely motivating to know that something you’ve started has created value for others. And part of creating value is contributing to the entrepreneurial community as a whole.
For me, this is a particularly motivating factor; I’m able to build a company, blog about it, and communicate to others about my experiences.
c) Changing the World: Not every business has the potential to change the world, but many entrepreneurs take this mantra to heart.
Lots of entrepreneurs believe their businesses will change the world. It’s part of creating value. Starting a business and tossing yourself into it with unequivocal passion, gives you the chance.
d) Being in Control: Entrepreneurs are control freaks. We believe we can do things better than others, and off we go!
Having that opportunity is on one hand motivating and on the other hand scary you’re in control, you’re the boss, you better get out there and make things happen.
Luckily, being in control feeds many of the other motivating factors, so it all comes together.
e) Money: There’s no question that money is a motivating factor, although it belongs at the bottom of the list.
The truth is that you can probably earn more money at a fairly high-paying job, over enough years, than you can start a business because of the likelihood of failure. But the only way to hit a financial home run is with a startup. You get to take your swing at the plate and aim for the fences.
In conclusion, you can have the best business if you consider all the above factors and are determined to also succeed. Your friend may have only an enviable business but you will have an enviable business and turnover.