Most entrepreneurs have large egos. This should surprise no one. Entrepreneurs refuse to allow a boss tell them how to spend their day; they seek financial power and independence; they think their idea is worth millions of dollars. This ego can get in the way if you let it. As an entrepreneur, you will have to do a little of everything. You may have to speak to rude customers, lawyers you hate, partners you dislike, etc. However, you must keep this ego under wraps and not allow it to keep you from the main goal, which is growing the business.
You must be a salesman or saleswoman to be an entrepreneur. If you can’t sell your idea, who will? You have to sell your idea not only to your customers but also to your partners and employees that follow you. Independence, favorable way of doing business and even choosing a business only according to its particular nature, such “satisfying” way of life doesn’t guarantee an easy life. It’s easy to understand. “No pains, no gains. ” The difference is that they are working hard with joy.
From the day one decides to be an entrepreneur, he starts to stand all by themselves. Making decisions, setting schedules and baring the risks and the ambiguities etc, everything is his own businessIn our testbook, a satisfying life is included as one of the motivations, which I believe is too general and ambiguous. To what extend is “satisfying” is hard to tell. Money, status, freedom, everything can be a symbol of a satisfying life and everyone has different prostpectives for themselves.
Though our textbook confines the satisfying way of life to independence and some business with particular nature, I want to take it as a general motivation for entrepreneurs. The financial return of any business must compensate its owner for investing his or her personal time and personal savings befor any true profits are realized. Entrepreneurs expect a return that will not only compensate them for the time and money they invest but also reward them well for the risks and initiative they take in operating their own businesses.
First, some profit is necessary for survival because a firm that continues to lose money eventually becomes insolvent. Also, profit is not surprisingly the most powerful motivator for some entrepreneurs. Freedom to operate independently is another reward of entrepreneurship. Being their own boss is an attractive way of life, that one can make his own decisions, take risks, and reap the rewards. Most importantly, such independence also provide fexibility in their personal lives and work habits. It even meets the highest need of Maslow’s Hierarchy-the self actualization.
Of course, independence does not guarantee an easy life. Most entrepreneurs work very hard for long hours. But they do have the satisfaction of making their own decisions within the constraints imposed by economic and other environmental factors. Across all current and would-be entrepreneurs, freedom and the desire to make money are the primary motivations. From the result, the first and the third motivations can be categorized to a desire for independence; the second and the fifth are desire for profit.
The fourth motivation-challenge is just the reflectingof the characteristics of entrepreneurs. There is also some evidence that potential entrepreneurs from different groups in society respond to different motivations. For example, potential ethnic minority business entrepreneurs are particularly likely to want the respect derived from working for oneself, to be at the forefront of ideas and to lead and motivate other people. Desire for freedom and to make (more) money decreases with age
According to the Barclays Bank Third Age Entrepreneurs -Profiting from Experience survey, 6% of those under 50 were unemployed in the preceding period compared with just 3% for the over 50s. Generally speaking, the desire to make money or to enjoy greater freedom is not so strong among the over 50s compared with those under 50. Plans for the future are also different for the over 50s, with four out of ten saying they will close the business down when they retire. Interestingly, twice as many would-be entrepreneurs are motivated by the belief that they could make a lot of money, compared with current entrepreneurs.
This indicates that, in reality, entrepreneurs who start up in business are far more realistic about what might be the results of their action. Education and experience are key elements in the success of most entrepreneurs. Although the requirements for these elements vary with the nature and demands of a particular business, some type of know-how is needed. In addition, prospective entrepreneurs must build their financial resources in order to make initial investments.