What motivates entrepreneurs to venture forth when so many others would run in the opposite direction? Though each person’s motivation is nuanced and unique, many entrepreneurs are spurred on by one or more of the following motivators:
Autonomy: Entrepreneurs want to be their own bosses, set their own goals, control their own progress and run their businesses how they see fit. They recognize that their business’s success or failure rests with them, yet they don’t view this responsibility as a burden but, instead, as a marker of their freedom.
Purpose: Many entrepreneurs have a clear vision of what they want to accomplish and will work tirelessly to make that happen. They genuinely believe they have a product or service that fills a void and are compelled by a single-minded commitment to that goal to keep pushing ahead. They abhor stagnation and would rather fail while moving forward than languish in inactivity.
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Flexibility: Not everyone fits into the rigidity of traditional corporate culture. Entrepreneurs are often looking to free themselves from these constraints, find a better work-life balance or work at times and in ways that may be unconventional. This doesn’t mean they are working fewer hours – often, especially in the early stages of growing a business, they work longer and harder – but, rather, they’re working in a way that is instinctual for them.
Financial success: Most entrepreneurs realize they aren’t going to be overnight billionaires, but that doesn’t mean they aren’t interested in the potential of making a ton of money from a hugely successful business over which they have full control. Some want to establish a financial safety net for themselves and their families, while others are looking to make a huge profit by creating the next big thing.
Legacy: Entrepreneurs are often guided by a desire to create something that outlasts them. Others want to create a brand that has longevity and becomes an institution. Another group wants to pass on a source of income and security to their heirs. There are also those entrepreneurs who hope to make a lasting impression on the world and leave behind an innovation that improves people’s lives in some tangible way.