Entrepreneurs may be motivated to start their own business for the following factors:
- Financial (profit as a financial reward)
- financial independence – being able to make a living without being employed or having a boss
- Personal (personal interest or hobby)
- job satisfaction – happy with how you make a living
- autonomy – being in charge of yourself and making your own decisions
- Social (ethical/ doing a good thing)
- Responsibility
- sustainable sourcing – procuring (buying) resources without causing harm to the environment
- environmental – entrepreneurs may start a business to change
- paying the living wage – minimum pay businesses must give according to law for their employees to survive (e.g. enough to pay rent and buy food)
- working conditions – providing a safe and comfortable workplace for employees
- Helping the community
- working with charities – an entrepreneur may start up to provide a service for a charitable organisation
- Supporting community projects – such as the National lottery that donates millions from their profits to good causes
- Employment opportunities – such as providing jobs for the local community or a specific group of people
- Equal opportunities – providing opportunities for disadvantaged groups
Entrepreneurs aren’t necessarily setting up new enterprises all the time; they might only have one. An entrepreneur is somebody with the foreknowledge, drive and desire to face a challenge by running a business and dealing with customers.
According to the Global Entrepreneurship Monitor, over 100 million businesses are launched each year that’s 11,000 per hour or 2 new businesses per second.
Entrepreneurs are responsible for the leadership of their business, making decisions about the strategic direction of the business. Good decisions make a business successful. They will also organize the resources available to the business to make it successful.
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