1.1.2 Entrepreneurial Motivators

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 organise the resources available to the business to make it successful.

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