The paper "Motivators of Entrepreneurs, Success Factors for Entrepreneurs " is a perfect example of business coursework. Entrepreneurship is the establishment of an economic organization(s) purposely for-profit and supply of essential products or services to the society within an environment characterised by risks and uncertainties (Piperopoulos, 2015). It is a field that deals with how opportunities to create new products, new services, new markets, and new processes of production are discovered by people who now assume the title entrepreneurs. Entrepreneurs develop these new discoveries to produce a range of benefits (Baron, 2012).
The urge for autonomy, profits, securing the family, self-actualization and growth as well as the drive for recognition are some of the factors that drive individuals to become innovative and thus entrepreneurs (Zimmerman & Chu, 2013). The constraints they face in their attempts to make entrepreneurs include lack of start-up capital, competition, management team formation difficulties, safeguarding intellectual property, red tape, legal problems, market identification an operational issues (Chu, Benzing & McGee, 2007). Conditions that see to it that entrepreneurs succeed include education and training, good managerial skills, experience, networks in the social arena and prevailing conditions within the environment (Benzing, Chu & Kara, 2009).
The report draws its conclusions and views from the entrepreneurs, Debra Cafaro, Warren Buffet and Colonel Sanders from whom views were obtained. This essay will report on the motivators, challenges, success factors the effects of entrepreneurship one the families of entrepreneurs. Motivators of Entrepreneurs The motivating factors that drive individuals to innovate and hence become entrepreneurs can either originate from the individual hence the name intrinsic factors or can originate from the external environment thus the adoption of the name extrinsic factors (Robichaud, McGraw & Roger, 2001).
In their responses, most entrepreneurs cited independence as one of the factors to plunge into entrepreneurship. Entrepreneurs want to be their own boss. They are in search of their independence. Entrepreneurs have big dreams and according to their responses autonomy is one way through which they can actualize their dreams (Zimmerman & Chu, 2013). The urge for one to control his or her own life, control time, work, autonomy in decision making and the fact that one can be able to balance between work and personal life independently drives one to become an entrepreneur. 73% of the respondents wanted the freedom to order their personal work.
This is what made Mark Zuckerberg to drop out of college and to concentrate more into creating the social network ‘ Facebook’ (Stephan et al. , 2015). Another motivator pushing individuals into entrepreneurship included financial gains. Being an entrepreneur promises high returns in terms of profits. Most of the entrepreneurs agree that their getting into entrepreneurship was because they wanted to earn more in terms of income. They saw entrepreneurship as the route to create wealth.
On the financial motivation, entrepreneurship promised a huge leap financial that offers financial security for one’ s family (Stephan et al. , 2015). Making income rated highly as a motivator into entrepreneurship followed closely by the need to be one’ s own boss (Zimmerman & Chu, 2013). Some of the entrepreneurs cited family legacy and securing the future of the family as the driving force that pushed them into entrepreneurship. The entrepreneurs wanted to build a business legacy that would be taken over by their kids.
Others plunged into entrepreneurship to keep up with a family tradition (Benzing, Chu & Kara, 2009).
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