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Definitions Of Motives For Entrepreneurs To Set Up A Business (Coursework)

822 words - 3 pages

MotivesFor anyone to start up a business they must have a motivation of some sort. Without a strong motive for business creation an entrepreneur may quickly loose interest in the business venture. Being an entrepreneur, and starting up a business or company is an extremely hard task. Motivation is a vital characteristic of anyone who is even considering going into business, because they need to have a very strong goal for them to be able to cope well with the amounts of work. At times they will feel like giving up and abandoning, but if they have a good motivation they will look towards the future benefits of the hard work they are putting in and strive to succeed.During an investigation of businesses in my local area, I asked a range of entrepreneurs what their main motives for starting their own business or company was. Their answers were varied. However there were some motives that seemed to be more frequent than others such as; Profit, job satisfaction, Freedom to make decisions, creating a business by selling the by products of their hobbies and redundancy.My investigation showed that the main reason for many individuals starting up a business is profit. Profit or CAPITOL is an extremely important element to any business, and generating lots of it is often a very appealing prospect.A high amount of profit equals a high amount of income for the entrepreneur(s) and therefore enables them to have a good quality of life. Most likely an entrepreneur will be looking to make more money than in his/hers old job, parents, competitors e.t.c.However, if the business makes a loss or the businesses profits are reduced, the amount of income the entrepreneur(s) receive will also be reduced along with the standard of life the entrepreneur(s) has. The determination not loose money and to provide for themselves and their families is what makes profit a major, motivation for entrepreneurs.Another common motivation for starting a business (from the results of my survey) was redundancy. When people are made redundant they often feel that they are limited in career prospects. This is especially the case in my local area where many people working in the secondary and primary sectors have been made redundant. Often workers from such businesses in my local area have only worked with one company throughout their entire working life, or have only specialised in one field. This means that if these companies close down the above individuals...

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