Definitions of Motives for Entrepreneurs to set up a business (coursework)

Motives

For 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.

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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...