By Amy Erickson
A High Level of Motivation is Required to be a Successful Entrepreneur
At Innovation Studio we talk a lot about owning a business and how to become a successful entrepreneur. Of course we talk about the benefits, the challenges, and the requirements of owning a business, but our best conversations are rooted in the motivations of owning your own business.
Why do you want to own a business?
Why do you want to be an entrepreneur?
Every person that joins our entrepreneurship programs have their own reasons and we hear it all:
- More time for family
- Control over my life and the work I do
- Influence over the outside world, maybe leave it a little better
- Build generational wealth to leave something for my kids
- Solve a nagging problem in the world
- And of course – Make my OWN money.
Every reason is valid and every reason is a good thing to help inspire new small business owners and entrepreneurs as they take on new risks and seek new rewards in business ownership.
An entrepreneur is an individual who starts and operates a business, taking on financial risks in pursuit of potential profits. Entrepreneurs are typically innovative and proactive, identifying opportunities in the market and devising creative solutions to meet demand or solve problems. They establish new ventures, develop new products or services, or reorganize existing businesses to capitalize on opportunities and drive growth.
While all these reasons might motivate entrepreneurs to get started, they are not always enough to get through the difficult moments. Starting a business is not like this:
From the graph you get the sense that all you have to do is get started and then success is a given. That the longer you dedicate your time and energy to your business, the more successful you’ll be. But starting a business doesn’t look like that. Instead, starting a business is more like this:
There are real difficulties and real struggles when it comes to running your business. If you have ever found yourself starting over or starting again, it might be because you couldn’t find that motivation when going through a downward slump. Its hard.
Understanding your deeper motivations can help you weather the downturns until you are back on the upswing. Understanding the Three Needs Theory
The Three Needs Theory, also known as need theory, is the best-known theory of David McClelland, a Harvard professor who spent thirty years conducting research on motivation. He sought to understand human nature and develop tools to measure how people make choices.
In this Theory McClelland stated that everyone is motivated by one of three needs – Achievement, Affiliation, or Power. One trait is typically more dominant, but the others are present in an individual as well.
Join us for INSPIRE and we will help you determine your motivating need and apply it to the business you create.
