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Entrepreneurial Motivation Factors

Entrepreneurial motivation is important because as long as the entrepreneur is not motivated he/she cannot achieve their goals. There are certain factors that motivate entrepreneurs while some do not.

It is a matter of concern to find out which factors motivate the employees. Different researchers have conducted several studies to identify such factors. The following are the entrepreneurial motivation factors:

1. Education Background
2. Family Background
3. Desire to do Something New
4. Business Experience
5. Government Assistance and Support
6. Encouragement From Big Business Houses
7. Easy Availability of Raw Materials and Labor
8. Profit Margins
9. Promising Demand of Product or Service
10. Job Security
11. Social Prestige

Education Background

The knowledge acquired through the various courses provided by the institutions has motivated entrepreneurs to step into the business. Entrepreneurs feel confident while entering into the business of their education fields.

Family Background

The family businesses motivate the entrepreneurs to join businesses. In India, different entrepreneurs have continued their forefather‘s business. E.g: Mukesh Ambani, Ratan Tata, Aditya Birla etc.

Desire to do Something New

People have the urge to do something new and creative. The strong desire to be innovative and creative promotes entrepreneurship among the population.

Business Experience

Large experience in a particular field makes people aware of that field. Therefore, Entrepreneurs feel motivated to enter into the fields in which they have rich experience.

Government Assistance and Support

The government provides support to entrepreneurs in different ways such as providing loans at low interest rates, tax concessions, leasing schemes, Export assistance, etc. Assistance from the end of the Government motivates people to become entrepreneurs.

Encouragement From Big Business Houses

The success stories of large businesses motivate people to become entrepreneur. Moreover, the large businessman encourages the people to become entrepreneurs.

Easy Availability of Raw Materials and Labor

The easy availability of raw materials and labor at cheap rates motivates people to become entrepreneurs as it makes the business a little easier.

Profit Margins

Many people become entrepreneurs to earn more money. So, earning money is one of the most motivating factors.

Promising Demand of Product or Service

There is an increasing demand for some goods and services. Therefore, entrepreneurs find their paths in establishing businesses for such products and services.

Job Security

Over-population and Unemployment are some of the most challenging problems in India. As the population is growing there is more and more risk of unemployment.

Moreover, people don‘t feel secure with their jobs because of the availability of a large number of skilled population. Therefore, People prefer to become entrepreneurs.

Social Prestige

In India, entrepreneurs are seen with respect. So, people get motivated to become entrepreneurs to gain social respect.

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