In a previous article, I shared with you four motives that drive the propagation of entrepreneurship. Today, I will be concluding the article by sharing with you practical steps to balancing your entrepreneurial motive and building a winning business.
Four More Primary Motives Why People Build Businesses:
1. Prestige
Everyone loves to be appreciated; everyone loves to be associated with greatness. So it’s not out of place to build a business to gain prestige; to build something you will be proud of. Have you ever heard a statement such as these?
- Where were you when I built this business empire from scratch with my sweat?
- I wanted to build something you will be proud of.
- I did this because I love you.
To be sincere, every entrepreneur wants to be appreciated, and that’s why they grant interviews – so that someone out there can see what they’ve done and what they went through in the process. I think I am also in the game for prestige. If you’ve built something great, be proud of it.
“See thou a man diligent in his business? He shall stand before kings; he shall not stand before vain men.” - Proverbs 22: 29
2. Lifestyle
When interacting with aspiring entrepreneurs, I usually ask why they want to start their own business. I get replies such as:
- I want to be my own boss.
- I want to be free.
- I want to have the time to travel the world and spend time with my kids.
Entrepreneurship offers the kind of lifestyle few people will ever know, but it takes sacrifice and pain to get there. If you are starting a business for a better lifestyle, always remember that the way to the promised land is through the wilderness.
“I get to do what I like to do every single day of the year.” - Warren Buffett
“I think after a certain amount, I’m going to give almost everything I have to charity. What else can you do with it? You can’t spend it, even if you try. I’ve been trying.” - Larry Ellison
3. Challenges Involved
“I have no complex about wealth. I have worked very hard for my money; producing things people need.” - J. Paul Getty
Building a business is quite challenging and demanding, but I have seen entrepreneurs who are in business because of the challenges it offers. I have seen entrepreneurs who have made enough money to quit but they remain in the game.
“And obviously from our own personal point of view, the principal challenge is a personal challenge.” - Richard Branson
I have come across entrepreneurs who start businesses simply to go through the entrepreneurial process – to have a taste of the real world challenges it offers. One thing with being in the game of entrepreneurship for the challenges it offers is that you will never be tired of playing it, you will develop personally and the money will surely follow.
“I’m not afraid of turning 80. I have lots of things to do. I don’t have time for dying.” - Ingvar Kamprad
“It’s my job for Oracle, the number two software company in the world, to become the number one software company in the world. My job is to build better than the competition, sell those products in the marketplace, and eventually supplant Microsoft and move from being number two to number one.” - Larry Ellison
“You must not only learn to live with tension, you must seek it out. You must learn to thrive on stress.” - J. Paul Getty
4. Self Expression
The final motive why people build businesses is to express themselves or their abilities. Expression of skills, talents, passions and creativity is a major reason why there is a surge in the growth of small businesses. Take a look at your neighborhood, and you will see mom and pop shops, pie bakers, barbers, hair stylists, graphic artists, technicians, and so much more.
“We were young, but we had good advice, good ideas, and lots of enthusiasm.” - Bill Gates
“A business has to be involving, it has to be fun, and it has to exercise your creative instincts.” - Richard Branson
As a final note, I think every entrepreneur is entitled to his or her motive of starting a business, but it is recommended you balance your motives and focus more on providing your customers with real value for money. A good way to balance your motives is to develop either a personal mission statement or a set of core values, and stick to it. Subjecting your life to a set of core positive values will ensure you stay focused on your long term objectives without been distracted by your short term achievements.
P.S. Do any of the motives above suit you, or is your motive for starting a business quite different from the ones listed above? Please share your opinions in the comments below.
Ajaero Tony Martins is a serial entrepreneur, investor and a prolific blogger. Read more about Ajaero here.
Matthew Toren is an Award Winning Author, Serial Entrepreneur, and Investor. He Co-Founded YoungEntrepreneur.com along with his brother Adam. Matthew is co-author of the newly released book:Small Business, Big Vision: “Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right” and also co-author of Kidpreneurs.
A good information and it’s true each of us has its own reason of putting up our own business. That’s the very thing that will also aid us in setting up our goal eventually.
Awesome, awesome, awesome!!! This is so much better than the motivation of power, fame and fortune …you were so right Ajaero.
When you think about it, even for people who are working for others, want these things as well. It only makes sense that it transfers to why you want to run your own business.
The added bonus being having something of your own to be proud of and creating the lifestyle you want and deserve.
Great sharing!
P.S. I can sense the fire in you just by reading your words too =)
Thanks Michele for your compliment. I believe entrepreneurs who start a business based on the motives listed above will achieve more than those who do it for either money, power or fame.
Comment by men’s swimwear — 2012/03/07 @ 22:57