Entrepreneurship has become a popular career choice in recent years. As of now, there are 31 million entrepreneurs in the United States, and 582 million entrepreneurs, worldwide.
According to a survey by FreshBooks, 95% of entrepreneurs reported feeling more fulfilled and happier since starting their own business. Being their own boss, autonomy, and control really attract them.
Another reason is, entrepreneurship provides an opportunity to pursue passion and purpose. A study found that 39% of entrepreneurs were motivated by a desire to follow their dreams or do something they are passionate about.
Financial rewards are also a major driver of entrepreneurship. Accordion to GEM Global Report 74.1 percent of adult entrepreneurs in the US say their main motivation for starting a business is to build wealth.
In this article, we will explore these and other factors that motivate people to become entrepreneurs. Let’s get started.
The Desire to be in Charge of One’s Own Destiny
One of the main reasons why people become entrepreneurs is the desire to be in charge of their own destiny. 55% of entrepreneurs say the biggest motivation for starting their own business was the idea of being their own boss.
This means having the freedom to make decisions about their business without having to answer to anyone else. Many people are attracted to the idea of being their own boss and having the autonomy to create their own path in life.
The advantages of being your own boss include the ability to set your own schedule, make your own decisions, and pursue your own vision. You have the freedom to choose the type of work you want to do and the clients you want to work with. You also have the ability to build something that is uniquely yours, with your own values and mission.
Think of Elon Musk, founder of SpaceX and Tesla, and Oprah Winfrey, founder of the OWN network. Both of these entrepreneurs are known for their strong vision and determination to create something that is truly their own. They were able to achieve success by following their own instincts and not being afraid to take risks.
Pursuing Passion and Purpose
Entrepreneurship can provide a platform for individuals to pursue work that aligns with their values and interests. Many people are looking for more than just a job that pays the bills – they want to do work that is meaningful and fulfilling. Pursuing passion and purpose can be a major motivator for entrepreneurship.
According to a survey, 39% of entrepreneurs say that they became business owners because they wanted to pursue their passions.
Successful entrepreneurs who are driven by passion include Sara Blakely founder of Spanx who was inspired to start her business because she wanted to create a product that would help women feel more confident and comfortable in their clothing.
What Steve Jobs has done is also phenomenal. Jobs was motivated by a desire to create technology that would change the world and make people’s lives better.
When individuals pursue their passions through entrepreneurship, they have the opportunity to create a business that is uniquely aligned with their values and interests. They can choose to work on projects that are meaningful to them and make a positive impact on the world.
This sense of purpose and fulfillment can be a major driver of success for entrepreneurs.
Financial Independence and Wealth Accumulation
One of the main reasons people become entrepreneurs is the potential for financial independence and wealth accumulation. Successful entrepreneurs have the ability to earn a significant amount of money through their business ventures, which can provide them with the financial freedom to pursue their goals and dreams.
Jeff Bezos, founder of Amazon, and Mark Zuckerberg, co-founder of Facebook, are both examples of successful entrepreneurs who are motivated by financial rewards. Bezos and Zuckerberg were able to create businesses that generated significant wealth and financial independence. They were also able to create jobs and economic opportunities for others through their businesses.
The Ability to Set one’s Own Schedule and Work from Anywhere
Entrepreneurship offers the opportunity for individuals to set their own schedules and work from anywhere. This level of flexibility can be a major motivator for individuals who want more control over their work-life balance.
Research found that for 43% of employees, the biggest benefit of being self-employed is control over one’s career. They can work from home, set their own hours, and take time off when needed.
Entrepreneurs can spend more time with their families and pursue hobbies and interests outside of work. They can also avoid the stress and burnout associated with traditional 9-to-5 jobs. This level of flexibility can also lead to increased productivity and creativity, as individuals are able to work in a way that suits their unique needs.
Think of Tim Ferriss, author of “The 4-Hour Work Week,” who built his business around the concept of working smarter, not harder, and advocated for a lifestyle that prioritizes leisure time and personal interests. Another example is Richard Branson, founder of the Virgin Group who has been known for his unconventional approach to work and his focus on work-life balance.
People like Tim Ferriss and Richard Branson, who prioritize these values have created a business that suits their unique needs and allows them to live a fulfilling and balanced life. This is how this thing works.
Conclusion
Entrepreneurship is a complex and multifaceted concept that can be motivated by a variety of factors. Some people may be driven by the desire for financial rewards, while others may be motivated by the need for autonomy or a flexible work-life balance. Still, others may be pursuing their passion and purpose through entrepreneurship.
Whatever the motivation may be, it’s important for aspiring entrepreneurs to identify their underlying reasons for starting a business. This can help them create a plan that aligns with their values and interests, and increase the likelihood of long-term success.