Entrepreneurial Motivation
1.0 Introduction
The study of the successful entrepreneurship is important for several reasons:
• Schumpeter, 1934, described entrepreneurship as the engine that drives innovation and change, and subsequently economic growth
• Austrian economist Kirzner believes entrepreneurship is the mode through which equilibrium of supply and demand is reached
• According to Shane and Venkataraman entrepreneurship converts knowledge into marketable products and services: thus a means of encouraging human creativity, and
• Zahra and Dess, 2001, see entrepreneurship as a vocation itself that has a large role in modern day capitalism
All of the above takes on entrepreneurship can be justified only if the ventures undertaken are successful in the long term, as the success of entrepreneurs can only be gauged by its contribution to the economic engine, be it local or global. And like all feasts of human achievement the desire to succeed needs to back by tenacity and hard work, both of which are derivatives of motivation.
Thus the objective of this paper is to review the relationship between motivation and entrepreneurial success.
2.0 Understanding entrepreneurship
Most of the entrepreneurial theories emphasise the entrepreneur as a innovator or a creative force (Kirzner, Schumpeter) but it is important to note the term entrepreneur should be not be associated with innovators. It should instead be given to individuals who recognise a gaping hole in a market or recognise the commercial potential of a product/ service and take the necessary action to actually create demand. However, in most circumstances innovators actually see the commercial opportunity themselves.
3.0 Role of motivation in entrepreneurship
3.1 How motivation applies when exploiting an idea
Bill Gates saw an opportunity in selling standalone operating software whereas IBM at the time did not. The commercial value that Bill Gates attached to this concept was much higher than IBM even
The study of the successful entrepreneurship is important for several reasons:
• Schumpeter, 1934, described entrepreneurship as the engine that drives innovation and change, and subsequently economic growth
• Austrian economist Kirzner believes entrepreneurship is the mode through which equilibrium of supply and demand is reached
• According to Shane and Venkataraman entrepreneurship converts knowledge into marketable products and services: thus a means of encouraging human creativity, and
• Zahra and Dess, 2001, see entrepreneurship as a vocation itself that has a large role in modern day capitalism
All of the above takes on entrepreneurship can be justified only if the ventures undertaken are successful in the long term, as the success of entrepreneurs can only be gauged by its contribution to the economic engine, be it local or global. And like all feasts of human achievement the desire to succeed needs to back by tenacity and hard work, both of which are derivatives of motivation.
Thus the objective of this paper is to review the relationship between motivation and entrepreneurial success.
2.0 Understanding entrepreneurship
Most of the entrepreneurial theories emphasise the entrepreneur as a innovator or a creative force (Kirzner, Schumpeter) but it is important to note the term entrepreneur should be not be associated with innovators. It should instead be given to individuals who recognise a gaping hole in a market or recognise the commercial potential of a product/ service and take the necessary action to actually create demand. However, in most circumstances innovators actually see the commercial opportunity themselves.
3.0 Role of motivation in entrepreneurship
3.1 How motivation applies when exploiting an idea
Bill Gates saw an opportunity in selling standalone operating software whereas IBM at the time did not. The commercial value that Bill Gates attached to this concept was much higher than IBM even
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