5 Motivations for Entrepreneurs
There’s some truth to that old joke that “entrepreneurship is working 80 hours a week to avoid working 40 hours for someone else.”
Many entrepreneurs hope for the opposite -- they want what Tim Ferriss promised in his 2007 book, “The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the Rich.”
Regardless of your work week, it’s good to occasionally reflect on what keeps you going as an entrepreneur.
I think there are five major motivations that inspire and sustain most entrepreneurs:
Independence
Entrepreneurs hope to be financially independent, of course. They want to feel the freedom and dignity of not being totally dependent and not being told what to do. That’s not to say they aren’t part of an interdependent system – let’s call it capitalism – wherein they need to collaborate with allies, satisfy investors, appeal to consumers, etc. But it’s an aspiration to be your own boss, and in charge of your own destiny.
Discovery
Entrepreneurs learn a great deal every day – about customers, investors, allies, their own team, and their own product. They are driven by their curiosity and pursuit of excellence. If you don’t find joy in learning, if you don’t like surprises, you probably should choose a different career.
Creativity
Entrepreneurs need to be imaginative and experimental about product development and marketing. But, more than that, they need to enjoy the creativity of bringing out the best in others. Elizabeth Gilbert, the author of a book about creativity, “Big Magic,” said, “A creative life is an amplified life. It’s a bigger life, a happier life, an expanded life, and a hell of a lot more interesting life.”
Productivity
Entrepreneurs are happiest when they feel they are achieving useful results efficiently. Thomas Edison summed it up: “Being busy does not always mean real work. The object of all work is production or accomplishment and to either of these ends there must be forethought, system, planning, intelligence, and honest purpose, as well as perspiration. Seeming to do is not doing.”
Legacy
Most entrepreneurs want to create more than a product or a venture. They want to create a legacy – knowledge, values, and wealth to be passed on to the next generation. That doesn’t mean they worry about what others will think of them, just that they care to make a positive difference in the lives of others.
If you liked this content, please pass it along and subscribe to Adam’s newsletter.