Motivation For Entrepreneurs

MOTIVATION FOR ENTREPRENEURS

MENTEE111

Life is about… • • • •

Creating value Taking calculated risks Listening to your heart Realizing your aspirations

So is…

Entrepreneurship

Are entrepreneurs unique?

Some defined their lives

Some changed the world

Some are still in school Anshul Samar Age: 13

CEO Alchemist Empire www.elementeo.com Anshul invented a board game called Elementeo, to teach kids about chemistry.

Some started at college Mark Zuckerberg Age: 22

CEO Facebook www.facebook.com

Some sold garbage (still became millionaire) Tom Zsaky Age: 27

CEO TerraCycle www.terracycle.net makes fertilizer using worms Revenue 5 million dollar

Some save lives Elizabeth Holmes Age: 21

CEO Theranos ( www.theranos.com) Deals with nanotech & micro fluids. Saves lives from adverse drug reactions

So what drives them???

MOTIVATION Motivation may be defined as the act or process of stimulating to action, providing an incentive or motive, especially for an act.

BASIC FACTORS • Passion • Creating Value • Changing the World • Independence • Money

Schumpeter’s view.. “The entrepreneur-innovator’s motivation includes such aspects as -the dream to found a private kingdom, -the will to conquer and to succeed for the sake of success itself, and -the joy of creating and getting things done.”

ENTREPRENEURIAL RESEARCH Findings of the study Self-actualization Nature of work Desire of autonomy and power Status Motive Affiliation Motive Deontic Motive

Self Actualization Self-development Accomplishing new things Achievement of target and new standards.

Nature of Work Enjoyable/interesting work Avoidance of boredom Contribution to society Clean & healthy surroundings

Desire of autonomy and power Desire for influencing others Desire for independence Desire to be involved in decisions affecting oneself Desire to know the results of one’s actions.

Status Motive Desire for reputation and recognition Desire for a top position in the industry Desire for social status.

Affiliation Motive Desire to fulfill family obligations Desire to belong to a group Desire for support from those who control resources.

Deontic Motive Deontic means pertaining to necessity, duty or obligation, or expressions conveying this. Working because it is one’s duty

E SARATH BABU • Dream to provide employment • Inspiring mom • Struggle for success

SUHAS GOPINATH •

“To establish a platform for youth which encourages them in their chosen IT career and also to build their entrepreneurial skills”

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coolhindustan.com

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Global INC

CONCLUSION The desire to serve the society creates one of the eminent entrepreneurs in the world…..No matter what serves as the motivating factor for Entrepreneurs… Entrepreneurs are the real heroes serving as the Nation’s Pride