Sumeet S- Emt- A Study On Maslow.docx

JAIN UNIVERSITY

Topic: A STUDY ON MASLOW’S HIERARCHY OF ENTREPRENEURIAL NEEDS

Submitted to: Commerce and Management Faculties

Submitted By Sumeet S

A STUDY ON MASLOW’S HIERARCHY OF ENTREPRENEURIAL NEEDS Abstract: “It isn’t normal to know what we want. It is a rare and difficult psychological achievement”Abraham Maslow Entrepreneur is the talk of town in the present scenario and it’s very important to know what motivates this young and creative mind to take up a big challenge and to face the race of competition. This proposal explains as to what are the motivational factors of these entrepreneur which motivated them to take up this challenge and where do they fit in the pyramid of Maslow’s hierarchy of need theory and how are they different from non-entrepreneur. This proposal will also explain if these entrepreneurs have turned the pyramid on its head. Introduction:

Psychologist Abraham H. Maslow (1908-1970) posited a theory of human’s needs in five stages, Hierarchy of Needs. Maslow noticed while studying monkeys early in his career there were some needs that were more important than others. When presented with hunger and thirst the monkeys choose to drink, instinctively knowing they could survive longer without food than water.

The first level of Maslow’s Hierarchy of Needs refers to the physiological needs of human’ s. Maslow stated those needs were water, food, and sex. In order to survive as an individual and as a species, these needs are the very basic ones and, therefore, are first on the hierarchy. The next level of the Hierarchy of Needs is the need for safety and security. Safety can mean free from physical harm or a stable home environment. This need arises as soon as the first level need is satisfied Once the physiological and safety needs are met, then human growth begins with the next stage of love and belonging needs. Here individuals seek connections to others through friendships, marriage, love and relationship Meeting the needs of belonging helps the individual move to the next stage that of esteem needs. As individuals seek to belong, they learn to respect others in order to garner and maintain friendships. The higher order of esteem for humans is selfesteem and self-respect. These feelings are associated with accomplishment, praise, respect from others, confidence, and competence. Once the individual has met esteem needs, they are primed to move to the next stage that of selfactualization. Self-actualization is a level very different from the other four. The previous four levels are about fulfilling deficits (d-needs), the last level is about growth motivation or “being” needs (b-needs). Maslow used famous people in history to illustrate the point about growth motivation. These individuals were those who were certainly considered the movers and shakers of their day: Abraham Lincoln, Alduous Huxley, Albert Einstein, Thomas Jefferson and other notable historic figures.

Why Maslow’s hierarchy of need? The same psychological pyramid can be used to think about building a company and to understand were each entrepreneur place them self in the pyramid and what have they consider to be the most important factor which motivates them to reach at the top of pyramid. An entrepreneur would not start from the bottom of the triangle he/she would rather start right from the top that is self-actualization, they would sacrifices all the other needs to achieve one common aim of becoming a successful entrepreneur

Literature review: 1. Topic: The Entrepreneurs Hierarchy of Needs? Summary: Entrepreneurship has definitely criticized the validity of Maslow Hierarchy of Need has entrepreneurs starts right from the top of the triangle which for entrepreneurs state it to be creativity and problem solving (Self-actualization) Analysis: This paper gives an overview of entrepreneurs who sacrifices all the below need before self-actualization to achieve their ultimate goal of becoming an successful entrepreneur Author: Adam Mcfarland Published: 4th August 2009 2. Topic: Entrepreneurs Turn the Classic Theory of Maslow's Hierarchy of Needs on its Head Summary: Maslow’s Hierarchy of Needs is for an normal individual who starts from the bottom of the triangle to reach the top of the triangle but entrepreneur turn the triangle on its head meaning they start from self-actualization which is the aim of becoming the bill gates of the world by sacrificing all the other elements of the triangle Analysis: This paper states an entrepreneur would start right from the top that’s filling their desire and dreams with a joy of struggle. This is indeed true for any entrepreneur who has a desire of making it big. Author: Doug and Polly White Published: 3rd November 2015 3. Topic: Does Maslow’s Theory apply to Entrepreneurs? Summary: Maslow theory is invalid for entrepreneurs has they sacrifice all the other need except for the ultimate goal of becoming a successful entrepreneur (self-actualization). Analysis: The author state that Maslow’s Hierarchy of need does not apply to entrepreneurs has they have one single aim in life. But the paper states that they sacrifice all the other elements of the triangle and start right from the top, it would sound good if stated they have turned the triangle on the head rather than stating it not to be valid for entrepreneurs. Author: Doug and Polly White Published: November 2015

Research Proposition: 1. Entrepreneur start right from the top of triangle “Self-actualization” 2. They rather ignore the remaining elements of the triangle.

Scope for future research: 1. Does a successful entrepreneur fulfill all the other elements of the triangle? 2. Entrepreneurs have turned the triangle on the head? Family and Social life exist for them?

References: 

Adam Mcfarland. The Entrepreneurs Hierarchy of Needs?



Dan Martell. Hierarchy-of-entrepreneurial-needs



Doug and Polly White. Entrepreneurs Turn the Classic Theory of Maslow's Hierarchy of Needs on its Head