Motivation in Business: Internal & External Factors for Entrepreneurial Success - Essay Sample

Introduction

Motivation refers to any form of innermost compulsion, power, passion, drive, or ambition that acts as a stimulator in directing a person to take a certain move to achieve the desired goal. In business, an entrepreneur's source of motivation can either be internal or external, which varies from one person to another. However, various research studies have been done to establish the motivating factors that influence the founders regarding business success (Carsrud, Brannback, Elfving, & Brandt, 2017).

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According to Barba-Sanchez & Atienza-Sahuquillo (2017), in business, becoming a successful founder involves more factors rather than the perception of it being a platform for making money or profits. Entrepreneurship has been seen to be a very tough challenge, which only takes the strongest to effectively withstand the difficulties faced on the way towards success. Therefore, anyone aspiring to be a successful business founder has to have a very clear vision, objectives as well as focus which will effectively assist in beating all the challenges encountered without being shaken or even getting despaired. However, this mainly involves a very strong ambition as well as a great passion for any entrepreneur to efficiently succeed in business. As stated by Barba-Sanchez & Atienza-Sahuquillo, (2017), ambition is the strength for all basis which directs a person's initiatives, intentions as well as actions. In life, its significance gets great emphasis from the saying that 'aimless life is a goalless game.' Moreover, based on the fact that people have different expectations, tastes, and preferences, then the levels of ambition also tend to vary from person to person. Besides, the relevance of ambition is brought about by good planning and organization skills and ensuring that the decisions made are timely and precise.

In entrepreneurship, ambition is perceived to play a very vital role in generally pressurizing an individual to act on the demand for accomplishment. Ambition is a person's resourcefulness, which impacts building up the achievement pressure, which eventually stimulates, motivates, activates, as well as broadens one's vision and hence making life worthwhile (Carsrud, Brannback, Elfving, & Brandt, 2017).

Si, Zhong, Luo & Chen (2017) assert that poverty has been associated with a lack of ambition rather than a lack of opportunities as it has always been assumed. It is believed that even with limited education or no education at all, an ambitious person who is full of expectations can prosper and grow in any business of choice.

According to Carsrud, Brannback, Elfving, & Brandt, (2017), passion is next to ambition for any person aiming to become a successful business founder. An entrepreneur ought to be very bold and be ready to get involved in taking great risks but calculative ones in this case. However, an individual's boldness for taking any calculative risks has to mainly originate from believing in something. Therefore, this kind of faith will normally increase, especially when a person has the desired passion for something. Passion is essential for any successful business startup, which usually directly correlates to the owner's perseverance and hard work. It is then the passion of the owner that eventually forces them to involve themselves in working hard. Therefore, it takes one's power of energy to grow the business globally. Also, great passion keeps one strong and always going even during tough times when the business goes down with no money or work going through. Therefore, passion plays an essential role in motivation, which effectively moves people towards fruitful entrepreneurship.

One's need for freedom and independence motivates someone to entrepreneurship (Barba-Sanchez, & Atienza-Sahuquillo, 2017). In most cases, business founders have been identified to be people who are very innovative and creative as well. However, this makes them unable to be employed whereby they are always under the control of the higher authorities and management and faced with strict rules, guidelines as well as deadlines to be adhered to. Therefore, this tends to become frustrating, disappointing, and stressful, which forces someone to start their own business.

As stated by Carsrud, Brannback, Elfving, & Brandt, (2017), the desire for personal growth pushes someone to entrepreneurship. It is believed that running an own business is a great avenue for self-realization since one gets to understand self better regarding weaknesses and strengths. Owning a business gives one an opportunity to exceptionally growing, which occurs as a result of the adversities encountered especially, given that one has to handle every aspect of the business all alone.

Carsrud, Brannback, Elfving and Brandt (2017), added that the sense of security and control has also been identified as one of the motives for owning a business. Moreover, almost all business founders become captivated by all the enormous security that is created by being their boss. Therefore, this enables one to feel more secure while in control of its own business, which is not always the case with being employed, whereby most of the jobs lack job security and thus putting one in great danger of losing the job anytime. However, to avoid stress and depression, which might be caused by job loss, most entrepreneurs prefer starting up their own business, which will give them peace of mind and security as well.

As stated by Barba-Sanchez & Atienza-Sahuquillo (2017), the desire for achievement as well as improvement of the financial condition has been seen as a motivating drive to entrepreneurship. However, this is identified as an alternative for dealing with poverty, which arises as a result of lacking basic necessities for the family, which then forces a person to start a business to cater to the constant needs. Unemployment has also been identified to push one to engage in entrepreneurship as the only way out of solving it.

Successful Entrepreneurs are consistently full of curiosity as well as inquisitive in nature. They always find themselves asking, "what if I do Z this way?" "What will be the outcome when I change Z to Y?" They are always on the move to learn and comprehend the mindset of their clients, the target markets, and rivals as well. Their curiosity pushes them to the spirit of always researching on the new things, ways, improvements as well as truths for their business. However, this curiosity is essential as it effectively assists them in growing their business to greater heights (Barba-Sanchez, & Atienza-Sahuquillo, 2017).

Money has also been perceived as a motivating factor for business startups (Si, Zhong, Luo, & Chen, 2017). Unfortunately, this is linked to the several non-entrepreneurs who have thought of money always coming first for any entrepreneur. However, this is untrue because, if this was the case, billionaires like Bill Gates and Jack Ma, for instance, would not be seen still pursuing their business vigorously, especially after making such huge amounts of money. Still, they could instead relax and enjoy their accumulated money in the comfort of their homes without bothering the business anymore. However, money indeed plays a part in motivating one to start up and run a business, but it should not act as the principal motivation (Barba-Sanchez, & Atienza-Sahuquillo, 2017). However, in a case where money plays the role of the main motivation, the business is likely to fail after a short while.

According to Barba-Sanchez & Atienza-Sahuquillo (2017), the need for a change and more challenging situations motivates people to entrepreneurship. Many people develop these desires, especially after being employed for a certain period, whereby they get bored of doing the same things and in the same way daily. They are normally visionaries and great problem solvers who then opt to leave a job for attempting a new change with a more challenging condition and thus end up starting their own business.

However, self-motivation is recognized as a fundamental strength that effectively differentiates serious and successful entrepreneurs from the ones who keep on trying to start up one business after another (Barba-Sanchez, & Atienza-Sahuquillo, 2017). Therefore, this leads to the fact of self-motivation despising the function of luck, hence leading to the dismissal of the element of self-discipline and thus only majoring its basis on the power of effective goal setting for optimum accomplishment in life.

In business, indeed, some entrepreneurs are not involved in it to make money nor the experience. However, they are involved in the business for the great aim of making a long-lasting legacy for themselves and a source of prestige as well as transferring the founded business on to their future generation (Carsrud, Brannback, Elfving, & Brandt, 2017). Therefore, their main motivation arises from the desire for generally becoming the face of a particular brand and hence become famous either in a country or in the world. In entrepreneurship, this kind of motivation is perceived to be among the strongest since it lasts for a long period as compared to experience or money.

Background

Yoon, Song and Kim (2018) assert that a person's background involves any information regarding their personal history, the kind of family in which they were born and brought up in, the kind of education they acquired, financial status, social as well as the racial beginning. However, various researchers have conducted their thorough studies and come up with the conclusions that basic prior knowledge is essential for any aspiring entrepreneur out there to be able to effectively identify the existing entrepreneurial opportunities. However, knowledge is associated with a person's background.

The studies have shown that the majority of entrepreneurs who include both the female and male are inclined to parents or relatives who are or were very successful business founders (Ferreira, Fernandes, & Ratten, 2017). There is strong evidence that entrepreneurs, both genders, tend to have self-employed or entrepreneurial fathers. As stated by Mitrovic Veljkovic, Maric, Subotic, Dudic, & Gregus, (2019) one coming from a particular family whereby one of the parents or even both parents are self-employed acts as a very powerful foundation of inspiration especially in self-reliance as well as flexibility in the sector of self-employment. In this case, a child having been raised in such a family is more likely to venture into entrepreneurship as compared to a child without such a background. However, for a person to go ahead and establish the entrepreneurial desire, the general parental connection has to have efficiently played an essential role during the childhood surroundings. On the other hand, there is a great need of the entrepreneur's parents to be of great assistance concerning stimulating responsibility, self-sufficiency as well as accomplishment, particularly to the female entrepreneurs who are mostly raised in child-centered families.

The family is always in charge of passing on the desirable lifestyles as well as social values across all its members. It is therefore clear that family is a powerful determinant in entrepreneurship (Mitrovic Veljkovic, Maric, Subotic, Dudic, & Gregus, 2019). However, this automatically leads to a continuation of the tradition of the family, which occurs with either the members continuing already established business or starting a new one. In this case, successful entrepreneurs usually depend on their parent's experiences, which plays an essential role as capital for exercising their new entrepreneurial activities. Also, in such a given family background, in cases where one encounters a financial barrier, the family usually comes in to assist in overcoming...