Entrepreneurship has become increasingly popular over the last couple of years. If you go on YouTube, you can find thousands of videos telling you why you should become an entrepreneur. However, not all entrepreneurs are created equal. People become entrepreneurs for all sorts of reasons, and the motivation behind why you may choose to become an entrepreneur can determine both what type of entrepreneur you will become and how far you can go in your entrepreneurial journey. In this article, we will explore the different kinds of entrepreneurial motivations.

entrepreneurial motivation can be divided into 3 distinct categories. intrinsic motivation, Extrinsic motivation, and lifestyle motivation.

Intrinsic Motivation

Intrinsic motivations come from within an individual and are driven by personal interests and passions. There are two kinds of intrinsic motivations that drive entrepreneurs:

Purist: Someone who is motivated by the love of the game and the challenge of entrepreneurship.

Example: John is a serial entrepreneur who loves the game of business. He constantly seeks out new opportunities and enjoys the thrill of taking risks. For him, the joy comes from the process of building and growing businesses, regardless of the specific industry or outcome.

Innovator: Someone who is motivated by the desire to create something new and valuable.

Example: Sarah is an innovator who is driven by her desire to create something new and valuable. She constantly comes up with groundbreaking ideas and enjoys the challenge of turning them into successful businesses. Her motivation lies in pushing boundaries and making a significant impact in her chosen field.

Extrinsic Motivation

Extrinsic motivations come from outside an individual and are driven by external factors such as status, money, or societal pressure. There are three kinds of extrinsic motivations that drive entrepreneurs:

Status seeker: Someone who is motivated by the desire for recognition and prestige.

Example: Michael is a status seeker who is motivated by the desire for recognition and prestige. He aims to be the best in his industry and wants to build a reputation for excellence. For him, being known as a successful entrepreneur and influential figure brings a sense of accomplishment and validation.

Wealth seeker: Someone who is motivated by the desire for financial success and independence.

Example: Lisa is a wealth seeker who is motivated by the desire for financial success and independence. She is focused on building profitable businesses that generate substantial wealth. Her primary goal is to achieve financial security and create opportunities for herself and her family.

Necessity entrepreneur: Someone who is motivated by the need to provide for themselves or their family.

Example: David is a necessity entrepreneur who is motivated by the need to provide for himself and his family. He has faced challenging circumstances and sees entrepreneurship as a way to secure a better future. For him, starting a business is driven by the necessity of improving his financial situation.

Lifestyle Motivations

Lifestyle motivations are driven by a desire for a certain lifestyle or work environment. There are two kinds of lifestyle motivations that drive entrepreneurs:

Autonomy seeker: Someone who is motivated by the desire to be their own boss and have control over their work.

Example: Emily is an autonomy seeker who is motivated by the desire to be her own boss and have control over her work. She values independence and the ability to make decisions that align with her own vision and values. Starting a business allows her to create a work environment that suits her preferences.

Flexible lifestyle seeker: Someone who is motivated by the desire for a flexible schedule or work environment, and to integrate work and life in a meaningful way.

Example: Alex is a flexible lifestyle seeker who is motivated by the desire for a work-life balance and flexibility. He wants to integrate his work with his personal life and pursue his passions. Building a business that allows him to set his own schedule and prioritize his well-being is a key motivation for him.

Understanding the different kinds of entrepreneurial motivations can help you determine your own motivations and what kind of entrepreneur you are. By understanding your motivations, you can better plan your entrepreneurial journey, set expectations, and work towards achieving your goals.