I want to point out before I go deeper into this subject that my personal experience in entrepreneurship has been quite a roller coaster.
And I have the highest respect for all the entrepreneurs that have thrown themselves in the deep end to achieve their dreams and goals to make it a success. It takes a lot of courage; as you are tested on all levels of character, personality, and professionalism.
You can only appreciate this when you have experienced this world yourself. This goes for those who did not achieve their objectives. Whether you succeed or not, the hurdles you face are character building, create thicker skin, and strengthen you professionally and emotionally.
The road to entrepreneurship is often a treacherous one filled with unexpected detours, roadblocks and dead ends. There are sleepless nights, plans that don't work out, funding that doesn't come through and customers that never materialize. It can be so challenging to start a business that it sometimes makes you wonder why anyone willingly sets out on such a path.
Failing is a word I do not use. It’s all matter of perspective. Failure and rejection is part of the process. Compare it to a job interview. If they don’t value your worth then head off and move on. I do not take it personally. I just brush it off, move forward and learn how I can do better next time.
Each rejection and set back is, therefore, a life lesson. Think of it as climbing a mountain. You can find a path, or dead ends, or unclimbable points. The easy paths are not generally rewarding. And generally, the harder path is the one that rewards you the best.
If you truly believe in yourself your partners and your product or ideology, the harder path is doable.
You also want to be able to work for and with people who value your qualities. My advice is to use your emotional intelligence when working with others as a tool to reach your final goal.
So what motivates entrepreneurs to venture forth when so many others would run in the other direction? Though each person's motivation is nuanced and unique, most entrepreneurs are spurred on by one or more of the following:
Autonomy
Entrepreneurs want to be their own boss, set their own goals, control their own progress and run their businesses how they see fit. They recognize that their business' success or failure rests with them. This is not a burden but, instead, a mark of their freedom.
Purpose
Many entrepreneurs have a clear vision of what they want to accomplish and feel compelled to work tirelessly to make that happen. They genuinely believe they have a product or service that fills a void and are compelled by a single-minded commitment to that goal to keep pushing ahead. They abhor stagnation and would rather fail while moving forward than languish in inactivity.
Flexibility
Not everyone fits into the rigidity of traditional corporate culture. Entrepreneurs are often looking to free themselves from these constraints, find a better work-life balance, or work at times and in ways that may be unconventional. To work remotely and be a nomad is another example. This doesn't mean they work fewer hours – often, especially in the early stages of growing a business, they are working longer and harder. But they are working in a way that is natural and instinctive to them.
Financial success
Most entrepreneurs realize they are not going to be a billionaire overnight. That doesn't mean they aren't a little bit seduced by the potential of making lots of money. Some may want to establish a financial safety net for themselves and their families, while others are looking to make a huge profit by creating the next big thing. Personally, I would remove the expectation of money. If your drive is purely monetary, you are highly likely to be disappointed. Work for passion and love and the money and success will follow.
Legacy
Entrepreneurs are often guided by a desire to create something that outlasts them. Some are led by ego and a craving for notoriety. Others want to create a brand that has longevity and becomes an institution or want to pass on a source of income and security to their heirs. There are also those entrepreneurs who hope to make a lasting impression on the world and leave behind an innovation that improves lives in some tangible way.
If you are contemplating an entrepreneurial venture, you should first identify which of the above motivations serve as your guiding force. Then consider if you have the specific character traits and attributes that will enable you to thrive as an entrepreneur.
