Entrepreneurship Development: Motivation Theory & Models

Entrepreneurship Development: Motivation Theory & Models, Let’s learn about entrepreneurship & its guiding motives.

In this course, you will learn about

Entrepreneurship Development: Motivation Theory & Models

An entrepreneur is a human being who has his dignity, self-respect, values, sentiments, aspirations, dreams apart from economic status. Indeed, economic betterment and social upliftment motivate a person to distinguish themselves from others.

The term ‘motivation’ has its origin in the Latin word “movere” which means to “move”.

Thus, motivation stands for movement. One can get a donkey to move by using a “Carrot or a stick”, with people one can use incentives, or threats, or reprimands. However, these only have a limited effect. These work for a while and then need to be repeated, increased, or reinforced to secure further movement.

The term motivation may be defined as “the managerial function of ascertaining the motives of subordinates and helping them to realize those motives.”

Motives for Starting a business

Several researchers have carried out research studies to identify the factors that motivate people to start business enterprises.

(i) Internal factors

(a) Educational background (b) Occupational experience (c)Desire to do something pioneering and innovative (d) Desire to be free and independent (e) family background

(ii) External factors

(a) Assistance from Government (b) Financial assistance from institutions (c) Availability of technology and/or raw materials (d) Encouragement from big business units (e) Heavy demand for the product.

This course is divided into three big parts:-

1) Entrepreneur definition
2) Motivation
3) Theories/Models