Entrepreneurship is the process of transforming an ordinary person into a powerful entrepreneur, who can create opportunities and contribute to maximum wealth and economic growth. Explaining this, various factors intensify the desires and increase the enthusiasm of the traders due to which they achieve a specific goal. Entrepreneurship is the process of identifying strengths and opportunities that help one to design, develop, and run a new business by effectively addressing the risks and risks.
To become a business person, one must identify their strengths and opportunities from the external environment. The encouragement here plays an important role in identifying one’s strengths to become a strong leader or a powerful entrepreneur who is forced to accept risks and non-fulfillment of the stated goals. The situation is certain.
Motivation builds business by meeting high-level needs such as identity, respect, and self-awareness. Different theories have described motivation as an inspiring concept, it can bring out hidden talents and creativity, and it plays an important role in the development of individual goals and society. Maslow’s Appointment Theory, Hertzberg’s Two Factor Theory, and David MC Cleland’s Needs Theory proved that motivation can lead to energy, enthusiasm, creativity, and competence in achieving desired goals.
Motivation stimulates the innate force to achieve a specific goal. Knowing this concept raises many questions as to why not all human beings can become leaders or entrepreneurs even though they face the same motivation in their lives Is it? Who can be an effective stimulus? How can motivation affect one’s behavior? Does the extent of motivation determine the power of external behavior? Similarly, business motivation is a psychological process in which not all stimuli can affect with the same intensity, it varies with the level of perception of individuals and the factors responsible for stimuli. Sometimes the same goal can be effective for becoming a strong entrepreneur, these goals can be the following due to various factors.
Need for self-actualization
This is explained by Maslow and it refers to the need for a higher level of self-fulfillment. The need for independence and self-sufficiency makes individuals or employees of the organization powerful leaders or entrepreneurs.
People with a positive mindset find opportunities to be motivated, even in difficult situations. Positive attitudes and perceptions motivate a person to do the best they can in difficult situations.
A positive attitude is one of the most important factors in motivating people to become successful entrepreneurs. Adopting a positive attitude can lead to constructive thinking. It motivates them to become powerful entrepreneurs, and ultimately, a positive attitude can prove how valuable they are.
Most successful and powerful entrepreneurs are self-motivated. Here they accomplish the desired goals by motivating themselves. Although many people have ideas, they can’t put them into business development. However, self-motivated individuals can make decisions to put ideas into practice.
Enthusiasm inspires the search for better solutions, ultimately, it consolidates ideas and makes them creative and innovative, resulting in successful business people.
Commitment to a goal to achieve success. Can do It encourages entrepreneurship by encouraging emotional attachment to a goal.
Education is the most important factor that motivates an individual to create and create new products, resulting in the formation of an organization or a new business. The knowledge gained over time and innate skills greatly motivate a person to become a successful entrepreneur.
A person’s family background, professional background, and his own experience in the job motivate him to become a business person. Having a business background serves as a clear path to becoming a successful and powerful entrepreneur.
Finance is less of a resource that motivates and empowers a person to become an entrepreneur. Money can make a lot of things. This is one of the most important factors in determining one’s status and growth. A strong financial background helps one to start a business.
The influence of family members, friends, and society motivates individuals to become businesspeople. The limits of influence affect character, behavior, and development; it comes from the external environment. Here people are influenced by the words of successful business people or by the words of others.
Availability of resources
The availability of resources compels a high level of entrepreneurship, the availability of land, labor, money, machinery, and equipment to start a new business. Although individuals have creativity, intelligence, determination, and enthusiasm, the lack of resources becomes a barrier for newcomers or business people.
High demand for a particular product encourages businesses to develop innovative and value-added products, while product demand here encourages individuals to become entrepreneurs. The hope of success makes their innovative products or alternative products, some entrepreneurs also meet the market demand by making complementary products. Therefore, product enhancements are highly motivated to become entrepreneurs.
Government subsidies and benefits motivate businesses to develop new products or motivate individuals to become entrepreneurs. Government policies have a greater impact on the formation of new firms and lead to economic growth. In the case of small-scale industries, rural people are encouraged through various training programs, financial assistance, and subsidies. This is one of the main reasons for the emergence of new firms and the arrival of newcomers.
Market knowledge and information motivate people to enter markets and become entrepreneurs. If there is enough information, then it automatically creates interest in the minds of the motivators. The availability of information facilitates research and development of innovative and value-added products and creates opportunities for entrepreneurship.
Technological advances encourage ideas to be turned into products, product feasibility, and expected success rates to become entrepreneurs. It minimizes errors and production costs and maximizes success rates, which is why people are interested in becoming entrepreneurs with the advent of technology.
Changing tastes and preferences
Changing consumer tastes and preferences maximizes the opportunity to develop alternative and complementary products, allowing for innovation and innovation in new projects.