1-5-2-entrepreneurial-motives-and-characteristics

Profit maximisation

• People want to create a profitable business that generates substantial revenue and profit for themselves and their shareholders

• Amancio Ortega, the founder of Zara, built a fast-fashion empire that has become one of the most profitable clothing retailers in the world

Profit satisficing

• Occurs when the entrepreneur is not solely focused on maximising profits but rather achieving a satisfactory level of profit 

• This is common among small businesses, in which the owner may prioritise their work-life balance

• Yvon Chouinard, the founder of Patagonia, created a successful outdoor clothing and gear company that was initially built to help finance his climbing expeditions

Ethical stance

• Some entrepreneurs may have a particular ethical stance (e.g. environmental sustainability or social justice) that they want to build their business around

• Anita Roddick started The Body Shop, as she wanted to create a company that would promote environmental sustainability, fair trade and human rights

Social entrepreneurship

• These entrepreneurs aim to create a business that seeks to address a social or environmental problem while also earning a living

•  Blake Mycoskie, the founder of TOMS Shoes, created a business model that donates a pair of shoes to a child in need for every pair sold

 Independence

• Many people want to be their own boss and have control over their work

• They may be dissatisfied with traditional employment structures or desire the freedom and flexibility that comes with running their own business

• Travis Kalanick and Garrett Camp, the co-founders of Uber, started their business with a desire for independence and the ability to work from anywhere

 Home working

• With the advent of technology, many people have started businesses from their homes, and this offers them more flexibility and a better work-life balance

• Sara Sutton, the founder of FlexJobs, had a desire for independence and the ability to work from home, and this led her to create a successful online job board that specialised in remote and flexible work opportunities