What Motivates Entrepreneurs?

3 Things That Motivate Entrepreneurs

First Published: EntrepreneurJourney.com Mar 9, 2013

Motivation is what makes entrepreneurs think outside the box and come up with bright ideas to change lives. But is there any common denominator that motivates entrepreneurs? There are too many, actually. I will discuss three common motivators that make entrepreneurs break boundaries to make the impossible possible. 

Freedom - As simple as it sounds, entrepreneurs value their independence more than anything else. To come up with new ideas and products, entrepreneurs need to break the rules, and breaking the rules is not possible when you are under someone else’s authority. Behavioral science research and consulting firm Humantelligence research shows that 60 percent of entrepreneurs valued their independence more than anything else. 

Passion - Passion or obsession is one of the most important denominators that make entrepreneurs engaging and keep motivated at a project even if there is no quick solution in sight. You can not be persistent at something if it’s not interesting, challenging, satisfying, and stimulating. And that is only possible when are passionate about what you are doing and you love and enjoy doing it. 

Money - If you look at Forbes The World’s Billionaires list, a high percentage of super-rich persons are entrepreneurs. Some entrepreneurs are motivated by wealth to become financially independent and some entrepreneurs are motivated by wealth to reach the ultra-rich class. So money is another major factor that motivates entrepreneurs. 

A point worth mentioning is that there are many other motivators and they do not equally motivate each entrepreneur, as everyone is different. However, there is one thing that applies equally to all entrepreneurs and that is all entrepreneurs are working hard across the globe to enrich the lives of all of us.

5 Simple Tips To Motivate Employees

Tips To Motivate Employees

First Published: Dec 1, 2012 EntrepreneurJourney.com

We may think money is the number one medium to fire up employees’ motivation; however, the reality may be totally different. Today, I will discuss five simple steps that can make employees motivated and ready to embrace more challenge. 

Personality Matters - If you can bring out happiness, you got motivation automatically. Find out what your employees are passionate about and what they don't like to do. Try to accommodate individuals according their interest and the rest will follow.    

Start A Personal Development Plan - Sit down with your employees and create a personal development plan based on their individuality. As time goes along, monitor how they are performing. Encourage accomplishments - and for those who are not doing well, provide coaching and make necessary adjustments to reach realistic objectives. 

Encourage Growth Opportunities - This isn’t about giving a raise or promotion. Based on your employees’ personality and interest, lead them to a career path they would like better and find more challenging than where they currently are. For example, a different position within the same department or even another position within the same company with a different department. 

Make Employees A Part Of The Company - Profit sharing or bonuses based on the company’s overall annual performance - these or any such tools make employees feel like they are working for their own company and everyone will focus on the company’s profit. 

Don’t Forget Age - Based on age and lifestage, employees will act differently. Young workers tend to change jobs frequently - older workers like to stick to the same company … keeping in mind things like these and assigning projects knowing how age can play a role will motivate the right employees and will make your life a lot easier.

Work at Home Trend Is On The Rise, Even Among Non-Entrepreneurs

Employees Are Catching Up With Entrepreneurs On Working At Home

First Published: May 21, 2012 EntrepreneurJourney.com

In the past, it was thought that working at home was a luxury that could only be afforded by entrepreneurs. However, in the post-industrial economy, a greater numbers of paid employees are choosing to work at home. Due to the availability of technology and the increasing popularity of working at home, more employers are offering the option to work at home than ever before. 

I was looking for some stats to illustrate this trend. The most reliable I was able to find is a publication by Stats Canada made available in 2010. Let’s look at some numbers: 

Self-employed people working at home in 2000 = 1.4 million

Self-employed people working at home in 2008 = 1.8 million

Percentage of the workforce working at home in 2008 = 11.2% 

Percentage of people who are working at home and employees = 48% 

Percentage of people who are working at home and entrepreneurs = 52% 

More university graduates (22%) are working at home than high school graduates (7%). 

More male employees (29%) worked at home than female professionals (19%). 

More self-employed females (67%) are likely to work at home than males (56%). 

City employees are more likely to work at home than those who live outside a city. 

Now, if you are an entrepreneur and already working from home, you are well aware of the advantages of working at home. If you are an employee and would like to work from home, talk to your manager or HR dept. regarding work at home opportunities provided by your company. If you would like to search for work from home jobs, enter these keywords in your search queries: “work at home”, “part time”, “work from home”, and so on. 

5 Low-Cost Start-Up Business Ideas

Starting A Business on A Budget

First Published: Feb 19, 2012 EntrepreneurJourney.com

Starting a new business is always a good thing. However, it may not be realistic for everyone to start a full-phase business due to lack of money and paperwork requirements. But it does not mean you need to give up. Here are 5 low-cost, no hassle business ideas that should motivate you enough to start your new venture, or to look for other similar ideas to get going with your first business.

Tutoring

Tutoring is almost free to start, and with the least possible paper work. Do not associate tutoring with only teaching kids. You can teach any skills you possess to anyone, young or old. Some possibilities include teaching English, math, physics, computers, music, and so on. If you do not possess the skill to teach something you love, you can learn it first and then start teaching that to others.

Catering

If you have a passion for food and love to cook, catering may be the answer for you. You need to have a license and there may be other requirements to operate a catering business. Please contact your city or municipal authorities to find out more. If you can provide good food at reasonable prices, your catering business can grow very fast. However, because you are dealing with food preparation, food safety rules and regulations have to be maintained at all times.

Accounting and Tax Services

If you are an accountant or tax specialist, you can start your accounting and tax services from your home office. Your target customers will be small businesses and individuals requiring tax preparation, financial planning, bookkeeping, and so on.

Child Care

This may not be for everyone, but if you love working with kids this may be for you. You may need to have a license, depending on where you live. Check with your local authorities what the requirements are before starting a child care service. Very good money can be made providing child care services. You can offer your services to cater to different types of needs such as on the weekend only, daytime hours only, or evenings only.

E-Commerce

With a very low start-up cost, e-commerce can have no boundaries in terms of what types of Internet business you can run from home. It is possible to setup an international business from home with an eBay account and a PayPal account.

What Is E-Commerce?

E-Commerce or Electronic Commerce

First Published: Nov 27, 2011 EntrepreneurJourney.com

E-commerce refers to commercial transaction or economic activity that took place on the Internet. E-commerce can be interchanged with the term e-business. It simply means the buying and selling of goods and services online, instead of doing business at a physical location.

Why E-Commerce

The main reason is that, unlike a physical store, e-commerce knows no boundaries of time and distance. An entrepreneur can run an online store from a remote island in the South Pacific and a buyer can purchase products or services from a world-class city like Toronto 24 hours a day - crossing the global boundaries and time restriction. 

E-commerce offers other advantages such as: 

- Easy to start up a new business
- Often requires a lot lower capital than a physical business
- The convenience it offers for buyers and sellers
- Ability to offer cheaper prices than physical business due to its lower operational cost

Is My Success Guaranteed If I Start E-Commerce? 

Like any business, e-commerce has its ups and downs, and it not guarantee that your business will not fail. Before starting an online business (or any kind of business), always do your research. Your success or failure will largely depend on what type of services and products you are offering and how efficiently you can serve your customers at reasonable prices. 

How Secure is E-Commerce

In the past, security was an issue while commencing e-commerce. However, technology has solved that problem by creating SSL (Secure Sockets Layer) encrypted secure transactions. Also, most credit card companies are guaranteeing that online shoppers will not be responsible in case of fraudulent charges. 

What Does The Future Hold for E-Commerce? 

E-commerce has revolutionized the 21st century and yet this is just the beginning. The rise of mobile e-commerce (e-commerce from smart phones) is still a newer concept and will increase at a steady pace in the next few years. However, due to market saturation and fierce competition, the key to survival will be to offer innovative products and exceptional customer service skills at rock-bottom prices.