Entrepreneurs are motivated to start business enterprise because of various factors. Entrepreneurs are influenced and motivated to start a business enterprise by a combination of personal, external, and situational factors. These include:
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(a) Ambitious factors:
✅ These are internal desires such as the urge for independence, achievement, self-fulfillment, and recognition. Many entrepreneurs are highly driven by personal ambition. -
(b) Compelling factors:
✅ These are push factors like job dissatisfaction, unemployment, economic necessity, or lack of career growth that force individuals into entrepreneurship as an alternative. -
(c) Facilitating factors:
✅ These are supportive conditions that make entrepreneurship easier, such as availability of capital, favorable government policies, market opportunities, and supportive infrastructure. -
(d) Family factors:
✅ Family background, such as coming from a business family, support from family members, and expectations to carry on family traditions, can be a strong motivator in pursuing entrepreneurship.
All four categories play a significant role in shaping entrepreneurial motivation, and often, a combination of these factors leads an individual to start a business.