Motivations for Entrepreneurship: It is often said that a person cannot win a game that they do not play.

In the context of entrepreneurship, this statement suggests that success depends on peoples willingness to come entrepreneurs. Moreover, because the pursuit of entrepreneurial opportunity is anevolutionary process in which people select out at many steps along the way, decisions made after the discovery of opportunitiesto positively evaluate opportunities, to pursue resources and to design the mechanisms of exploitationalso depend on the willingness of people to play the game. Make Money: Profit is a strong motivator, But it is mistake to assume that it is the only motivator Most entrepreneurs are satisfied but they consider to be a reasonable profit. Be your own boss: Many small business owners left their top managerial position in the corporate so that they could be their own boss. Recognition People who are motivated by "Recognition" are interested in respect, admiration, regard, esteem, notoriety and celebrity. Influence Those whose primary motivator is "Influence" find power, control, competition, independence and order to be most important. Internal If you are motivated by "Internal" factors, then morals, duty, intellect, creativity, philanthropy, and honor are important to you. Profit Profit motivated people strive for success with money, possessions, acquisitions, wealth, income and growth. General perception towards entrepreneurship Entrepreneurship is generally considered an uncertain and difficult carrier path. One has to face problems and frustration associated with new business development. There is also a misconception that a large number of entrepreneurial ventures fail within few years. Research: Motivational Theories and factors for entrepreneurship Herron and Sapienza (1992, p. 49) stated, Because motivation plays an important part in the creation of new organizations, theories of organizational creation that fail to address this notion are incomplete.

A lot of research has been done in this field to identify the basic motivational factors for entrepreneurs and identify the common traits in them McClelland in 1961 argued that a high need for achievement was a personality trait common to entrepreneurs. In spite of the plethora of research it is still difficult to say what actually motivates entrepreneurs as they are highly idiosyncratic and innovative.

The motivational theories for entrepreneurship can be divided into two categories 1. Content theories: search for the specific things within individuals that initiate, direct, sustain, and stop behavior. 2. Process theories explain how behavior is initiated, directed, sustained, and stopped. Gilad and Levine in 1986 proposed two different theories- Push theory and Pull theory. The push theory says persons are forced to opt the way of entrepreneur as there is no other way left for them. External factors such as job dissatisfaction/loss, incapable of switching the job, low salary, or inflexible and boring work. On the other hand The pull theory suggests that individuals are attracted towards entrepreneurial activities because of the high independence, prosperity and self-sufficiency attached to it. A research done by Keeble et al., 1992; Orhan and Scott, 2001 indicates that pull factors are more prevalent than push factors. Often decision between a career of self employment or working for others is taken considering the three factors shown below in the diagram

Research of Gerry Segal, Dan Borgia and Jerry Schoenfeld In a research done by Gerry Segal, Dan Borgia and Jerry Schoenfeld, they found that risk taking capabilities has direct correlation with individuals engagement in entrepreneurial activities. Even though the individual have interest in self employment and might posses the

self confidence to carry that but if the risk appetite is absent then there is high probability that he or she will keep on postponing the start. They concluded that there are five outcomes emphasized as criteria in the decision between self-employment or being employed by others: income potential; financial security; independence; need for achievement; and escape from corporate bureaucracy. Measures to promote entrepreneurship Educators and policy makers should highlight the advantages of taking moderate, calculated risks to get ahead. Examples of the rewards that can result from risking an entrepreneurial endeavor abound. Many of our most successful executives, including Bill Gates, Michael Dell, and many others achieved their success by taking the risk of launching their own ventures. Which Factor Motivates Entrepreneur Since the 1990s, there has been a phenomenal growth in the number of high-tech enterprises started in India. To understand the reasons behind this phenomenon, SubodhBhatand Richard McClineof San Francisco State University studied the motivations, resources, networks, attitudes and behaviours of these new entrepreneurs with both in-depth interviews with a dozen entrepreneurs and a survey that netted 33 usable responses. What was the sample like? An overwhelming majority (93 per cent) was male, with close to two-thirds in the 26to 39-year range. A quarter had just undergraduate degrees, while 69 per cent had master's degrees. More than 63 per cent of the respondents' businesses had been in existence for three to six years and the median annual revenue of the businesses was Rs 1.5 crore (Rs 15 million) with 85 per cent having annual revenues of Rs 1 crore (Rs 10 million) or below. The median number of employees was 15, with 84 per cent having less than 100 employees. Parents or close relatives of 28 per cent of the respondents owned their own businesses and the average number of people whom the respondents could call for help was 10.

The respondents had been employed for five to eight years before starting their first business. They were members of an average of three business or professional association and attended five seminars and trade fairs every year. Entrepreneur motivation The respondent entrepreneurs were motivated primarily by the desire to create something new, the desire for autonomy, wealth and financial independence, the achievement of personal objectives and the propensity for action ('doing'). The excitement of entrepreneurship was another major motivator -- this was nicely captured by one comment: "We are not sure what's coming down the curve but it is a thrill." Importantly, most entrepreneurs stressed that the objective was never money for its own sake. They wanted to leave a legacy in the form of a profitable long-lasting business. The driving force: what motivates Indian entrepreneurs Motivator Rewards of entrepreneurship Autonomy Making money/financial independence 57 43 % mentioning

Saw business opportunity/impact on industry 27 Recognition of self and/or organisation Desire to create something new/innovate 23 20

Build something important/make a difference 17 Grow a business from scratch Desire to be entrepreneur/excitement of entrepreneurship Personal qualities Intellectual challenge/achieve potential Instinct 27 10 17 3

Others Career Career growth/diversification/satisfaction Others Experience Utilise previous experience Had technology/industry vision Non-monetary factors Help India in various ways Non-monetary success/personal satisfaction Create value/jobs/wealth in society Support systems

10

13 3

6 3

23 7 3

Indian entrepreneurs rely on friends and family for help in starting the business, with the quality of help from friends, former co-workers and university mates in the startup and management stages being rated the best. Assistance in terms of manpower was mainly from former co-workers. Help in marketing and access to markets was mainly from friends, former co-workers and university mates. Finance was obtained from relatives and friends but not from former co-workers. One surprise was that few in the sample received much in the way of technological help from others. Only 16 per cent received help from a government institution and 41 per cent from consultants. Several interviewees lamented the lack of a visible venture capital presence in India.

Success attributions The respondents rated their success in business as quite high on various measures. They also reported that their businesses were quite profitable with median percentage annual growth in revenues, customers, and profits in the past three years of 25, 20 and 13 respectively. They judged their success not only on the basis of business barometers like revenues, profits, growth and business reputation and monetary rewards, but also on personal factors like satisfaction and goal-achievement. Most entrepreneurs felt their success was tied to creating something new and durable ('create a world-class company based on intellectual property') and to leaving a legacy ('leaving an indelible mark on the sands of time'). A few viewed success as being able to prove themselves and several emphasised the importance of the contribution of their business to the nation. The respondents attributed their success mainly to hard work and focus or drive. Other factors were technical knowledge/experience and access to resources. Emotional or mental strength, resilience ('I can't be kept too down for too long'), perfectionism and patience were other frequently mentioned qualities. Leadership skills, particularly communication skills and good employee management, were highlighted as contributors to success. Several entrepreneurs suggested that professional bodies play a more active role in encouraging entrepreneurship and representing the high tech industry and in educating the government and others in India on issues facing entrepreneurs and the high-tech industry. Such organisations can develop programs to help entrepreneurs translate concepts into reality and to create role models. Another recommendation is to have schools play a more active role in encouraging entrepreneurship as a career by among other things, establishing training programs.