What Motivates An Entrepreneur

What makes a person start the company formation process? This question alone provokes a range of interesting responses. One of the main answers most entrepreneurs give is, that they want to form their own company to make more money than they currently do. However, a recent report by the Chartered Institute of Business and Management, revealed that entrepreneurs who think that money is the key to keeping themselves motivated when times get tough, maybe fooling themselves. Understanding what it is that motivates you is key to maintaining it.  
Top of the list, is the idea of being your own boss according to Matthew Simon of CIBM.This is closely followed by having flexibility in hours worked and control of your own working day. Surprisingly, making more money is quite a way down the list.
“Entrepreneurs and owner managers get more satisfaction from their job and as a result are much happier than their employed counterparts.” Says Simon. The findings of the CIBM report confirm Simon’s theory. Indeed the report reveals that a massive 47% of all the business owners studied would define themselves as extremely satisfied by their job, in comparison to 23% of employed people.
However, according to Edward Robertson, professor of business and management psychology at Central Lancashire, the elements that motivate people to form a company are a lot more complicated. “Entrepreneurialism is a difficult characteristic to define. Many entrepreneurs are motivated to start the company formation process because they are bored of working in a large corporation and feel that the independence and flexibility working for themselves would offer is worth sacrificing the security of a monthly salary.”
Interestingly the report revealed, that though the current economic climate and increased bureaucracy involved in forming a company are challenging, most people who have taken the plunge could never go back to working for themselves.