As a startup advisor, I see many aspiring entrepreneurs whose primary motivation seems to be to work part time, or get rich quick, or avoid anyone else telling them what to do. Let me assure you, from personal experience, and from helping many successful as well as struggling entrepreneurs, that starting a business is hard work, and doesn’t come with any of the benefits mentioned.
Yet, for those with more realistic expectations and the right motivation, the entrepreneur lifestyle can be the dream life you envisioned. According to a study by the Wharton School of Business, in a survey of 11,000 MBA graduates over many years, those running their own businesses ranked themselves happier than all other professions, regardless of how much money they made.
So what are the right motivations, and how do you candidly assess your own? Indeed, there are many self-assessment tools available online, but I was more impressed with the insights provided in a recent book “What Motivates Me: Put Your Passions to Work,” by Adrian Gostick and Chester Elton. These guys are workplace culture experts, and claim to have input from 850,000 people.
The authors offer portraits of some key individual personality types, such as achiever and thinker, and tie the relevant motivators for business success and happiness to these types. I have amplified these here from my own experiences to focus on the entrepreneurial subset of businesses:
You love doing your own thing and being in control of your destiny. As an achiever, you thrive on tight deadlines, ambitious goals, and leadership challenges. Even in chaotic startup environments, you normally finish required tasks on time and to high standards. Team members see you as high-energy, determined, and action-oriented.
You are driven by a cause or purpose to change the world. As a builder of new things and people development, you are not afraid to speak out on significant issues and world challenges. You cultivate loyal friendships, people growth, and thrive in strong team environments. You see success as making a difference in the world around you.
You are tuned into others’ emotions and want to help people. As a caregiver, you understand the problems of others, and are determined to provide solutions which will make their life better. You love to have fun at work, and believe that balancing work and family is critical. People see you as great for demanding customers and team bonding.
You are driven to compete and win in the marketplace. Being reward-driven, you are driven to win money, customers, applause, and the admiration of others. This determined nature can help you accomplish great things in new organizations. You are seen as a doer, but one who needs recognition and incentives to produce your best work.
You simply know there is a better way or solution to the problem. As a thinker, you love to learn, use your imagination, and enjoy the feel of adrenaline rush now and then. You get frustrated with bureaucracy, and won’t accept that things have always been done a certain way. Team members see you as the lifeblood of innovation in the organization.
In a critical extension to this thinking, the authors and I would outline another dimension to these personality types and motivators, by defining five motivation grade levels that also impact entrepreneurial motives, actions, and satisfaction:
- Level A. Primary motivation is to make a difference in the world, with a secondary motivation of earning a living. These people define their roles in terms of their customers’ or employees’ or coworkers’ needs, not their own.
- Level B. Primary motivator becomes making consistent return for stockholders. These are still good people with an intent to provide great products and services, but making a difference takes a back seat. This often happens when a Level A company goes public.
- Level C. At this level, it’s not just money but the love of money that becomes the primary motivator. Entrepreneurs at this level will seek the minimum cost and quality to be more competitive. Advertising, pricing and support practices may show questionable integrity.
- Level D. At this level, greed takes over as the primary motivator. Unethical acts are tolerated, and customers may be treated unfairly or harmed. We all know a corporate giant or two at this level who went out of business in the financial crisis a few years back.
- Level F. At the lowest level are those involved in Internet scams, Ponzi schemes, or organized crime. Entrepreneurs motivated to work at this level harm not only themselves, their employees, and customers, but also society in general.
In the long-term, entrepreneurs in Level A are the happiest, successful, and most productive. Certainly we see some Level C and Level D entrepreneurs who appear to be prospering, but appearances can be deceiving and fleeting. Make sure your motivation to be an entrepreneur is more than a dream, and will stand the test of time for you and all the people around you.