Entrepreneurs Value Ideas Over Wealth
Emax Health:
A study at the University of Liverpool has revealed that entrepreneurs are driven to start companies by their passion for ideas rather than the pursuit of wealth.
Researchers who asked entrepreneurs and small business leaders about their motivations for achieving business success found that only 6.9% were driven by financial reward. Those surveyed cited a ‘lack of money to invest’ and the ‘fear of failure’ as barriers to starting up a business.
The survey was conducted by VentureNavigator – a state-of-the-art online service based at the University of Liverpool designed to help start-ups and small businesses improve their chances of success.
The research found the greatest motivator for entrepreneurs is passion about new ideas with 41.4% of those surveyed citing this as their prime motivation for starting a business. 39.7% were primarily driven by ‘wanting to be their own boss’.
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