Motivation Factors When Starting a Business

Governments hi all countries in the region are increasingly implementing policies to start and promote entrepreneurship. Such policies are often implemented without understanding the motivational and other factors that drive an individual to start a particular type of business (Bosnia and Levie, 2020).

Research has shown that there are a number of different motivational factors that influence a business startup and entry mto entrepreneurial waters. Fu st of all, there is a desire for autonomy in business and freedom to make business decisions. However, apart from it, there are additional motivations such as the desire to enrich oneself. Also, many are embarking on a business, driven by the intent to meet business challenges. There are also many who can only get a job in this way.

It should be emphasized that there are differences between women and men in terms of personal motivation to become entrepreneurs. Many scholars have tried to create a typology of women entrepreneurs. One of the most accepted is the one that classifies women entrepreneurs into the following six groups (Radovic-Markovic, 2007a):

  • • young women who do not have a clearly defined business goal but are starting a business to get a job;
  • • young women who have a clear goal in business and who make longterm business plans. However, they enter the business without enough knowledge and experience and tiy to supplement this with adequate training programs;
  • • women who, when setting up then businesses, are guided by their business ambitions and long-term plans as the previous group of women but are much older and more experienced than they are. Most often.

they have a lot of business experience and no family, so they are maximally committed to then business ambitions;

  • • women who are tiying to reconcile then personal responsibilities with their business responsibilities and are therefore looking for an adequate solution that will give them more flexibility and ability to reconcile this dual role;
  • • women who have lost their jobs and are of very low educational attainment and poor financial status and are therefore forced to look for some new ways to make money;
  • • women who come from entrepreneurial families who are expected to continue the family tradition.

A review of the academic literature shows that women are more oriented toward achieving their business goals than men, whereas men are more often motivated by good earnings. Recent research has shown that in 34 out of 50 economies, men more than women had as the main motive to continue the family tradition (Bosnia and Levie, 2020).

It should be emphasized that women in different economic and cultural backgrounds may have different motives for entering entrepreneurial waters. However, what is common to all of them is the fact that enterprising women and their businesses make a major contribution to the socioeconomic development of their countries through the generation of new jobs and job creation (Radovic-Markovic, 2015). Therefore, it is necessary to have a better understanding of the importance of women entrepreneurship thr ough the analysis of the characteristics of the businesses they start, the problems they face in their entrepreneurial path, the opening of opportunities and opportunities for then empowerment and the like.

According to Bosnia and Levie (2020), by understanding why entrepreneurs start their own businesses, policymakers may be able to reconcile the work being done by different entrepreneurs with national priorities and remove the obstacles entrepreneurs face hi achieving then goals.

As there are differences in terms of motivation, so there are also differences hi the choice of the type of business among potential entrepreneurs. The choice of type of business depends on several factors, such as (Radovic-Markovic, 2007b, 25):

  • • on the entrepreneur’s goals in starting a business (business development, benefits in taxation, independence in business, etc.);
  • • on the dynamics of business development—slowly (part-time engagement) or fast (full-time engagement);
  • • on the khid of the technological context of the business (high versus low technology);

• on the organizational structure of the company and the form of ownership—

partnership, franchising, corporate ownership and so on.

The social system, cultural milieu, political and other conditions under which an entrepreneur starts a new business has an impact on whether or not a new business will be successful. Specifically, the conditions for starting new businesses vary and depend on several factors: from national and geopolitical frameworks to industrial, national and cultural ones. These differences can be taken into account when explaining the difficulties faced by policymakers to accelerate the development of new businesses and entrepreneurial activities.

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