Findings

Why people start businesses.

We interviewed 100+entrepreneurs. The top 15 reasons people start businesses are: Circumstance, Creativity, Nurture, Autonomy, Risk-Perspective, Opportunity, Money, Legacy, Leadership, Curiosity, Competition, Altruism, Change-Agent, Identity, Self-Confidence.

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Many people start businesses as an outlet for their creativity.

Creativity isn’t always artistic, in entrepreneurs it often shows up as problem solving. Thomas Edison quickly comes to mind as a renowned inventor and entrepreneur. I personally don’t know much about Edison’s artistic prowess but it is clear that the man was, like many entrepreneurs extremely creative. We interpreted creativity pretty broadly when it came to identifying it as a …

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Some people start businesses because they are altruistic.

Altruism: unselfish regard for or devotion to the welfare of others.It is important to note from the outset that we have used the word altruism relatively broadly to include entrepreneurs driven by charity, nationalism, social conscience and humanitarianism. From the ever-growing number of social-entrepreneurs to the long in existence non-profit organizations, cause-driven entities and yes even politically driven businesses; there are …

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Competitiveness is often a reason why someone may start a business.

Competitiveness: possession of a strong desire to be more successful than others. From keeping up with the Jones’s to a healthy rivalry with other entrepreneurs competitiveness has led many to start a business. For some of the entrepreneurs we researched business is a sport and an exciting one. It is also no secret that when it comes to financial success …

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Many people start businesses to create a legacy.

What will you leave behind? The highly acclaimed book The 7 habits of highly effective people by Stephen R Covey asks us to ponder our own funeral. The exercise achieves two things, it tells us how we wish to live our life and what we wish to leave behind, how we want to be remembered. Some start a business to …

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Curiosity motivates people to start businesses.

Why do people start businesses? Well, it would seem based on our research as well as asking the question to over 100 entrepreneurs; one big reason is curiosity. Personal curiosity: Can I run a business successfully? Do I have what it takes? Experiential curiosity: What will it feel like to operate a business? What are the steps to building a …

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Opportunity is a big reason why people start businesses.

Opportunity – a set of circumstances that makes it possible to do something. (Like open a business) For the most part, it takes more than an opportunity for people to start a business but it is generally a good nudge for those inclined to start one. From having a marketable skill, hobby or passion turned business to being asked to …

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Risk-Perspective is a determining factor for why people start businesses.

Risk: a situation involving exposure to danger or loss. Perspective: a particular attitude toward or way of regarding something. You’ve heard it before, 90% of startups fail, while that isn’t totally accurate many startups do fail and it takes optimism, self-confidence, resilience and a whole lot of hard work not to fail. For more accurate failure rate figures visit the …

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