Entrepreneurial Motivation - 3320 Words

1.0 Introduction The study of the successful entrepreneurship is important for several reasons: †¢ Schumpeter, 1934, described entrepreneurship as the engine that drives innovation and change, and subsequently economic growth †¢ Austrian economist Kirzner believes entrepreneurship is the mode through which equilibrium of supply and demand is reached †¢ According to Shane and Venkataraman entrepreneurship converts knowledge into marketable products and services: thus a means of encouraging human creativity, and †¢ Zahra and Dess, 2001, see entrepreneurship as a vocation itself that has a large role in modern day capitalism All of the above takes on entrepreneurship can be justified only if the ventures undertaken are†¦show more content†¦Thus it motivated them to work extra hard on getting a high volume of customers than Xerox. . 3.2 Entrepreneur motivation theories and their usefulness 3.2.1 Need for achievement McClelland (1961) introduced the concept of â€Å"Need for Achievement† (nAch) in analysing entrepreneur motivation. The premise of the this theory is that those individuals who are high in the nAch index are more likely to find the motivation to engage in activities that have a high degree of individual responsibility for outcomes, require skill and effort and have a moderate degree of risk with clear feedback on performance. These characteristics fit the basic persona of an entrepreneur. This theory was substantiated by Johnson (1990) via a traditional review of 23 studies that concluded there is a strong relationship between entrepreneurs and aAchs. 3.2.2 Risk taking Risk-taking propensity is another motivation of interest, which emerged from McClelland’s (1961) original research on entrepreneurs. McClelland claimed that individuals with high achievement needs would have moderate propensities to take risk. 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