Different business schools use diverse ways of assessing the motivations of business leaders. This tool assists entrepreneurs and managers discover the motivations that motivate their entrepreneurial spirit. These motivations are believed to control the psyche that examines the information presented to them for making decisions. Since the person’s personality affects the culture of the organization The motivation of the leader directly influences how the company is managed and the way they are perceived by its customers.
Though we communicate our emotions in a variety of ways, research has distilled the motives that drive the way we express our feelings into seven different categories. These categories can have different names based on the institution or the version used but they all originate from the classification created at Harvard Business School. Harvard Business School. Motivations can be described in terms of Autonomy Power and Influence, managing People as well as Financial Gain Altruism, Intellectual Challenge, and Variety.
In the world of business, Autonomy is the number factor that drives individuals to establish companies. Particularly in the field of healthcare in developing nations, this isn’t an excellent motivation. We’re forced to establish our procedures due to circumstances that require us to find an option to live a middle-class lifestyle. Our lives will likely fall in those the Variety category for the majority of us. This is a reminder for us all to remember that the motivations of each person are different however, we’ll be surrounded by people driven by a need to be fiercely independent.
Entrepreneurs who are autonomously motivated are business owners who are cautious of partnerships or significant investors who may limit their power in the company. The business is based on their interests and personal lives and is typically small in size. Growth is slow but determined.
Business leaders who are devoted to Power and Influence do not need to worry about having the support of a boss or not insofar as everyone is aware of their significance in the decision-making process which affects the fundamentals of the organization. They are driven and are perceived as being in charge even though they do have superiors who stamp their opinions. Conflicts with colleagues who try to share power are not uncommon to prove their power and authority within the pecking order.
The people managers of the world are those who have a desire to establish a business to fulfill the desire of controlling the lives of others. The motivation for this was found to be more prevalent among men younger than the need to make money. The onset of maturity comes with age but, it’s not just about the desire to control others’ lives to the desire of inspiring their children and others. The recommendation is that these companies are successful as human resource-related small firms.
Surprisingly enough, financial gain isn’t an essential motivator among entrepreneurs, and this is just for men. In the end, motivations for business owners change as they grow older and their comfort levels increase and include other goals. Businesses motivated by financial rewards can accommodate partners as well as other kinds of investors. Most succeed when they manage the relationship in a pragmatic manner, but losing control of the political system is a cost that comes with this any arrangement. The inability to tolerate new rules for power sharing and the negotiation process as a response to the changing business environment has led companies to fail.
The motivation behind altruism is that businessmen seek to improve society through their commercial activities. This kind of motivation was discovered to be more prevalent among women of all stages of life, in contrast to males for whom money was more attractive. As time passes, money is no longer a concern, and when men begin to think about their legacy, altruism can become an element of motivation in their decision-making. Donations to charities or socially responsible causes get noticed.
The challenge of intellectual development and variety as motives for entrepreneurs appear to be more of an older female pursuit. After showing their ability to manage their own business and care for the children they have, getting older, women look at opportunities to test their intellectual capabilities by seeking new knowledge or diversifying their businesses.
In any case, it is crucial to create a secondary or backup manager who is able to reliably manage the primary business when the primary manager is working on developing new special projects or expanding the existing line of offerings.
If we want to be leaders in any venture or business into entrepreneurship, it is essential to have a thorough understanding of the nature of the person who defines the company’s policy and growth for the specific company. We are given facts and background information to assess the tools to assist in understanding the motivations and strategies of diverse businesses.
Tunde Olorunfemi BDS MS, MBA popularized oral implantology in Nigeria and in the Asir Region of Saudi Arabia as a consultant on Restorative Dentistry. He is the writer of the book Adhesive Restorative Dentistry. He is the director of Ad tools Concepts as a parent company of a variety of projects, including eco-friendly products as well as businesses that are related to information security. He is the Director of APGO America.