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WHYApril 2015
entrepreneurs start their own business
REZA GHIABI
The Motivational Matrix
Why people start businesses, what they want out of the entrepreneurial life, and how their values change over
time
Wasserman and Timothy Butler, senior fellow and director of career development programs at Harvard
Business School, surveyed roughly 2,000 founders about their motivations. They carved out results for
men and women in their 20s, 30s, and 40s-and- beyond, and compared the results with those for
thousands of non-entrepreneurs who completed the same survey.
The Motivation Matrix
20s
30s
40s +
AuAutonomy
AuAutonomy
AuAutonomy
Buchanan, 2012
AUTONOMYNo.1, motivation for entrepreneurs
of all ages is not having a boss.
The Motivation Matrix
20s
30s
40s +
AuAutonomy
AuAutonomy
AuAutonomy
PiPower andInfluence
PiPower andInfluence
Buchanan, 2012
POWER AND INFLUENCE:Entrepreneurs care almost asmuch about being the boss asabout not having a boss. They
want to be leaders
The Motivation Matrix
20s
30s
40s +
AuAutonomy
AuAutonomy
AuAutonomy
PiPower andInfluence
PiPower andInfluence
IcIntellectualChallenge
Buchanan, 2012
INTELLECTUAL CHALLENGE:Entrepreneurs are often financially
comfortable in their 40s, whichmake room in their lives for
seeking satisfaction elsewhere.
The Motivation Matrix
20s
30s
40s +
AuAutonomy
AuAutonomy
AuAutonomy
PiPower andInfluence
MpManaging
People
PiPower andInfluence
IcIntellectualChallenge
MpManaging
People
Buchanan, 2012
MANAGING PEOPLE:Young entrepreneurs managing
people with other early motivation: power. As leadership experience teaches them the joys of inspiring rather than directing, their interest
in pure management wanes.
The Motivation Matrix
20s
30s
40s +
AuAutonomy
AuAutonomy
AuAutonomy
PiPower andInfluence
MpManaging
People
PiPower andInfluence
IcIntellectualChallenge
MpManaging
People
AAltruism
Buchanan, 2012
ALTRUISM:Altruism is more important to
entrepreneurs later in life perhaps as they begin to consider their legacies. They will to sacristies money to make a difference.
The Motivation Matrix
20s
30s
40s +
AuAutonomy
AuAutonomy
AuAutonomy
PiPower andInfluence
MpManaging
People
PiPower andInfluence
IcIntellectualChallenge
MpManaging
People
AAltruism
FgFinancial
Gain
Buchanan, 2012
FINANCIAL GAIN:Entrepreneurs see money as a
symbol of success, though moneymatter less as they age —
perhaps they already have enoughof it.
FgFinancial
Gain
The Motivation Matrix
20s
30s
40s +
AuAutonomy
AuAutonomy
AuAutonomy
PiPower andInfluence
MpManaging
People
PiPower andInfluence
IcIntellectualChallenge
MpManaging
People
AAltruism
FgFinancial
Gain
Buchanan, 2012
FgFinancial
Gain
VVariety
VARIETY:Variety grows more important as old entrepreneurs graduate from constantly fighting fires and begin
to recognize a thousand opportunities to do business.
The Motivation Matrix
20s
30s
40s +
AuAutonomy
AuAutonomy
AuAutonomy
PiPower andInfluence
MpManaging
People
PiPower andInfluence
IcIntellectualChallenge
MpManaging
People
AAltruism
FgFinancial
Gain
Buchanan, 2012
FgFinancial
Gain
VVariety
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