ENTREPRENEUALSHIP AMBITIONS In the process of developing a business idea, organizing and allocation of produ ctive resources, entrepreneurs are

struggling to get what they want from their e fforts or to have a standard of living in future. The following are common aspirations entrepreneurs are struggling for; 1) To get economic benefits Since they organize and allocate economic resources, they are looking for econom ic reforms in form of money or profits. This therefore explains the economic the ory of entrepreneurship. 2) To continue family business Such entrepreneurs are classified as inheritance entrepreneurs. it could be a cu lture that the whole linkage depends on the ancestral business. such a business is normally private and individual based. 3) To secure self employment Most people want to go private and in this they are looking for autonomy/indepe ndence. 4) To fulfill the desire of self, wife parents comrades. When somebody is at a given level of life, he develops desires for a business t o function for his own benefit or any other persons close to him. 5) To gain social prestige Such people do communal work in their business terms for others to appreciate. I n this process, economic budgets are just an outcome of operations but not the c ause. THE MOTIVATING FACTORS OF ENTREPRENEURS The motivating factors are largely both internal and external Internal Factors These are factors related to an individual and his very business setting since t he business and the person are largely inseparable. These involve both push and pull factors a) Pull factors

Such factors motivate entereprenual people to run them at their own will. Such p ull factors may include The financial reward Entereprenual businesses are run and owned by the private people such that the i ndividual expresses to commitment to business in order to get economic benefits e.g. profits The freedom of work for oneself Various people exert their total effort when they are working for themselves. In this case there is struggle to be target workers at the place work so that at r etirement one is able to go private and become self employed The sense of achievement There is an argument that if people own their things, works with total commitmen t and ell by themselves; they tend to excel through economic achievement. The freedom to pursue a personal innovation

Private people in business are independent and this enables them to think and in itiate new ideas in their businesses e.g. new packaging, very new products, impr oved product, new way of delivering of the product etc Desire to gain social standing as achieved by entrepreneurs People run for business opportunities with a drive of getting benefits through c reating good names in the society. I.e. they are normally at the service side of the business. PUSH FACTORS These are factors that forcefully push people into doing business. They are main ly brought about by frustrations in life. 1. The limitations of financial rewards form the conventional jobs Most job are restricting financial payments/rewards to works. In such a case, wo rkers get frustrated and this makes them to try other options and if the same pr oblem prevails, they go away with getting employed and they become self employed . 2. Being unemployed in the established economy The economy with open chances for people employment may make an individual searc h for a job for a long rime but all in vain. As the last resort the individual m ay decide to start up his business activity and be self employed. 3. Job security Limitations at ones place of work may indicate a lot of uncertainties about ones future with the job. This may force somebody to look for a safer alternative wh ich may be to employ him-self. 4. Career limitations and set backs in a conventional job People at their places of work are driven by a number of ambitions e.g. promotio ns, increased pay bigger responsibilities which may not come along ones way and they end up becoming fictions. This may make one to leave employment and start u p his business. 5. Inability to pursue a personal innovation on the job Some organisations have open chances to the creative employees in bringing out a ny development activity to the benefit of the employer. However ones ma try for that opportunity and fails and ends up leaving to try out his innovative talents in his own business. Creative destruction It is a process of being innovative and implementing innovation. In such a case entrepreneurs undo the old products i.e. destroy and replace it with a new one o r an improved one. External factors These affect the business from outside. They affect both positively and negative ly. 1. Financial assistance from institutional sources The availability and accessibility to the different types of loans, credit perio ds, interest rate levels as well as collateral security required to advance the loan are some of the affecting factors for an entereprenual business to boom or to fail to grow. 2. Government help It could be government s policy to uplift the economic standards of its people throu

gh favourable macro economic motivators like soft loans, subsidies, tax holidays etc 3. Non governmental organisations help This can be in form of grants to the business especially the businesses that dea l in the products which are required in improving the quality of life of the peo ple directly e.g. those that deal in the provision of education and health servi ces. 4. Availability of cheap raw materials The availability, accessibility and reliability of raw material supplies may aff ect the business performance depending on who accesses such inputs on a positive note. 5. High profit margin In a given industry business firms may be performing at the high profit margin. This may attract many more prospective firms/business people hence a motivating factor. 6. Encouragement from big businesses The big businesses could have started as small and through commitment of resourc es of all categories, with time expanded. This motivates the small businesses an d even those that may wish to start such enterprises.