UK entrepreneurs are less interested in wealth and more concerned with personal fulfillment, according to new research.
A study by entrepreneur think tank the Tenon Forum, found that ‘working on something that interests you’ was the biggest motivation for business owners.
This was followed by working on something you believe in, working with people you like and being your own boss.
Wealth and financial independence as a motivation for running a business languished in fifth place for small and medium-sized company bosses.
Andy Raynor, chief executive officer of Tenon, said:
“While the entrepreneurs of the 80s and 90s were driven almost exclusively by ambitions of fame and fortune, it seems that the 21st Century entrepreneur is a somewhat different creature, motivated by the more holistic rewards of job satisfaction and personal fulfillment.
“In our experience of working closely with entrepreneurs across the country, the buzz of creating a business and then watching it grow is increasingly cited by clients as a key motivation.”
However, despite wealth managing only fifth place on the list of motivations, three-quarters of entrepreneurs said it was a powerful draw to running a business.
Other motivators in the top 10 included leaving behind a business legacy, flexible working hours, escaping the rat race and having more time with friends and family.
© Crimson Business Ltd. 2007
