Q&A - What are the main non-financial objectives of entrepreneur starting a new business?

Contrary to popular belief, starting a business is not always about financial objectives. Very often a new business is started with other, non-financial objectives in mind. Here are some of the non-financial motives that are often quoted by entrepreneurs:

More control over working life – want to choose what kind of work is done. The need for greater independence is a major motivator.

Need a more flexible and convenient work schedule, including being able to work from or close to home. This motive is an important reason behind the many home-based business start-ups

Feel that skills are being wasted and that potential is not being fulfilled

Want to escape an uninteresting job or career

A desire to pursue an interest or hobby

Fed up with being told what to do – want to be the boss!

Want the feeling of personal satisfaction from building a business

Want a greater share of the rewards from the effort being put in – compared with simply being paid by an employer

Fed up with working in a business hierarchy or bureaucratic organisation (people with entrepreneurial characteristics often feel stifled working and having to co-exist with others!

As a response to a shock or other major change in personal circumstances – e.g. redundancy, divorce, illness, bereavement