Types of personal motivation

The personal motivation to start a business is the same for all new business owners?

• yes it is

• No they have different personal motivators so it differs for everyone.

• I am not sure

• Absolutely they are all motivated by making a profit!

The type of independence that relates to making all the decisions on how to run the business e.g. location, opening hours, prices, whether they hire people or not etc.

(a)  

By achieving personal independence, the business owner becomes responsible for decision-making at the business.

• True

• False

An individual who wants to start a business to increase the amount of money they earn over a period of time is personally motivated by the motivator of (a)  

Fulfilling a social need means that the business owner ...

• focusses on making a profit

• wants to be in control of their income

• focuses on improving the welfare of one or more aspects of society e.g. the environment or poverty.

• meets un unmet demand in the market.

The personal motivation for starting a business is important for any new start-up?

• Only if it is their first business.

• No, only for business owners in Ballarat.

• Yes, without motivation they have no desire or drive to start the business of their dreams.

• not really, it is more about winging it.

the five types of personal motivation are ...

• to make a profit, fulfill a market and social need and to be kind.

• fulfill a market need, and personal and financial independence.

• to make a profit, fulfill a market need, and personal and financial independence.

• to make a profit, fulfill a market need, fulfill a social need, personal and financial independence.

This type of motivation means that the owner believes they can increase their earning potential starting their own business and wants to generate more revenue than expenses.

(a)  

The personal motivation means that they want to be in control of all business decisions.

(a)  

Financial independence means that the owner is motivated to ....

• help those in need.

• fund their desired lifestyle without relying on an income from another business or individual.

• increase their revenues.