Characteristics of Entrepreneur and Motivation Theories

This report discusses the characteristics of an entrepreneur and various motivation theories used by Coco Chanel to motivate employees. It explores Maslow's need hierarchy, McClelland's need for achievement, affiliation, and power, and Vroom's expectancy theory. The report also highlights the importance of effective communication, leadership, motivation, vision, passion, confidence, and decision-making in entrepreneurship.

entrepreneur
Table of Contents

MAIN BODY........................................................................................................................................3
Characteristics of entrepreneur..........................................................................................................3
Characteristics of Entrepreneur..........................................................................................................5
CONCLUSION.....................................................................................................................................6
REFERENCES......................................................................................................................................7
INTRODUCTION

Entrepreneurship is defined as converting a business idea into a successful business
model. This report is based on the case study of entrepreneur Coco Chanel in respect to its
entrepreneurship practices. Henceforth, report will emphasis on the theories entrepreneur use
for motivation. Characteristics of entrepreneur will also summarise in this project. With the
support of model theory used by entrepreneurship will be discussed to motivate itself and
other individual part of the organisation.
MAIN BODY
Characteristics of entrepreneur
Content theory of motivation
Maslow need hierarchy
Maslow need hierarchy is a model used to motivate the employees of company.
Entrepreneurship is an independent process of conducting business operations. This model
segregated needs into different parts that project physiological need, safety and security,
belongingness and love, esteem and self actualisation needs. Physiological need involve basic
need of human being that involve food, home, shelter and different other basic needs
associated with the human being. Education is another key need of the human being part of
this need. Safety and security is another key need associated with the need hierarchy model of
motivation. Coco Chanel has given a huge emphasis over meeting up the safety and security
related needs of its employees (Barber and Klauda, 2020). As an entrepreneur Coco Chanel
try to give allowances and perks to its employees in such a way that they can deal with their
safety and security related needs. Belongingness and love is another key human requirement
associated with this model. Coco Chanel has given huge emphasis over serving the best level
of corporate culture in organisation that can allow the organisation to deal with the self
belongingness of the organisation. All employees in the organisation of Coco Chanel feel to
be a part of the organisation and give equal importance in term of treatment and
belongingness in the organisation. Esteem is another key need Coco Chanel try to meet in its
entrepreneurship experience as an owner of its organisation. He has given a equal respect to
all its employees irrespective of the designated position role in the organisation. This aspect
of the personality of the entrepreneur make himself belief that every employee is important,
crucial and contribute in the overall growth and development of the organisation. Self
actualisation is also a key element of the leadership style of the Coco Chanel in respect to
motivation of its human resources. He always interacts with its employees about where they

wish to see themselves in the next five years. This is a key side of the motivation that boost
the confidence of the employee’s part of the organisation. This model aims to boost the
motivations of employees with the support of needs and requirements of the human resources
part of the organisation of Coco Chanel.
McClelland – Need for achievement, affiliation and power
Achievements motivation
Achievement motivation is another key motivation technique that can support the
entrepreneur to motivate its human resources. Coco Chanel tries to support the employee’s
part of the organisation towards achieving the heights in career. He always motivates its
employees to achieve heights in the business and raise profitability of the company at
different level. In this practice Coco Chanel try to motivate its employees with the support of
achievement based approach (Borgardt, 2017). They guide employees towards achieving
something that can inspire other employees working in the organisation. This is the best way
to motivate employee’s part of the organisation. Achievement is the key to motivate and
inspire other employees of company to perform more effective functional activities.
Affiliation
This is another key approach to motivate human resources associated with the
business. In this practice Coco Chanel facilitate all such individuals’ part of the organisation
that could perform productive operations and functions they needed to perform. This is the
best practice of Coco Chanel to motivate its employee’s part of the organisation.
Power
In this approach entrepreneur Coco Chanel allocate powers to all such employees who
are productive and efficient in the organisation. Productive employees associated with the
company are owner in form of promotions and appointment at higher designated position role
in the organisation structure. Giving specific power is the best practice to motivate
employee’s part of the organisation.
Vroom’s expectancy theory
This is a key theory of employee motivation that is used by the entrepreneur Coco
Chanel to motivate its human resources associated with the organisation. In this theory on the

basis of the expectations of employees they allocate suitable resources in form of salary,
incentives and various other resources (Eniola, 2017). All these resources are capable to meet
the expectations of the employee’s part of the organisation. This is the best practice to
motivate employee’s part of the organisation. By meeting up the expectations of employee’s
part of the organisation employee get the proper motivation to perform the assigned role and
duty effectively. Fulfilling the expectations of human resources is the best way to motivate
the employees of company.
Characteristics of Entrepreneur
For a successful entrepreneur there are various kinds of characteristic required such as
effective communication skills, Leadership, motivation etc. this help in dealing and handling
different kind of business activities. Coco Chanel owner have number characteristic that
differentiate from other people. It helps in gaining competitive advantage increase market
share in changing business.
Motivation
Coco channel’s owner is highly motivated it is in basic nature. It helps in achieving
long terms goals on time and also able to inspire other by energetic approaches. Entrepreneur
remain positive while dealing in any situation for instance company has failing in some
project but the outlook of him remain goods which encourage to do same and hence firm will
be able to handle business (Fan and Wang, 2019). Ideology of the person is to do anything in
right way but in any case failing then learn from it. There are various people in the firm
whose motivation level is not good but energetic level of funder also motivates them.
Vision
Vision of the founder remain align with objective of the company and hence able to
handle and deal various kind of challenges that comes in the path. In the beginning
entrepreneur set aims as well as goals and describe the way in which it will achieve.
Visionary approaches differentiate the person from other and hence able to become a
successful person in changing business. Compass of the remain in one direction and work
with focus which encourage others and reduce their deviation from the goal of the firm.
Passion

Passion is another characteristic that can be easily found in entrepreneurs for example
founder of COCO channel always want to successful business man and run the company is
best way. If passion is profession then anyone can achieve goals timely and also motivate
other to do so (Kozubíková and et.al., 2017). These kinds of people remain inspiration in the
eye of various kind of stakeholder. Sustainability of business highly depends on passion of a
person for example few entrepreneurs is highly energetic in the beginning of business but
with time their aim and objective changes which leads to either closure or failure of company.
Confidence
One of the important characteristic that Coco channel’s owner has is confidence.
Entrepreneur remains confident about work and able work accordingly. They remain sure
about the things that they are supplying to customers which attract large number of customers
(Usher, 2018). Also, workers efficiency, quality and productivity highly impacted
confidence level of the Owner of the firm.
Decision Making
It is important that decisions are wise and correct to run the firm and any
miscommunication can lead to destroy of the project. Firms take decision after analysis and
taking suggestion, opinion and feedback from others and hence right things can be done in
the organisation (Rita, 2019). Any wrong idea can decrease the profit of COCO channel and
hence owner include different stakeholder such as employees, partners, investor etc. taking
decision. Proper plan is setup and meetings are conducted timely to analysis if right path can
be selected for it.
CONCLUSION
Theories such as need hierarchy, expectancy theory and other such theories are used
by the entrepreneur Coco Chanel to motivate its employees part of the organisation. Maslow
need hierarchy model is a technique that is used to fulfil the needs and requirements of the
human resources in order to motivate them. Expectancy theory is all about motivating human
resources associated with the organisation on the basis of the different needs and
requirements of such employee’s part of the organisation. Coco Chanel carries characteristics
like focused, positive and hardworking and certain other characteristics that allow him to
achieve the massive success in such a short span of time.

REFERENCES
Books and Journals
Barber, A. T. and Klauda, S. L., 2020. How Reading Motivation and Engagement Enable
Reading Achievement: Policy Implications. Policy Insights from the Behavioral and
Brain Sciences. 7(1). pp.27-34.
Borgardt, E., 2017. Motivation and Consumer Behaviour. Konsumpcja i Rozwój, (4 (21)),
pp.5-22.
Eniola, A.A., 2017. Entrepreneur-firm characteristics and financing sources. International
Journal of Research Studies in Management, 6(2), pp.13-21.
Fan, R. and Wang, M., 2019, September. Family-based consent and motivation for cadaveric
organ donation in China: An ethical exploration. In The Journal of Medicine and
Philosophy: A Forum for Bioethics and Philosophy of Medicine (Vol. 44, No. 5, pp.
534-553). US: Oxford University Press.
Kozubíková, L., and et.al., 2017. Important characteristics of an entrepreneur in relation to
risk taking: Czech Republic case study. Journal of International Studies.
Rita, R., 2019. The Effect of Learning Methods and Learning Motivation On Indonesian
Learning Outcomes Class X Students of Panca Budi Medan High School. Budapest
International Research and Critics in Linguistics and Education (BirLE)
Journal. 2(1). pp.132-137.
Usher, E. L., 2018. Acknowledging the whiteness of motivation research: Seeking cultural
relevance. Educational Psychologist. 53(2). pp.131-144.