Factors Motivating Entrepreneurs: Jeff Bezos Case Study

This report analyzes the factors that motivate individuals to become entrepreneurs, using Jeff Bezos as a case study. It explores the importance of passion, financial background, innovation, risk-taking, and personal growth in entrepreneurship. The report also discusses the academic perspective of entrepreneurial motivation from psychological, sociological, and economic disciplines.

ENTREPRENEURSHIP

Table of Contents
INTRODUCTION...........................................................................................................................4
MAIN BODY...................................................................................................................................4
Different factors which help in motivating to become an entrepreneur.................................4
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Entrepreneurship is the procedure of designing, launching and running a new business as
they are the individual who also bear major risk and enjoy huge profits. These are the one who
take actions in order to make changes in the world. Entrepreneur can be seen as the innovator,
provide of new ideas, goods and services which help in improving their overall business
functions and boosting the performance of business. In simple words, entrepreneurs make their
own way to achieve success and alone face the problems with passion and grit. In this report the
entrepreneur which is taken is Jeff Bezos who is an American aerospace entrepreneur, media
proprietor and the investor. This report is going to focus on the factors which motivate them to
become the entrepreneur and also critically evaluate the factors from the academic perspective of
entrepreneurial motivation from the psychological, sociological and economic disciplines.
MAIN BODY
Different factors which help in motivating to become an entrepreneur
Become an entrepreneur is quite tough as it require lot of knowledge, huge requirement
of capital and also have ability to take risk. As entrepreneurship is not only about making money
but also about innovation and seeing many difficulties which are coming on the way of success
(Brush, and et. al, 2019) . As this report is based on the analysis of the motivational factors of
Jeff Bezos who was born on January 12, 1964 and the founder or president of the Amazon.com.
He was included in the name of richest man in modern history as his net worth increases around
$150 billion in July 2018. as we discuss about his family background, his mother was around 17
years old when he was born and his father was the owner of bike shop. Moreover, it is quite
tough to balance the multitude of entrepreneurial task and the various factors are mentioned as
under: Passionate: To become an entrepreneur it is very important to be passionate and also
believe to do something productive. As it involve lot of risk and various things which are
at stake. It is the most important characteristic to become an entrepreneur instead of
money, fame and many more. In the context of Jeff Bezos, his feeling to become an
entrepreneur and also willing to be rich makes him successful entrepreneur. Passion help
in driving the motivation in order to become successful and also require positive
motivated team in order to drive the self identity of entrepreneur.

Financial background: Jeff Bezos belongs to middle class family and it does not fulfil the
whole requirement of Jeff. In this urge he always want to become the richest person in the world
(Frederick, O'Connor, and Kuratko, 2018). In addition to this, he saw the struggle which his
parents did to provide him a better and valuable life. He saw the struggle which his parents did
for him and by considering this he also want to become rich for his family and wanted to provide
those facilities to them. Being unique and innovative: By considering this factor, Jeff Bezos always want to did
something unique which is reliable for both him and society. Because of this factor he
introduce Amazon in market which is unique and provide productive services to the
society. It also work as the welfare service as it provide services to their respective
customers according to their convenience. Here, they provide products and services at the
door of customers and by this customers are satisfied. Furthermore, he add-on fast
delivery or prime features in its services for potential or specific services. Risk taking: Apart from the above discussed services, risk taking is major and important
service which he has as this factor became him successful and popular in the market. This
factor need to be present in individuals to become an entrepreneur and also motivate
other person to become an entrepreneur (Huda, and et. al. 2019). As this factor is always
present in the entrepreneurs or inherent and the entrepreneurship is fundamentally
connected with risk taking. As to become a successful entrepreneur it requires huge
investment and with this it involve lot of risk which stake the whole capital on risk and it
require sacrifice. Moreover, to set up business it involves both types of risk either small
and big. In the context of Jeff Bezos, he took risk in order to set up its business as it is
very innovative idea along with huge risk.
 Personal growth: To become an entrepreneur it is very important to have that kind of
skill and knowledge as it help in the overall development of an individual. Moreover,
when slowly business grows then the entrepreneur also gets develop and also become
superior in his field. For this, they should have that kind of knowledge and skills which
help them in order to set up their business. As while establishing its business, Jeff Bezos
face many difficulties in order to run its business and also face failure which motivate
them in order to run its business.

From the above discussion it is analysed that to become a successful entrepreneur it is
important to have these factors or elements which help them in order to enhance their business
and also help in achieving success for the business (Liang, Wang, and Lazear, 2018).
Entrepreneurship is the factor which help in designing, managing and maintaining the business
as it is important to become a successful entrepreneur, to make arranged and organised the whole
business.
The CEO of Amazon, Jeff Bezos is involved in fixing windmills and repairing equipment at his
grandparents. Such experiences have seemed insignificant at the time. Jeff Bezos credits his
summer tinkering with ranch equipment for penchant for experimentation. Amazon is the largest
and most successful internet retail company in the world and Jeff is able to do it only by gaining
and maintaining entrepreneurial skills. Jeff is a person who sees world as a laboratory. He is
always involved in asking questions like what if as they are searching for new solutions. Jeff is a
person who is master in approaching life and work with hypothesis testing mind set.
Unique experiences – Jeff is a discovery driven leader and he embraces new experiences for
engaging himself in interactive learning. Bezos believes that he is a disruptive thinker and it
will help a lot in future developments (Malecki, 2018. ) . On the other hand, diverse experiences
helps in divergent thinking and increasing opportunities of innovation. To be a successful
entrepreneur, an individual must approach new activities with an open mind. Jeff thinks that a
person must learn new skill such as photography or acting for becoming a good leader. When a
person starts working with variety of people, it encourages solving complex problems and
creative thinking (Merta, 2018). There will be big boost within creative thinking and gaining new
perspectives within the world.
Deconstruct processes, products and ideas - Jeff read an article which stated that internet is
growing 2,300% a year and this gave him idea for starting a business by deconstructing
traditional business process (Rawhouser, Cummings, and Newbert, 2019) . A leader asks
questions from himself that will lead to triggering innovative and ideas for making things in a
better manner.
Focus on process, not failure - Experimenting is defined as the way for transforming an idea
into reality. This is known as the mechanism that leads to insights translates into new markets.
Jeff made a risky bet for building large warehouse throughout the country at the time when
Amazon became profitable company. The true innovators are having experimental approach to

the business and this helps other leaders for doing the same (Saebi, Foss, and Linder, 2019).
Innovative leaders must test new ideas that will lead to success of the person. Jeff thinks that a
successful entrepreneur is the ability for identifying opportunities. On the other hand, the real test
is able to seize these (Venkataraman, 2019). Jeff did a lot of work towards using internet as the
way for doing business.
Ambition - It is easy to give up when the going gets tough, but the most successful entrepreneurs
persist because of their ambitious nature. They want to succeed, and they thrive on reaching
small milestones that are stepping stones to their major goal. When you are highly ambitious,
you may have an internal drive to work hard, and you may be committed to doing what it takes
to make your business a success. Generally, one is not looking for shortcuts and are willing put
in the time necessary to get the job done right.
Willingness to Learn – There are some individuals who think that that learning stops when a
person is graduated or certified for any particular profession. Education is a life-long process and
for being a good leader, one must stay updated with changes in technology, the evolution of
your industry, sales processes and more. These leaders have to always develop new knowledge.
CONCLUSION
From the above discussion, it is concluded that entrepreneurship is the process of
designing and managing the overall activities which are concerned with business and its
functions. Moreover, it is determined that to become an entrepreneur is not easy it include lot of
risk and knowledge to become a successful and famous entrepreneur (Wu,2018). By considering
this report, it is analysed that different factors are determined which help in order to motivate the
individuals to become a successful entrepreneur. Moreover, it also interrelates them with
different factors on the basis of psychological, sociological and economic disciplines from the
perspective of current academic knowledge and skills.

REFERENCES
Books and journals
Brush, C., and et. al, 2019. A gendered look at entrepreneurship ecosystems. Small Business
Economics, 53(2), pp.393-408.
Frederick, H., O'Connor, A. and Kuratko, D.F., 2018. Entrepreneurship. Cengage AU.
Huda, M., and et. al. 2019. Towards Cooperative with Competitive Alliance: Insights into
Performance Value in Social Entrepreneurship. In Creating Business Value and
Competitive Advantage with Social Entrepreneurship (pp. 294-317). IGI Global.
Liang, J., Wang, H. and Lazear, E.P., 2018. Demographics and entrepreneurship. Journal of
Political Economy, 126(S1), pp.S140-S196.
Malecki, E.J., 2018. Entrepreneurship and entrepreneurial ecosystems. Geography
Compass, 12(3), p.e12359.
Merta, M., 2018. How to Gain Reviews in Amazon FBA for a New Private Label Product in
2018: Hanbook: How to Gain Reviews for a New Private Label Product in 2018-for
Amazon FBA sellers.
Rawhouser, H., Cummings, M. and Newbert, S.L., 2019. Social impact measurement: Current
approaches and future directions for social entrepreneurship research. Entrepreneurship
Theory and Practice, 43(1), pp.82-115.
Saebi, T., Foss, N.J. and Linder, S., 2019. Social entrepreneurship research: Past achievements
and future promises. Journal of Management, 45(1), pp.70-95.
Venkataraman, S., 2019. The distinctive domain of entrepreneurship research. In Seminal Ideas
for the Next Twenty-Five Years of Advances (pp. 5-20). Emerald Publishing Limited.
Wu, Q., 2018. Considerations based on the Construction of University Entrepreneurship
Education Platform. DEStech Transactions on Economics, Business and Management,
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Online
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https://www.asianentrepreneur.org/10-lessons-entrepreneurship-jeff-bezos/2/>
(icssed).