Entrepreneurship Report: Motivational Factors for Entrepreneurs

This report provides a comprehensive overview of entrepreneurship, focusing on the entrepreneurial journey of Jamie Oliver, a British chef and restaurateur. The report delves into the motivational factors that drive individuals to become entrepreneurs, analyzing these factors from psychological, sociological, and economic perspectives. It examines key entrepreneurial characteristics like vision, innovation, and value addition, differentiating entrepreneurship from general business practices. The report explores how factors such as money, self-worth, recognition, self-reliance, personal growth, and a sense of control influence entrepreneurial decisions, using Jamie Oliver's career as a practical example. The analysis further evaluates these factors through the lenses of different disciplines, highlighting their significance in fostering entrepreneurial motivation. The report concludes by offering a multi-faceted understanding of the forces shaping entrepreneurial behavior and success.

Entrepreneurship

Table of Contents
Entrepreneurship..............................................................................................................................1
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Entrepreneur, which refers to an individual who starts a new venture and the basis of
business is innovation. In relation with this the process if setting up business and then operating
the business is known as entrepreneurship. This report includes entrepreneurship of Jamie Oliver
who is a British chef and restaurateur. This report further includes what are the motivational
factors that force and insist individual to become entrepreneurs. These factors are self-reliance,
money, innovation, need to bring change and social associations. These factors have been
analysed from different disciplines namely, psychological, sociological and economical. Various
disciplines includes different factors of motivation and showcase importance of these factors in
entrepreneurial motivation.
MAIN BODY
An individual who creates a new business is known as entrepreneur and efforts and
process that are required to establish and manage business is known as entrepreneurship. There
are various factors that motivate individuals to start and run a new business instead of
contributing efforts to already established business. Entrepreneurship requires entrepreneurs to
bare all the risk and also allows to enjoy all the benefits. Entrepreneurs are in many forms
identified different from businesspersons as they are known to be innovator and posses strength
to take risk and confidence that their vision is realistic, and they will be able to achieve their
vision. This report includes discussion over entrepreneurship of Jamie Oliver, who is a chef and
restaurateur from UK (Kuratko, 2016). He started his career as a pastry chef at Antonio
Carluccio's Neal street restaurant. As it was said earlier that entrepreneurs are different from
other businesspersons in case of Jamie Oliver this is fact as Oliver started learning and practising
cooking from very young age and another factor that contributed most was that his parents were
engaged in running a restaurant that recommand that background also contribute in
entrepreneurial motivation. That developed an interest in cooking in Jamie Oliver, and he started
learning to cook and later also pursued professional,education in this cooking. Entrepreneurship
which is generally interchanged with business to justify the difference in both of them features of
entrepreneurship have been discussed below-
Vision- entrepreneurship starts with vision of the entrepreneur about market demand, future
businesses and socio-economic environment.

Innovation- entrepreneurship definitely have a pinch of innovation that assures success of the
venture. Innovation and offering something like never before is an important characteristic of
entrepreneurship.
Value addition- entrepreneurs desire to add value to others along with their own idea and
aspirations. They add value to the needs and desires of others.
Strong conviction- they have a strong conviction about their idea and their vision.
Initiative- entrepreneurship starts from initiative. This starts from zero and ground with desire of
entrepreneur to take it to sky heights.
Gap filling- entrepreneurship seeks to fill the gap that exist in customer needs and demand and
available products.
The difference in business and entrepreneurship is clear from these features of
entrepreneurship (Storey, 2016). Further as every new beginning and start requires some
motivation for the person associated with it. Factors that motivate individual to become a
entrepreneur and function business entity developed by themselves are being discussed.
Factors that motivate to become entrepreneur:
Money- money and financial security is biggest motivating factor. Many entrepreneurs
including Jamie started his restaurant so that they can enjoy all the benefits in financial form by
themselves. Entrepreneurs also do this as this allow them to get the best possible and all the
benefit of their efforts which they might have to share with others if they are associated with
others' business. Success of businesses being created by entrepreneurs is also high because
entrepreneurs start their businesses with an authentic idea and their intelligence (important
characteristics of entrepreneurs) help them to mould their idea in such a way that others can also
get benefit from this they can earn their rewards in form of money, recognition and satisfaction.
Self-worth- From young age Jamie started cooking and it became his prime interest that
later turned into his profession. Interest is a big motivator for all those who start their own
business and are entrepreneurs (Oviatt and McDougall‐Covin, 2015). This allows them to live
their life long dream, and they can do what they find satisfactory and that gives them feeling of
self-worth. By starting his own restaurants Jamie also associated him in doing all day job of
cooking and being known for what he finds his passion.
Recognition- Many entrepreneurs get motivated by one factor that is recognition. Either
getting recognized for what they like to do or for their hard-work. This recognition can be in

form of award and happy customers. Jamie became a TV personality and celebrity because of his
cooking and interest. This fame later helped him to grow his business. Recognition is an very
important and much contributing factor for entrepreneurship many entrepreneurs have discussed
that their repeat first customer was a big mile stone of their business. Recognition also gives
satisfaction and many people even crave for recognition and this craving can be fulfilled by one
thing that is becoming entrepreneur and starting own business.
Self Reliance- working with others' does not give freedom to sole problems by individual
even when individual is competent in solving problem. In entrepreneurship individual gets to use
their skills and knowledge without getting restricted by any authoritative factor and positional
force (Belz and Binder, 2017 ). Entrepreneur is free from any kind of restriction and can use and
implement their idea and present in their own way. Jamie Oliver when started his restaurant freed
himself from asking permission and following orders and doing what others want him to do.
Personal Growth- Running individual business allow individuals to grow personally and
they get to know more about themselves in form of their strength and weakness, their high and
low point. When individual is an entrepreneur they have to deal with many adverse situations on
daily basis that makes them aware of their strength and weakness and ability to deal with these
situations. This help them grow and develop personally.
Sense of control- Individuals have full control over the things and activities that are
owned by them. Entrepreneurship also allows individuals to take control over the activities that
are undertaken by them. This allows individual to control over the things that belongs to them
but also free them from others' control over their activities in a setup of being employed for
someone else.
All these factors that motivated Jamie Oliver to become an entrepreneur and start his own
restaurant instead of working as a chef in others' restaurants these factors are being evaluated
against psychological, sociological and economic disciplines.
When factors are evaluated on Psychological discipline, under this discipline factors that
motivate individual to become an entrepreneur are self-worth, self-reliance and sense of control
(Blundel, Lockett and Wang, 2017). These are all psychological factors that motivate individual
to undertake entrepreneurship. Self worth that can be understood from the value that individuals
have for themselves and their competencies. These competencies are significantly concerned
with the competencies that are required for entrepreneurship and business that they are going to

operate. In this regard Jamie Oliver's perception and value about his cooking skills is his self-
worth. If he has thought that his cooking skills are ordinary like everyone else then it would have
been difficult or impossible for him to start his restaurants.
Self reliance, this is also psychological factor and rather psychological strength. Because of this
individuals believe in themselves and trust their ideas and vision (Hardy and Maguire, 2017).
This is important from psychological perspective because if individual or entrepreneur is not able
to trust and do not trust that their vision is achievable and their idea is worth implementing in
real world, they will not be able to start their venture. Jamie Oliver also had high self-reliance
that enabled him to start his own restaurants.
Sense of control, this can be termed as psychological need. Need to control others and get
individual and self out of a situation that requires and forces others' control over activities that
are being performed by individual. When individual do not like and prefer to be controlled by
anyone they start their own venture and also when individual like to control others and use skills
and knowledge of others for their own benefit this also motivate individual to start their own
venture.
These are most important motivating factors for entrepreneurship and individual can never start a
venture in absence of these factors (Mitra, 2019). Because when individual have all the resources
required for starting a venture but their self confidence and trust on own competencies is lacking
then individual will not be able to run the venture successfully in case they start a new venture.
Other discipline that is Sociological discipline of entrepreneurship motivation. As per
this discipline motivational factors are considered to be those which are affected and influenced
by social relations ans individual's social needs and life of individual. Factors like recognition are
viewed under this discipline, when entrepreneurial motivation comes from the need of
recognition. This need that becomes motivating factor for entrepreneurs will see their venture as
a source that allow them being respected by others. Entrepreneur who aims to fulfil needs of
others when feel this when their customers repeat. One another factor is that many times when
entrepreneurs get involved with others' in their innovation, and they start their venture with
others. In this factor for entrepreneurial motivation is social relations of entrepreneurs. From this
perspective many times entrepreneurs get their motivation from those who have contributed in
their skill development and any kind of innovation they have done these people are mentors,
supporters and ideal of individual that motivate them to become entrepreneur.

Not as important as psychological factor but these are also important as psychological factors
decide competencies and confidence of individual that enable them to start and run their venture
skilfully but social factor inspire and encourage individual to work better and become successful
(Hjorth, Holt and Steyaert, 2015). Social factors can also be considered as secondary factors as
without these new venture is possible unlike psychological factors without which it would be
impossible to start a new business.
Economic discipline and perspective of entrepreneurial motivation includes factors such
as money and financial security. Individual who want to earn more money and want to have
complete return of their efforts do start their own venture so that they can put their efforts for
their own benefit and can keep and earn all the return. This is an important motivating factor as
many times individuals feel that working for others' is worthless as they do not get adequate
return on efforts they invest for others' business and ventures and when they invest their efforts
for their own business they get all the return and benefits themselves. This also fulfils need of
financial security, which is very much important for all the individuals whether entrepreneur or
not. But entrepreneurs are able to fulfil their this need. Another economical factor that is
improving financial status of individual this also contribute in entrepreneurial motivational as
when entrepreneurs see opportunity to improve their financial status by using skills and idea
available to them (Fayolle and Gailly, 2015). They can use their idea and implement it with
matching and required resources and by employing adequate strategies they can also ensure
success of their venture. Success which is visible through financial returns of the business over
investment of money and efforts. Motivational factors from economic perspective is very
important and mandatory and this factor is more usual than important. Most of the entrepreneurs
start their venture for their financial security and money motives.
Entrepreneurial motivation of Jamie Oliver has been contributed by all those factors that
are included in psychological, sociological and economical discipline. Jamie Oliver had skills
that are essential for the venture he started and then his fame justifies that he also wanted to be
recognised and lastly the kind of expansion and strategies Jamie Oliver developed showcase that
he was also motivated by factors that come under economical discipline.
It is also noteworthy that when entrepreneurial motivation is contributed by all the factors
under all these discipline success of the entrepreneurship and venture created under this have
higher chances. But their motivation is not the sole factor behind their success in this case Jamie

Oliver firstly prepared himself he started his learning from young age and later took education in
the same field and their family background was also an important factor that motivated him to
become chef (Marvel, Davis and Sproul, 2016). He also mentored under big and renowned chef
and worked with them in order to learn various skills and in his context many types of cuisines
like Italian and British. Then he started his own venture when he was completely confidant that
he will be able to make his venture successful.
CONCLUSION
On the basis of this report it can be concluded that entrepreneurship is a very well-known
concept from earlier have presently changed its form and its requirements. Earlier for the
purpose of entrepreneurship money and special skills were required but presently entrepreneurs
firstly have to make sure that their offerings are actually required to customers, and they fill the
gap between needs and wants of customers and products available. Further, factors that motivate
individual and which motivated Jamie Oliver have also been included in this report and analysed
from three different disciplines that are psychological, sociological and economical.

REFERENCES
Books and journals
Belz, F. M. and Binder, J. K., 2017. Sustainable entrepreneurship: A convergent process model.
Business Strategy and the Environment. 26(1). pp.1-17.
Blundel, R., Lockett, N. and Wang, C., 2017. Exploring entrepreneurship. Sage.
Fayolle, A. and Gailly, B., 2015. The impact of entrepreneurship education on entrepreneurial
attitudes and intention: Hysteresis and persistence. Journal of small business
management. 53(1). pp.75-93.
Hardy, C. and Maguire, S., 2017. Institutional entrepreneurship and change in fields. The Sage
handbook of organizational institutionalism, pp.261-280.
Hjorth, D., Holt, R. and Steyaert, C., 2015. Entrepreneurship and process studies. International
Small Business Journal. 33(6). pp.599-611.
Kuratko, D. F., 2016. Entrepreneurship: Theory, process, and practice. Cengage Learning.
Marvel, M. R., Davis, J. L. and Sproul, C. R., 2016. Human capital and entrepreneurship
research: A critical review and future directions. Entrepreneurship Theory and
Practice. 40(3). pp.599-626.
Mitra, J., 2019. Entrepreneurship, innovation and regional development: an introduction.
Routledge.
Oviatt, B. M. and McDougall‐Covin, P., 2015. International entrepreneurship. Wiley
Encyclopedia of Management, pp.1-3.
Storey, D. J. ed., 2016. Entrepreneurship and new firm. Routledge.
Online
Entrepreneurship Motivation. 2016. [Online]. Available Through:
<https://myventurepad.com/entrepreneurial-motivation/>.